Evening all, bit of a morbid one this but my Dad mentioned the other day something about my Mum and Dad both looking at writing their wills and that they would be leaving their house to me, my brother and my sister.
Now I vaguely remember reading something on here I think about property left in wills and inheritance tax.
Am I right in thinking that my parents would have to sign the house over to us (his children) now (or in the very near future) so when the inevitable happens in 5-10-15-20 years we wouldn't have to pay any inheritance tax on it?
He asked me to look into it for him as he said he'd rather we didn't lose out in any way when the time comes.
I think they're going to be speaking to someone from their bank about their wills but just wondered if anyone off here could shed any light on this or have any experience of it?
Now I vaguely remember reading something on here I think about property left in wills and inheritance tax.
Am I right in thinking that my parents would have to sign the house over to us (his children) now (or in the very near future) so when the inevitable happens in 5-10-15-20 years we wouldn't have to pay any inheritance tax on it?
He asked me to look into it for him as he said he'd rather we didn't lose out in any way when the time comes.
I think they're going to be speaking to someone from their bank about their wills but just wondered if anyone off here could shed any light on this or have any experience of it?