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Remus2004
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 70535
Experience:  Over 5 years in practice.
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I want to give each one of my3 children a share in my house

Resolved Question:

I want to give each one of my3 children a share in my house now but live in it until I die what do I need to do thank you
Submitted: 3 years ago.
Category: Property Law
Expert:  Remus2004 replied 3 years ago.
Thank you for your question. My name is ***** ***** I will try to help with this.
Are you doing this to avoid care fees or inheritance tax?
If so, then unless you transfer it to them for full value and pay the market rent when you live in it, then it will not mean that it escapes either the care fees or inheritance tax liability. The reason is that if you continue to live in it, it is classed as a gift with reservation and it is still accountable. For it to eventually escaped either you have to divest yourself of the asset although if you are doing it to avoid care fees, or local authority can still set that aside
If it is for a reason other than that, is there a mortgage on the property and how old are the children?
I might be able to offer more if you can clarify.
Jo
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