My House

[Kassee]

I want to leave my house to be divided by my four children on my death. Will there be any problem over this - any tax to pay etc - the house is worth about £250,000. Is it best to have this written into a will.

[ubasses]

It is always best to leave a Will. If the whole Estare is less than £325000 there will be not tax payable. If you are married any unused tax allowance for the partner to die first is transferrable to the widow/widower.

[Barmaid]

There shouldn't be any tax on that (it is under the IHT nil rate band), but who knows what tax changes could come!!

If you are not married your estate at the moment will pass under the rules of intestacy - thus it would go to your kids. However, I think it would be best to decide which one (or more of them) you want to deal with your estate after you die and write a simple will expressing your wishes.

[dotty.]

That was the situation with my dad and the 4 of us, his will is just one A4 side but allowed for any of us dying before him and in that situation our share would have been equally divided between our own children, except for my youngest sister who has never had children, her share if she died before my dad was to be divided equally between the 8 grandchildren, and her husband was the executor.

[boxtops]

You do need a Will. If you die intestate, nobody will know what you intend, and it could take ages before your family are able to benefit. Everyone should have a Will, and keep it up to date.

[Barmaid]

Boxy - if you die intestate, the law prescribes the intention, so to speak. The trouble is, if the deceased wanted people to have a particular item or wanted someone to administer the whole thing, intestacy doesn't allow for it.

An intestate estate will take no longer than an estate with a will.

[balliali]

Could be the makings of a huge row. How will each get their share? What if some one (or two) want to live in it and others want to sell it. What if someone wants their share in money terms and the others cant afford to pay them out? Think carefully and get good advice. Even with a will, there still could be lots of rows.

[Barmaid]

None of the things you mention will be avoided by making a Will, Baillali since the intestacy rules presume that each gets an equal share and the personal representative has to ensure that each does.

[Kassee]

Thank you.

[balliali]

Thats my point exactly. Have seen the subsequent fallout from a property left to three in a local family recently, thats all. Needs a lot of thought!