While this principle of ownership as tenants in common applies to all manner of asset, we’ll concentrate here on land and buildings.
Preventing unclaimed assets – every client gets one of these storage boxes in which to store their property deeds, important papers, and wills and trust documents.
The simple question as we see, isn’t so simple, p’raps because there’s no such thing as a simple question.
Can you answer me a question that’s several times been nearly the start of a domestic in my parents’ household:
what is a person’s estate?
Many include provision for their animals in their wills. Many a film refers to this too….
By what ever circumstances, you come into an inheritance: before you take the cheque and run, your first thought should be ‘How do I save my family, several generations down the line, the burden of paying 40% tax on this gift for generations yet unborn?’
It’s all very well helping your children get on the property ladder: but the hurt of all pain would be to lose the gift through divorce proceedings or by the machinations of people who are looking to reap where they have not sown.
Many know of the 7-year rule to inheritance tax. They know to make potentially exempt gifts
Many expect changes to inheritance rules. I fear their expectations would be disappointed. The sensible course would be to act on the rules as they are this day…