Skip to main content

Will and inheritance changes. Property involved!

First time posting, hopefully im in the correct section, apoligies if not. UK Based.

My Partners Grandad has recently passed away. The Will specifies that the house and assets are to be split into three and given to his kids (one of which is my partners mother (my MIL)).

The MIL wants to keep the house (£285k). My partner and I are able to pay the other 2 children off so that they still get their 'equal cut'of the value of the Will and enable my partners mother to keep the house.

Caveat to this.. no one trusts my partners mother with money, and their agreement to allowing the house to be passed over is to have the house in my partners name. MIL is happy with this as she fully trusts my Partner.

There are obviously benefits to this in terms of paying no additional inheritance tax when my partners mother passes. Due to inheriting, not paying stamp duty on the property. House security in the case that partners mother falls ill and requires care.

I just want to know if this is all possible? It would need a deviation of the Will written up I presume, but how would the 'My partner and I paying the other 2' be worked out?..

I have this as an idea in my head, but I want to ensure that it's all possible and legal.

Partner and I already own our first home with a mortgage and we have enough savings to financially support ourselves.

Any help would be appreciated.

submitted by /u/Relative_Entrance_95
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1g9gbf9/will_and_inheritance_changes_property_involved/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more