Is It Snowing In Your Neck Of The Woods?
ChatterBank1 min ago
Power of Atterney v the rest
Hi, Mother is 94 years old, resident in a care home wishes to sell her property,is of sound mind although depabtable & apart from obtaining the power of attorney which is a long drawn out process as well as an expensive hobby, is there out there a much simpler & cheaper less hassle method of adminstering the estate? ie putting the property with her consent into her sons name?
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If she is of sound mind then she can sign all the necessary documents. Bit of a palaver but can be done. Either to sell or to put into son's name. (which equals giving the house to the son, therefore the money raised is no longer hers))
She can also give a Lasting Power of Attorney - �150 as stated if you DIY plus around 3 months elapsed time.
If not of sound mind the considerably more costs, more complicated paperwork and more time involved
She can also give a Lasting Power of Attorney - �150 as stated if you DIY plus around 3 months elapsed time.
If not of sound mind the considerably more costs, more complicated paperwork and more time involved
Just Land Registry transfer forms AFAIK.
But bear in mind there are considerable tax and other complications, both for the son and her, if she gifts him the house. Not that it might not be an appropriate route, but you need to take them into account.
And she needs to be of sound mind when signing the forms.
But bear in mind there are considerable tax and other complications, both for the son and her, if she gifts him the house. Not that it might not be an appropriate route, but you need to take them into account.
And she needs to be of sound mind when signing the forms.
The son will be liable for capital gains tax on the difference between the value he acquires it at and the price he sells it for. Possibly academic these days. Depends on how long he keeps it.
He may be liable (or the mother's estate will) for inheritance tax should she not survive 7 years. But the tax will also be due on death if it's not transferred to the son - so maybe an academic point.
For the assessment of care home fees, the reduction in mother's assets will be disregarded - they will be calculated as if she still owned the property.
The OPG publish advice on assessing mental capacity - or you could pay a doctor, etc, to do so.
No-one is going to check up on you - unless there are others who think they are being done out of an inheritance who might blow the whistle
He may be liable (or the mother's estate will) for inheritance tax should she not survive 7 years. But the tax will also be due on death if it's not transferred to the son - so maybe an academic point.
For the assessment of care home fees, the reduction in mother's assets will be disregarded - they will be calculated as if she still owned the property.
The OPG publish advice on assessing mental capacity - or you could pay a doctor, etc, to do so.
No-one is going to check up on you - unless there are others who think they are being done out of an inheritance who might blow the whistle
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