WTAW Posted June 18, 2014 Share Posted June 18, 2014 Joint tenants then passes by survivorship and no liability. TIC then counts as property and no survivorship. Be included in IHT calculations. Sorry, this is wrong advice. Only if a jointly held property passes by survivorship to a surviving spouse/civil partner is there no IHT. If a property is held jointly by persons who are not married/in a civil partnership it does pass by survivorship but the value (or a portion thereof) is taken into consideration for IHT purposes for the deceased's estate. Link to comment Share on other sites More sharing options...
Cyclone Posted June 19, 2014 Share Posted June 19, 2014 Thankyou all so much for your advice. Good old Sheffield Forum. I've just made a will and was horrified at the cost, (best part of a £1,000 for me and partner) but from what you say, it might actually be money well spent. Seriously... There are a lot of people on here saying you must use a solicitor, but there is no legal reason to do so. If your affairs are simple and your directives straight forward, then a DIY will may well be sufficient. Even failing that, my OH had her will done for free by the solicitor when taking out a mortgage. And it's not difficult to make minor amendments if needed. Link to comment Share on other sites More sharing options...
Minimo Posted June 19, 2014 Share Posted June 19, 2014 I'm stunned at some of the prices people are paying. I paid my solicitor £50. Admittedly it was a fairly simple will, but I do have property, as well as numerous people to be included in the will. Can't remember exactly when it was done but it was within the last ten years, so not that long ago. Would a bit of shopping around be useful before settling on a particular solicitor? Link to comment Share on other sites More sharing options...
ANGELFIRE1 Posted June 19, 2014 Share Posted June 19, 2014 Thankyou all so much for your advice. Good old Sheffield Forum. I've just made a will and was horrified at the cost, (best part of a £1,000 for me and partner) but from what you say, it might actually be money well spent. Jehesus, We had ours done at a Solicitors in Barnsley for £25 each. I take it you must have an extremely large portfolio of business and the like which must have taken a long time to sort out. Angel1 Link to comment Share on other sites More sharing options...
ll49 Posted June 19, 2014 Share Posted June 19, 2014 Thankyou all so much for your advice. Good old Sheffield Forum. I've just made a will and was horrified at the cost, (best part of a £1,000 for me and partner) but from what you say, it might actually be money well spent. £1000.....that's very expensive!!! I made a will, had proofs sent to me, made a few changes, had new proofs sent to me, then signed everything and had everything fully formalised for £125 with Taylor & Emmett. Link to comment Share on other sites More sharing options...
andrejuan Posted June 19, 2014 Share Posted June 19, 2014 Sorry, this is wrong advice. Only if a jointly held property passes by survivorship to a surviving spouse/civil partner is there no IHT. If a property is held jointly by persons who are not married/in a civil partnership it does pass by survivorship but the value (or a portion thereof) is taken into consideration for IHT purposes for the deceased's estate. So for eg. House in one name, unmarried couple, householder dies leaving everything to other half. Total estate attracts inheritance tax. Taking the house out of the equation would just take the estate out of inheritance tax limits. Would it be beneficial/legal to set up a TIC situation? Link to comment Share on other sites More sharing options...
Cyclone Posted June 19, 2014 Share Posted June 19, 2014 No,whatever from the estate doesn't pass to a spouse/civil partner, will have IHT due. Link to comment Share on other sites More sharing options...
999tigger Posted June 19, 2014 Share Posted June 19, 2014 Sorry, this is wrong advice. Only if a jointly held property passes by survivorship to a surviving spouse/civil partner is there no IHT. If a property is held jointly by persons who are not married/in a civil partnership it does pass by survivorship but the value (or a portion thereof) is taken into consideration for IHT purposes for the deceased's estate. This is correct. Made a presumption you were married. The most common incidence of joint ownership will be between surviving spouse/civil partner. ---------- Post added 19-06-2014 at 23:51 ---------- So for eg. House in one name, unmarried couple, householder dies leaving everything to other half. Total estate attracts inheritance tax. Taking the house out of the equation would just take the estate out of inheritance tax limits. Would it be beneficial/legal to set up a TIC situation? I believe it would be beneficial and does make a difference based mainly on the fact you are unmarried. If you were tic, then upon the death of one instead of inheriting the whole property you would just be inheriting the portion the other half owned. TIC also gives a party control of who they wish the property to pass to. You might want it to go to your children etc. Have a look at this http://www.dwsolicitors.com/wills-probate/inheritance-tax-reducing-your-liability Link to comment Share on other sites More sharing options...
Cyclone Posted June 20, 2014 Share Posted June 20, 2014 Under the more normal joint ownership, I imagine (but don't know) that for IHT purposes only half of the value of the house is considered. Whilst you jointly owned the full thing, the ownership was still split 50/50. And it's the 50 from the now deceased that is part of the estate being considered. The same control exists with regards to who inherits it. Joint ownership doesn't alter that, you can still leave your share of the ownership to your children or a cat charity. Link to comment Share on other sites More sharing options...
999tigger Posted June 20, 2014 Share Posted June 20, 2014 Thought that was all very confusing cyclone. Link to comment Share on other sites More sharing options...
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