ChatterBank1 min ago
Can a parent sign their house over to their children?
2 Answers
My elderly friend owns her own home and is worried that if she has to go into a care home then the house would be sold and that all of her savings will pay for the care and she will have nothing to pass onto her 3 children. Is she able to sign over the house to her 3 children and is there a time limit on the transfer.
Any advice appreciated
Any advice appreciated
Answers
Best Answer
No best answer has yet been selected by Dicky007. 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.This is a complicated area - if a person is deemed to have wilfully disposed of assets (such as the house) to avoid care home fees, the debt can be pursued.
A straight forward explanation and list of contacts here:
http://www.direct.gov.uk/en/HomeAndCommunity/S ocialHousingAndCareHomes/CareHomes/DG_10031523
A straight forward explanation and list of contacts here:
http://www.direct.gov.uk/en/HomeAndCommunity/S ocialHousingAndCareHomes/CareHomes/DG_10031523
Many years ago my In Laws did this and it worked very well,but the law has changed and tightened.
However on speaking to a lawyer recently he said it may not be a good idea.
First if the person/persons your passing the property onto may become Bankrupt,there goes your home.
Or, much as you may feel you have a water tight relationship with your family members,nothing is that watertight I can warn you from experience.
I personally am so thankful I was forewarned even though at the time it was definitly something that couldn't possibly happen to my family..we were far too close,or so I thought. !!
DD
However on speaking to a lawyer recently he said it may not be a good idea.
First if the person/persons your passing the property onto may become Bankrupt,there goes your home.
Or, much as you may feel you have a water tight relationship with your family members,nothing is that watertight I can warn you from experience.
I personally am so thankful I was forewarned even though at the time it was definitly something that couldn't possibly happen to my family..we were far too close,or so I thought. !!
DD
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