Many people assume that leaving property to children in their Will is straightforward. However, Will writing solicitors have pointed out that there could be potential problems with this perceived simple act, and it is important to get expert advice before taking the leap.
Recent changes in tax laws, for example, could have an impact on this part of estate planning. One of the main reasons why parents often want to leave a home to their children is for inheritance tax purposes. This makes sense, but it is essential that people understand that they need to live for at least seven years after they have added this to their Will, otherwise the latest inheritance tax rules will be applied.
Recent cases have shown the importance of handling this situation with care and with the guidance of Will solicitors in North Wales. In recent years, there has been a case of a parent leaving a substantial property to their child in their Will. However, there were some legal issues with the transaction, and the child was eventually evicted from the home and left homeless.
It is also worth noting that any child who inherits the family home could be excluded from government schemes designed to help first-time buyers, as they would be deemed to already own a property; the latest example of this is the First Homes Scheme.
Speak to us today at Bennett Smith Solicitors for reliable advice on how to appropriately complete your Will.
