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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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iF i OR MY HUSBAND ON THE DEATH OF THE FIRST ONE OF US,LEAVE

Resolved Question:

iF i OR MY HUSBAND ON THE DEATH OF THE FIRST ONE OF US,LEAVE MY TWO CHILDREN A HOUSE EACH IN A WILL AND THE REST GOES TO THE OTHER PARTNER LEFT,ARE THERE ANY TAX IMPLICATIONS AND ON THE DEATH OF THE SECOND PARENT WOULD IT BE 325K OR 750K BEFORE INHERITANCE TAX KICKS IN.
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is XXXXX XXXXX am happy to assist you with your enquiry.

Husbands and wives have a joint "Inheritance tax free" Estate of £650,000.

Upon the first death, there is no tax payable, and then on the second death Inheritance tax is only payable by the children if yours and your Husband's assets/property total over £650,000.


I hope this answers your question.

Kind Regards
AL
Customer: replied 3 years ago.


Would I need to ensure that the two houses now in our joint names ,parents, be in tenancy in common to put them in both our wills?


 

Expert:  Aston Lawyer replied 3 years ago.

Hi again,

For IHT purposes, it doesn't matter one bit if the properties are in joint names or not, as all the assets of you both just get added together on the second death, and IHT is payable if all your assets are worth more than £650,000.

I hope this assists.

Kind Regards
AL
Customer: replied 3 years ago.

Hi Al, both houses in joint names if I died first and left my part of each house to each son what if the houses were in joint tenancy, do I need to change them to tenancy in common??


regards


 

Expert:  Aston Lawyer replied 3 years ago.

Hi Patricia,

If you wanted to leave your half share to your son, the properties do need to be held by you and your Husband as Tenants in common.

(If you hold them as Joint Tenants, the properties would automatically pass to the surviving spouse, through survivorship, on the first death).

Kind Regards
AL
Customer: replied 3 years ago.


Thats what I thought Al, Thank you so much for the expert advice.


 


Regards


 


Tricia

Expert:  Aston Lawyer replied 3 years ago.

Thanks Tricia.

Glad I have been able to help.

Best Wishes
AL
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