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1. If
you sign over your house to your children during your lifetime and
continue to live in it:
a. A local authority
can ignore the transaction, without limit of time, if they consider
that it was done to avoid paying long term care fees.
b. The value of the
house will be added back into your estate for the calculation
of Inheritance Tax.
c. Unless your children
live with you, the house will be subject to Capital Gains Tax
on its increased value from the date of the transfer.
d. If your children
become involved in a marital dispute or financial difficulties,
your home may be considered to be part of their assets.
e. Income Tax will be
payable on the rental value of your home, even if you are not
actually paying rent.
2 A
Will that is not properly signed and witnessed is invalid, and the
testator will be deemed to have died intestate.
3. If
the original, signed and witnessed, Will cannot be produced the
testator will normally be presumed to have destroyed it, and to
have died intestate. A copy may prove that a Will was made, but
not that it was in force at the time of death.
4 The
laws of inheritance in England and Wales are different to those
in Scotland and Northern Ireland.
5. The
longest Will in the English language was written by Mrs Frederica
Evelyn Stilwell-Cook who died on 9th January 1925. It consisted
of 95,940 words, contained in 4 gilt-edged, leather-bound books.
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