law

[caroche]

my dad gave me his propery nearly 2 years ago and has now sadly died. can my siblings take a share of it. it was one legally?

[sara3]

it was one? won?

whose name is the house in, legally?

[bednobs]

did he pass it onto you legally or just let you have it? If the first, and the property is in your name, no they cant. If the second, and legally it was his, if he didn't leavr a will then yes they can

[caroche]

hi thanks for reply. my dad did it through a solicitor and the title deeds are in my name. he left a will leaving me half and 2 brotheres a quarter each of his estate. seeing as the property is mine i assume the esate means his money and all other belongings?

[caroche]

hi sarah 3. it was meant to say done but i miss typed it.

[cassa333]

If the house was signed over to you in it's entirety then it would not be included in the division of assets.

However if your fathers estate, including the house was above the IHT threshold then it would be included for tax purposes (but not the division afterwards).

Also assuming that your late fater didn't include the hotch pot rules

[buildersmate]

Hang on, guys. You've all overlooked the 7 year rule. The giving away of an asset of this type becomes a 'potentially exempt transfer' for Inheritance Tax purposes. This means that the person who gave away the asset must live for another 7 years after the gift before the value of the asset can be completely ignored for IHT purposes.
Before alarming you further, if the value of your late father's estate INCLUDING the current value value of the house is still less than £325k, you won't have a problem with IHT. If it is worth more than £325k, the ESTATE (not you as current owner of the house) is due to pay some IHT. When probate is applied for, the applicant will HAVE to answer correctly to the question that asks whether the deceased has given away assest in the last 7 years.
The issue as to whether your late father's will includes the value of the house is likely to hinge on when he wrote the will. If it is after the transfer of the house to you, your brothers cannot have a realistic chance of success in their claim. If it is earlier, it is going to depend on the way the will was written (does it mention the house as one of his assets).

[caroche]

hi, in the will its says, i leave my daughter 47% and my 2 sons 27 1/2% each of my estate. well at the time of him writing his will 19 years ago his propery was his estate but now its mine? can they say that they are entitled to a share of his propery now as the will was made so long ago and a new one was not made as he said the property was not actually mentioned in will?

[Nosha123]

was the house signed over to you within the last 7 years??

[buildersmate]

Er, yes, Nosha - its in the first line of the question.
I think you have a problem then, that is likely to need proper (paid for) advice, if your brothers are now maintaining that the house formed part of the estate that was part of the will of your late father and he did not redraft his will when he gave away such a large proportion (presumably) of his worldly wealth just 2 years ago to you.
Who'se doing the probate (out of interest)?
Is the estate value, if one included the value of the house, likely to rise above £325k?

[caroche]

ita was transfered almost 2 years ago.

[caroche]

i dont know whos doing probate as yet because my brothers wil not respond to me at all. i know my eldest brother is seeing a wills and probabte solicitor to ask pre-death questions but thtas all i know

[Nosha123]

uh. thanks Buildersmate.. well it is Monday.. you cant expect me to be switched on so early in the week!!

[buildersmate]

Does the will mention and name the property at all (many wills do)?

[caroche]

the estate is worth less than 325,000

[Nosha123]

If I was your brothers I would be pretty miffed about this all... and there is nothing like a WILL to get a good family argument going!

I think they will be entitled to something but the solicitor will advise

[buildersmate]

Who is named as executor in the will, then. One of your brothers?

[caroche]

the will does not mention the name of property, it just says, i leave my estate, so not naming anything (but his jewelry to me.)

[ChuckFickens]

" i leave my daughter 47% and my 2 sons 27 1/2% each of my estate"

How do you leave 102% of an estate?

[caroche]

myself and my elder brothers are executors but he wont work with me so its stalemate at the mo

[caroche]

oh yes chickfickens silly me