Parents signing house over to children

[ChrisSu]

My parents a very elderly. My father is the only name on the deeds. My Mothers health is such that if my father passed away first she would not be able to look after herself. They have 3 adult children, one lives abroad out of the EU. I am looking into the best way for them to leave the house to us but avoid the pitfall of having to use the house capital to pay for, possibly, my Mothers home care.I would eventually like to own the house for my own children but cannot afford to buy. I am thinking an option would be for my Father to add us three/four(Mother), onto the deeds. That way the value of the house is spread 4/5 ways. The estate is below inheritance threshhold. Any advice please.

[Ethel]

Please think very carefully - your plan could take away any choice for your mother's home care, if and when that day comes. Surely you want her to be in the best possible place - which may not be a council run home.

You need to speak to a specialist solicitor.

[Sweet G]

or an independent financial adviser that deals with Estate Planning.

Equity release is a simple and effective way of taking money out of the estate for Long Term Care eligibility.

[Sweet G]

or an independent financial adviser that deals with "Estate Planning".

[dasherman]

My parents have set up a trust,so that when the first one dies their half of the estate goes into the trust and cannot be touched by the local council. Only the trustees have control over it - and I'm one of them!

So if the surviving parent then has to go into a nursing home the council can still force a house sale but they only get half the proceeds.

If you try and add other peoples names to the ownership of the house the authorities will see right through it,especially if your parents are elderly.

Equity release is an option,but doesn't really help you with your plans to live there yourself.

I suggest you consult a lawyer and get or parents to update their wills if they have them,or if not,set up their wills asap.

It sounds to me that as your parents are 'very elderly' then you will need to set up a power of attorney aswell.Which is someone who can legally make decisions on your parents behalf should they become incapable themselves.