Do I really have to get married?

Kavanne

My bf and I have just bought and done it as the one where if one of us dies, it automatically passes to the survivor without being part of the estate...

nicko33

Kavanne wrote: »

My bf and I have just bought and done it as the one where if one of us dies, it automatically passes to the survivor without being part of the estate...

Are you sure? I'm no expert, but that sounds like what I had with my gf.
It might be that ownership passes to the survivor regardless of the existance or non-existance of a will, but without marriage/civil partnership, I would expect it would be part of the deceased estate for Inheritance Tax purposes.

edit:
is that joint ownership, which is different to each owning 50% (or any other ratio) ?

Kavanne

nicko33 wrote: »

Are you sure? I'm no expert, but that sounds like what I had with my gf.
It might be that ownership passes to the survivor regardless of the existance or non-existance of a will, but without marriage/civil partnership, I would expect it would be part of the deceased estate for Inheritance Tax purposes.

edit:
is that joint ownership, which is different to each owning 50% (or any other ratio) ?

We don't own a fraction each. It will pass to my bf automaticallly if I die, without going into the estate.

Same thing happened with my dad's flat so his gf got the flat AND her share of the estate.

noh

Kavanne wrote: »

We don't own a fraction each. It will pass to my bf automaticallly if I die, without going into the estate.

Same thing happened with my dad's flat so his gf got the flat AND her share of the estate.

Yes but the value of your share of the property is part of your estate for IHT purposes as nicko33 stated.
http://www.hmrc.gov.uk/cto/customerguide/page7.htm
Nigel

Kavanne

noh wrote: »

Yes but the value of your share of the property is part of your estate for IHT purposes as nicko33 stated.
http://www.hmrc.gov.uk/cto/customerguide/page7.htm
Nigel

So I paid IHT for that stupid woman to get the flat and her share of the estate? GAH

noh

Kavanne wrote: »

So I paid IHT for that stupid woman to get the flat and her share of the estate? GAH

No the estate paid the IHT

Nigel

Kavanne

noh wrote: »

No the estate paid the IHT

Nigel

yes obviously but if the flat didn't count for IHT purposes i would have gotten more money surely, anyway, lets stop hijacking this thread.

kenshaz

RayWolfe wrote: »

If you cared to research you would know that it has always been thus.

If you cared to be polite ,posters might like you .:cool: