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If you do go ahead and leave the house to one particular child, how will you describe it in the will?
If you specify the address, you'll have to change your will if you move. If you need equity release, no reason you should on the numbers you've cited, but one never knows what'll happen the future, will the house beneficiary see their inheritance significantly reduced? I speak from bitter experience on the second one.
As said it can be a minefield when one starts to split the estate amongst beneficiaries if all you really want to do is leave them equal shares.0 -
I want to leave them equal shares BUT mitigate IHT.
Q. Just say... total estate (incl house), divided between 3, or
House left to 3 equally and rest of estate div by 3 equally
What we are saying is it makes NO difference - true ?0 -
From a IHT point of view it makes no difference but it's best not to refer to a specific property in your will. What if you move but forget to update your will etc.I want to leave them equal shares BUT mitigate IHT.
Q. Just say... total estate (incl house), divided between 3, or
House left to 3 equally and rest of estate div by 3 equally
What we are saying is it makes NO difference - true ?0 -
I want to leave them equal shares BUT mitigate IHT.
Q. Just say... total estate (incl house), divided between 3, or
House left to 3 equally and rest of estate div by 3 equally
What we are saying is it makes NO difference - true ?
Forget the house and the will there is no way you can do anything with those things that will reduce the amount of IHT on your estate. You should be looking at your excess liquid assets.and making better use of those in your lifetime.
Gifting is the simplest thing you can do and has the advantage that you can see your money put to good use. You children really need help when they are younger, inheritances when your are in your 60s and already retired are not so useful.
Gifts to our children have allowed then to get on the housing ladder, helped when they got married and has allowed our daughter and DIL to not have to rush back to work after having their first babies. To be able to do these things gives us a great deal of pleasure, there is no pleasure after you die.
If you still can’t get your head round this, you really should be looking at paid for advice from an IFA,0 -
thanks for all replies. Bulk of money is from dear father's estate (passed 12/18). Myself and sister did a Deed of Var to pass a large chunk to 3 sons now. Will do gifts over coming (hopefully !) years.
Shame there is nothing I can do to stop IHT funding India rocket program !0 -
thanks for all replies. Bulk of money is from dear father's estate (passed 12/18). Myself and sister did a Deed of Var to pass a large chunk to 3 sons now. Will do gifts over coming (hopefully !) years.
Shame there is nothing I can do to stop IHT funding India rocket program !
Now you really have lost it!0 -
"Lost it" ! yes,, well and truely……£me > IHT> Government > Foreign Aid/African Dance Programs/Indian Rockets, etc0
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I hope this sensible IHT thread doesn't turn into another political argument on overseas aid.0
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Why don't you gift more by DOV now then?thanks for all replies. Bulk of money is from dear father's estate (passed 12/18). Myself and sister did a Deed of Var to pass a large chunk to 3 sons now. Will do gifts over coming (hopefully !) years.
Shame there is nothing I can do to stop IHT funding India rocket program !0
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