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Thursday September 02 2010
Did you know . . . ? |
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- If
you sign over your house to your children during your lifetime and
continue to live in it:
-
- 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.
- The value of the
house will be added back into your estate for the calculation
of Inheritance Tax.
- 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.
- If your children
become involved in a marital dispute or financial difficulties,
your home may be considered to be part of their assets.
- Income Tax will be
payable on the rental value of your home, even if you are not
actually paying rent.
- A
Will that is not properly signed and witnessed is invalid, and the
testator will be deemed to have died intestate.
- 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.
- The
laws of inheritance in England and Wales are different to those
in Scotland and Northern Ireland.
- 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.
- William Shakespeare bequeathed to his wife "my second best bed"
- The eminent artist Gainsborough left his nephew "my utensils in the painting business"
Let one of
our Members protect your life's work.
To find your nearest member(s)
click here
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