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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10781
Experience:  Barrister 17 years experience
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My mother in law has saved a sum of money in the bank which

Customer Question

My mother in law has saved a sum of money in the bank which is willed to her son my husband. She is now 88 and wants to give the money to my husband now. We have been told that under new laws she cannot do this. Is this correct?
Submitted: 3 years ago.
Category: Law
Expert:  Buachaill replied 3 years ago.
Customer:

1. There is no law which prevents your mother in law gifting yourhusband money today and not waiting until she dies. She can go ahead and do this. Provided your mother in law lives for seven years, the gift will be inheritance tax exempt totally. Even if she lives for less than seven years, tax relief will apply at a lower rate than it would if she waiting until she died. Additionally, be aware that provided her estate is less than £325,000 it will be tax exempt. However, it is a good idea to gift the money in advance of death as this will reduce any potential tax liability if your mother in law has an estate of over £325,000. So, go ahead and get her to make the gift. Don't be put off by some scare mongering which is incorrect.

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Customer: replied 3 years ago.
How does my husband go about getting the money. Mum in law keeps asking us have we lifted it yet but we don't know what to do. We were told if we lift the money the police would be at the door in no time.
Customer: replied 3 years ago.
Can we just go to the bank and close the account.
Expert:  Buachaill replied 3 years ago.
2. Dear *****, Your mother in law needs to write a cheque or transfer the money to her son, your husband. You cannot go and lift someone else's money. The mother in law must therefore write a cheque or execute a bank transfer of the money to her son. This is how it is done lawfully. So take your mother in law to the bank and get her to transfer the money to her son's account or write a cheque to transfer the money lawfully. You cannot just to and close the bank account as it is not you or your husband's bank account. YOur mother in law needs to do this.
Customer: replied 3 years ago.
Thank you for your advice. You have put both my husband's mind and mine at rest. We did not want to do anything unlawful. Thank you.
Expert:  Buachaill replied 3 years ago.
3. Best wishes.