advice needed re IT before making new will

loopylou

Hi, not sure what can be done but would appreciate any input.

I own my own house as was widowed 20 years ago but remarried 10 years ago. I have two sons and 2 grandchildren and I am in my late 50's. My house is worth approx 300k and with life assurance my estate could be in excess of 450k. If I was to pre-decease my husband I initially thought that I would leave the house to my sons but allowing my husband to have a life interest in the property. It would then go to my sons after his death. Any cash in the estate would be split between my sons and grandchildren.

If I was to do this would my sons have to pay IT on the value of the estate on my death or would it be payable after my husband died.

One other thought would be to transfer the house over to tenants in common and hope that my husband would ensure that his share would go to my sons on his death.
I would appreciate any suggestions

thanks....loopylou

margaretclare

Isn't this something that you and your husband should discuss between you and decide jointly?

You say 'you' own the house. I used to own mine - was widowed in 1992 and left with a mortgage. I remarried in 2002, and the following year we had title changed from my sole name to 'joint tenants'. We did this because, as part of our wedding vows, we used the words 'all that I have I share with you'.

Whatever we leave behind is planned to be turned into cash and split between our 5 grandchildren, 3 of mine and 2 of his.

As you have 2 sons, how is it going to work, leaving a house to 2 who each have their own families? They won't both want the house, will they?

Has your husband got offspring from an earlier relationship who might need to be considered?

Just a few points to think about.

Margaret