children

[jude52]

i am in the process of buying a house without morgage, if i had the property put in my daughters name along with mine,,what monies would be payable when i die, as she would be inherit in my will.

[Lee Young]

How old is your daughter?

Will you both be lioving there?

What is the property worth?

What is your estate worth, other than the property?

Are you married/in a civil partnership?

Are you a widower?

[jude52]

hi my daughter is 27yrs old , the property is worth £160000 i also have another house that i reside in at moment thats worth approx £135000 its not decided yet if my daughter will move with me to new house but at present lives with me in present dwelling,,jude

[jude52]

sorry! no i am not in any kind of relationship/parternership, i am a widow. jude

[pqtaxation]

When you die (without having made sizeable gifts within 7 years before your death), your estate would have to be valued at more than one nil rate band (NRB and currently £325,000 which is unlikely to change until after 2015) before there is any inheritance tax (IHT) to pay. You say you are a widow and there be up to one NRB transferable from your husband if he died after 1974 (? check exact earlier date if relevant here) leaving his entire estate to you.

Not clear if your daughter owns a part of your current house, but if you chose to gift a share of your new house to your daughter and she lives with you then what you give away just decreases your death estate. But that would have to be more than one NRB and possibly two NRBs (£650,000) before any IHT becomes payable.

You can leave all of new house to her under your will or gift her 50% pre-death and 50% under your will -- either way she will own 100% on your death. Gifting a 50% share to her pre-death has advantages in the future event your health detiorates, your have to go into care and you lose mental capacity.