inheritance/formulating will

P

pudser

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Hi,
I have a substantial propert portfolio with little enough cash. I wish to share it fairly between my 4 children and am not sure how to start. Two live locally and two away . Where should I go for advice
thanks

pudser
 
Your best option is to get legal advice from a solicitor. Ring around for prices.
 
Its not that hard to work out. Talk to a solicitor and/or talk to an accountant.

Leave everything equally between all four. Or leave specific properties to specific off spring. Or give executor the power to sell all and distribute sale proceeds.

mf
 
mf1 said:
Its not that hard to work out. Talk to a solicitor and/or talk to an accountant.

Leave everything equally between all four. Or leave specific properties to specific off spring. Or give executor the power to sell all and distribute sale proceeds.

mf
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If you leave equally to all four and they subsequently want to take ownerhip of one each will they will be hit for stamp duty, capital gains etc as they transfer ownership?

Legal advice is the way to go but I'd love to hear what they recommend, please report back.
 
"If you leave equally to all four and they subsequently want to take ownerhip of one each will they will be hit for stamp duty, capital gains etc as they transfer ownership?"

No.

The point is that the OP has choices and he has to formulate his own approach and think through what he would like to happen to enable his advisors to advise.

mf
 
A friend of mine found that the property that had been left to her was sold by the time her father died and he had not amended his will and the other two siblings still had "their " properties intact!! I think it is much better if the entire estate is left to them equally, to avoid the above happening!
 
My general understanding of this type of situation is as follows:

  • Assets directly transferred under a will to a beneficiary don't give rise to CGT. If the asset is sold, CGT will arise.
  • The recipient may have an exposure to Capital Acquisitions Tax- it depends on:
    • the type of asset (agricultural/ business/ family home)
    • the market value of the asset
    • amount of any mortgages attaching to the asset
    • the relationship of the beneficiary to the deceased- this determines the tax free threshold available to the beneficiary.
    • the value of any assets received by the beneficiary from 'similar persons' sine December 1992 (ie people who have a similar relationship to the beneficiary as the recently deceased has to the beneficiary eg if your father died in 2000 and left you assets and then your mother dies in 2008 also leaving you assets, then you need to add the total of all assets received from both parents to get a value for CAT)
However, you should get good tax advice before you make a decision on this.
 
A solicitor is the appropriate place to seek advice. Wills are more complicated than people think. Do not pick a solicitor for such an important issue on price alone. A solicitor who specialises or is very experienced in probate practise will not charge a bargain price for a will. The risk attaching to solicitors in drafting wills is huge, those who don't realise this are best avoided. As with all professionals, ask for referrals from friends and ask the solicitor directly about their level of experience and knowledge.
 
ramble said:
a solicitor is the appropriate place to seek advice. Wills are more complicated than people think. Do not pick a solicitor for such an important issue on price alone. A solicitor who specialises or is very experienced in probate practise will not charge a bargain price for a will. The risk attaching to solicitors in drafting wills is huge, those who don't realise this are best avoided. As with all professionals, ask for referrals from friends and ask the solicitor directly about their level of experience and knowledge.
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+1
 
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