Areas of Law / Wills and Probate

My wife and I are both in our 70’s. We are aware that our money could be swallowed up if we are admitted to a nursing home for any length of time. Could we prevent this by transferring our house into our daughter’s name and giving her the bulk of our capital?

Transferring your house into your daughter’s name may not achieve what you are aiming for and is in any case a very serious step to take. Also, if she has a home of her own she may end up paying capital gains tax. It may be sensible to divide your assets between yourself and your wife, thereby halving the risk. Your solicitor should be able to give you advice that is best suited to your circumstances.

Area of law: Wills and Probate

More Questions About Wills and Probate

A clause in my will gives my trustees carte blanche to deal with my estate, including the right to invest in unsecured, interest-free loans and to handle my affairs “without any of the consents required by section 41 of the Administration of Estates Act 1925.” What does that mean?

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A friend who emigrated to Canada died last year and left us $50,000 dollars in his will, the equivalent of about £25,000. His solicitor tells us it will probably be 12 months before we receive the money: will we have to pay capital gains tax on our windfall, or tax on unearned income?

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