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