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Kasare, Solicitor
Category: Law
Satisfied Customers: 1310
Experience:  Solicitor, 10 yrs plus experience in civil litigation, employment and family law
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Father passed away and mum in house, is there any

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father passed away and mum in house, is there any inheritance tax for me as son or for mum?
JA: Where is this? It matters because laws vary by location.
Customer: london
JA: What steps have been taken so far?
Customer: none
JA: Anything else you want the Lawyer to know before I connect you?
Customer: no
Customer: replied 13 days ago.
Can mum apply for tennants in common for home ?

Hi, thanks for your question, I will try to assist you with this, but I will need you to provide me some further details please. Is/was the property jointly owned by your parents? Did you father leave a will? Was there any other assets in his estate? Do you know the value of his estate?

Customer: replied 13 days ago.
joint ownership with mum. there is a will and i am the executor. Apart from property there is savings in a few accounts total of 25k and house is worth about 500k, no property abroad
Customer: replied 13 days ago.

If the property is jointly owned then this will automatically pass to your mother (unless something else is specified in the will). Transfers between married couples are not usually subject to inheritance tax (IHT), so if your father has left his estate to your mum then given the information you have given no tax will be payable. If he has left part of his estate to you and any other family, given the value of the estate, excluding the jointly owned house, there will be no IHT as it falls under the IHT tax threshold. In the 2020/21 tax year, each person can leave an estate valued at up to £325,000 plus the new 'main residence' band of £175,000 giving a total allowance of £500,000 per person. For estates worth less than this, beneficiaries won't pay inheritance tax. I hope this assists. Any further questions please do let me know. Thanks

Customer: replied 13 days ago.
if mum was to pass away will i be liable to IHT if she passes her estate to me in will ?
Can mum apply for for house deeds to be changed to tennants in common ?

Also, FYI - this is the page you will need to contact the Registry to remove your fathers name from the joint property registry -

Given the value of the property and the fact that there will be little to nothing used from your father's IHT tax then your mother can also apply any of your fathers unused nil-rate band - the amount a person can leave tax-free - to her own estate, meaning that it is highly unlikely you will have to pay any IHT if your mother passes the property to you.

The nil rate band is £350,000, but there is an additional allowance of £175,000 per person if the family home is being left to a dependent, meaning that an individual has an allowance of £500,000 including the family home, but a couple has up to £1,000,000

Customer: replied 13 days ago.
change house deeds to tennants in common ?

No, there is no benefit for you in doing that. The property is jointly owned. The form I have sent you will ensure the property is transferred to your mother. Your mother should then prepares a will to deal with the property. However, if you are the only child, then it would be passed to you under the rules of intestacy in any event - or if more children/descendants pass to you all equally.

Customer: replied 13 days ago.
was thinking in case mum had to go in a care home than to avoid the sale of home than tennancy in common would be beneficial ?

That is a different question to the original posed. However, if you wish to accept the original answer, I will be happy to continue this conversation. Thanks

Customer: replied 13 days ago.
happy with original answer

As I have said, happy to answer your further questions, and there is no additional fee for me to do that. Please don't forget to accept (or rate positively) the answer. Thanks

Kasare and 4 other Law Specialists are ready to help you

Thanks for accepting my answer. In regards ***** ***** concern about your mum going into a care home for example, firstly did you father make any requests in his will re the property? If not, then you should transfer it as above to your mum. Then in regards ***** ***** own IHT planning, she could gift the property or a part of it to you, or you and your siblings. There are concerns for your mum in doing that, as essentially you could demand to sell your share or if for example you were married and get divorced, it could form part of your assets for inclusion under separation. If that is not an issue, then she could gift part of the property to you - as a tenant in common. I would strongly recommend you get a solicitor or conveyancer to assist with this. There are fees involved in doing this. Usually for a gift to fall outside IHT your mother would have to survive more than 7 years after that for it not to fall into the estate for IHT purposes, however, as we have discussed earlier, given the thresholds, there is not likely to be IHT. To transfer a property as a gift, you need to fill in a TR1 form and send it to the Land Registry, along with an AP1 form. If either side is not using a Solicitor or Conveyancer, an ID1 form will also be needed.