Drawing up a Will

Conology

Hi
Wondering - whats the situation if a person is
Unmarried - but living with a partner in a house with joint ownership.
Both partners are divorced & have separate children by previous marriages.

A couple of Questions.
a) If one partner dies without a will - is the other partner liable to Tax.
b) If one partner dies without a will - will the 50% property that the deceased person owns be transferred to the deceased person's children.
c) as in (B) will the children be liable for "Inheritance Tax "
d) could the couple get married to avoid "Tax Inheritance ",
e) can a will be made to leave the 50% deceased person's ownership to the other partner, with a clause stating that upon the other partners death the 50% property would be divided equally between the children of each partner.

Thank you

myshirt

Conology wrote: »

Hi
Wondering - whats the situation if a person is
Unmarried - but living with a partner in a house with joint ownership.
Both partners are divorced & have separate children by previous marriages.

A couple of Questions.
a) If one partner dies without a will - is the other partner liable to Tax.
b) If one partner dies without a will - will the 50% property that the deceased person owns be transferred to the deceased person's children.
c) as in (B) will the children be liable for "Inheritance Tax "
d) could the couple get married to avoid "Tax Inheritance ",
e) can a will be made to leave the 50% deceased person's ownership to the other partner, with a clause stating that upon the other partners death the 50% property would be divided equally between the children of each partner.

Thank you

No
Yes, maybe.
Yes, maybe.
Yes
Yes

Go to a solicitor for advice as applied to your own situation.

brian_t

myshirt wrote: »

No
Yes, maybe.
Yes, maybe.
Yes
Yes

Go to a solicitor for advice as applied to your own situation.

Surely the answer to e) is yes, maybe - depending on the type of joint ownership.

Conology

brian_t wrote: »

Surely the answer to e) is yes, maybe - depending on the type of joint ownership.

Straight forward - 50% Joint ownership

randomrb

Your beneficiaries are liable for inheritance tax whether you die with or without a will.

nuac

Mod
Leaving open for general discussion, subject to forum rule on legal advice

Mr. Incognito

a) If one partner dies without a will - is the other partner liable to Tax.

b) If one partner dies without a will - will the 50% property that the deceased person owns be transferred to the deceased person's children.

c) as in (B) will the children be liable for "Inheritance Tax "

d) could the couple get married to avoid "Tax Inheritance ",

e) can a will be made to leave the 50% deceased person's ownership to the other partner, with a clause stating that upon the other partners death the 50% property would be divided equally between the children of each partner.

If the asset is in joint ownership it goes to the survivor automatically thus negating all your questions.

If it is co-owned. Legally each party owns a divisable 50% share as tenants in common then if they are not married they are strangers in law and there will be a nice big tax bill and complications.

Go see a solicitor.