Scottish law, legal rights claim, and deed of variation
Comments
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I have a question relating directly to this topic!
Wife leaves everything to husband in will.
Husband is to divide money afterward.
Money to one estranged child is less than legal rights claim would allow.
How do you work around this? The house is in husband's name only - should wife put her name on the mortgage and put her money completely into the house so that it is not "moveable" ? This seems the only way...?0 -
Forgot to add:
If wife gifts husband 20k and one daughter 10k one year prior to passing, what are the tax implications?0 -
I have a question relating directly to this topic!
Wife leaves everything to husband in will.
Husband is to divide money afterward.
Money to one estranged child is less than legal rights claim would allow.
How do you work around this? The house is in husband's name only - should wife put her name on the mortgage and put her money completely into the house so that it is not "moveable" ? This seems the only way...?0 -
A will was made but this topic wasn't made aware.. wife arranging meeting on Monday.0
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Yes, all in Scotland.
Will was made but legal right wasn't made aware of.
The only way wife can see to reduce the amount of moveable asset, is to make it non-moveable... which means paying into the house. But that's not in wife's name so not sure of the tax implications for husband. It is essentially a gift but if gift is within 7 years of passing, is it subject to IHT (or any other tax)?0 -
Yes, all in Scotland.
Will was made but legal right wasn't made aware of.
The only way wife can see to reduce the amount of moveable asset, is to make it non-moveable... which means paying into the house. But that's not in wife's name so not sure of the tax implications for husband. It is essentially a gift but if gift is within 7 years of passing, is it subject to IHT (or any other tax)?
Husband dies first, then what.
Gifts between spouses don't count for the 7y rule you are thinking about.
Is there a mortgage need lender to agree, if not easy to change owners.0 -
Are you saying a gift between spouses is "allowed" and not subject to IHT or CGT within the 7 years?
If mortgage stays in one persons's name only other half is allowed to pay a chunk off that person's mortgage without that money being considered as estate?
And is that "gift" counted as total estate when it comes to legal right, or since it has already been gifted, is that money that isn't touchable?
---> I just rung HMRC.
- Wife can gift spouse as much money as she wants and it incurs no tax.
- If wife gifts all her estate away then there is no estate with which to place a legal right claim upon.
So let's hope that is correct!0 -
to OP
how was your meeting with solicitor?
did it clarify the position?0 -
Are you saying a gift between spouses is "allowed" and not subject to IHT or CGT within the 7 years?
If mortgage stays in one persons's name only other half is allowed to pay a chunk off that person's mortgage without that money being considered as estate?
And is that "gift" counted as total estate when it comes to legal right, or since it has already been gifted, is that money that isn't touchable?
---> I just rung HMRC.
- Wife can gift spouse as much money as she wants and it incurs no tax.
- If wife gifts all her estate away then there is no estate with which to place a legal right claim upon.
So let's hope that is correct!0
This discussion has been closed.
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