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Key Questions Before You Buy, Sell or Give Away Property
Are you about to buy or sell a property? Alternatively, are you considering making a gift of property? Or perhaps just moving into another property to share with others?
Before you go ahead
- Are you thinking of transferring your home into the names of one or more of your children? Are you aware of the pitfalls? Alternatively, are you considering moving in with your children? If so, what steps have you taken to set out the basis of your occupation and, if relevant, to record and protect any financial contribution?
- Are you buying a property for occupation by a member of your family (e.g. a child)? How should the property be held and do you need a Trust?
- Are you buying a property with your partner? How should this be structured particularly if you are not making equal contributions to the purchase price and/or for the future upkeep?
- Are you disposing of a property which is not your main residence e.g. a rental property?
- Have you recently inherited a property which you now want to sell or transfer to someone else
AND have you considered the tax implications of each of the above?
- Now that your property arrangements have changed, do you have a Will or does it need to be revised to ensure that on your death the property passes to your chosen beneficiaries?
- Are the executors and beneficiaries referred to in your existing Will still appropriate?
Powers of Attorney
To cover the position if you were to lose your mental capacity, e.g. as a result of a stroke, have you put in place a Lasting Power of Attorney to enable your chosen attorneys to make decisions either about your property and financial affairs, or about your health and welfare?
Please speak with our private client team for answers to all of these questions and more.