ChatterBank0 min ago
Answers
did he pass it onto you legally or just let you have it? If the first, and the property is in your name, no they cant. If the second, and legally it was his, if he didn't leavr a will then yes they can
16:50 Sun 20th Jun 2010
If the house was signed over to you in it's entirety then it would not be included in the division of assets.
However if your fathers estate, including the house was above the IHT threshold then it would be included for tax purposes (but not the division afterwards).
Also assuming that your late fater didn't include the hotch pot rules
However if your fathers estate, including the house was above the IHT threshold then it would be included for tax purposes (but not the division afterwards).
Also assuming that your late fater didn't include the hotch pot rules
Hang on, guys. You've all overlooked the 7 year rule. The giving away of an asset of this type becomes a 'potentially exempt transfer' for Inheritance Tax purposes. This means that the person who gave away the asset must live for another 7 years after the gift before the value of the asset can be completely ignored for IHT purposes.
Before alarming you further, if the value of your late father's estate INCLUDING the current value value of the house is still less than £325k, you won't have a problem with IHT. If it is worth more than £325k, the ESTATE (not you as current owner of the house) is due to pay some IHT. When probate is applied for, the applicant will HAVE to answer correctly to the question that asks whether the deceased has given away assest in the last 7 years.
The issue as to whether your late father's will includes the value of the house is likely to hinge on when he wrote the will. If it is after the transfer of the house to you, your brothers cannot have a realistic chance of success in their claim. If it is earlier, it is going to depend on the way the will was written (does it mention the house as one of his assets).
Before alarming you further, if the value of your late father's estate INCLUDING the current value value of the house is still less than £325k, you won't have a problem with IHT. If it is worth more than £325k, the ESTATE (not you as current owner of the house) is due to pay some IHT. When probate is applied for, the applicant will HAVE to answer correctly to the question that asks whether the deceased has given away assest in the last 7 years.
The issue as to whether your late father's will includes the value of the house is likely to hinge on when he wrote the will. If it is after the transfer of the house to you, your brothers cannot have a realistic chance of success in their claim. If it is earlier, it is going to depend on the way the will was written (does it mention the house as one of his assets).
hi, in the will its says, i leave my daughter 47% and my 2 sons 27 1/2% each of my estate. well at the time of him writing his will 19 years ago his propery was his estate but now its mine? can they say that they are entitled to a share of his propery now as the will was made so long ago and a new one was not made as he said the property was not actually mentioned in will?
Er, yes, Nosha - its in the first line of the question.
I think you have a problem then, that is likely to need proper (paid for) advice, if your brothers are now maintaining that the house formed part of the estate that was part of the will of your late father and he did not redraft his will when he gave away such a large proportion (presumably) of his worldly wealth just 2 years ago to you.
Who'se doing the probate (out of interest)?
Is the estate value, if one included the value of the house, likely to rise above £325k?
I think you have a problem then, that is likely to need proper (paid for) advice, if your brothers are now maintaining that the house formed part of the estate that was part of the will of your late father and he did not redraft his will when he gave away such a large proportion (presumably) of his worldly wealth just 2 years ago to you.
Who'se doing the probate (out of interest)?
Is the estate value, if one included the value of the house, likely to rise above £325k?
