ChatterBank4 mins ago
Deed of gift
6 Answers
My partners step father completed a deed of gift 8 years ago (for his house), the benificiaries being my partner and her two siblings.
My partner took out a mortgage on the house to clear some family debts, which she has been paying. Her name is on the deeds.
Since completing the deed of gift her step father married her mother.
For this 8 years my partner and her mother have been living in the house with her step father.
He is now sadly dying, and it would appear that despite the deed of gift the family will be liable to tax on the entire estate including the house. (the house being the bulk of the estate).
Is this so? As the house was deeded to three people, do they each have an allowance before tax, or is the estate still valued as a whole, with just one allowance?
What claim does the wife have on the estate, including the house?
My partners step father does not appear to have made a will, and is now to ill to do so.
Help!
My partner took out a mortgage on the house to clear some family debts, which she has been paying. Her name is on the deeds.
Since completing the deed of gift her step father married her mother.
For this 8 years my partner and her mother have been living in the house with her step father.
He is now sadly dying, and it would appear that despite the deed of gift the family will be liable to tax on the entire estate including the house. (the house being the bulk of the estate).
Is this so? As the house was deeded to three people, do they each have an allowance before tax, or is the estate still valued as a whole, with just one allowance?
What claim does the wife have on the estate, including the house?
My partners step father does not appear to have made a will, and is now to ill to do so.
Help!
Answers
Best Answer
No best answer has yet been selected by paul04. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.In Scottish Law a house is deemed heritable property and as such the wishes of the will are met -it cannot be disputed.If there is no will -which is the case it would appear then it would go to the next of kin and would form part of the moveable estate and heritable -becomes complicated in thatit cant be concluded for 6 months until all parties who are entitled to claim have posted their clain -even then it can be disputed.
If your partners step-father is still lucid I would get a solicitor to see him pronto.
I have just been through this maze,as a third party, and even although it was relatively straight forward it is still very unsettling and the parties are still in limbo.
Hope you can get this sorted out-its the last thing you need.
Get legal advice now-thats just my opinion.
If your partners step-father is still lucid I would get a solicitor to see him pronto.
I have just been through this maze,as a third party, and even although it was relatively straight forward it is still very unsettling and the parties are still in limbo.
Hope you can get this sorted out-its the last thing you need.
Get legal advice now-thats just my opinion.
The issue is well answered by Themas in a similar previous question here.
http://www.theanswerbank.co.uk/Business-and-Fi nance/Question213887.html
The problem is that by continuing to live in the house, your partner's father is not regarded as having really given it away - its a gift with reservation.
http://www.theanswerbank.co.uk/Business-and-Fi nance/Question213887.html
The problem is that by continuing to live in the house, your partner's father is not regarded as having really given it away - its a gift with reservation.
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-- answer removed --
You say 'family debts'. If these were debts from her step-father, surely the fact that she paid them, out of a mortgage on the houise, gives her some rights. And the fact that a mortgage company accepted her as the owner, surely gives her some evidence of ownership.
I'm not a legal expert though, sounds as if you need to see a solicitor.
I'm not a legal expert though, sounds as if you need to see a solicitor.