Property in Trust as part of will.

[Dave46049]

Hi everyone...
My mother recently died and the house [ which has no mortgage on it ] has been left to myslef and my brother.

There is a condition in the will that states that my brother can live in the house as long as he wishes [ which I have no problem with ] and whilst he is there the house is given ON TRUST for sale.

This is all fine, what I want to understand thoughis the tax implications of this - do I need to get the house valued now so that when it's eventually sold we can see what the increase in value is, and what elements of the sale of the house may become liable for tax - the house is probaly worth less than 200k, andthe whole estate including the house was less than £250k for I think inheritance tax doesn't come into it.

Not sure though if there is any capial gains tax or indeed income tax.

Also not sure if I need to change the deeds of the house in mine and my brothers name.

any help would be appreicated,

[teaboy2]

Re: Property in Trust as part of will.

Sorry to hear about your loss, unfortunately this is not really my area, so i can not advise on this. Though hopefully my giving the thread a bump will help catch the attentions of those more knowledgable in this area.

I would suggest you speak to the solicitor though, in anycase.

[Dave46049]

Re: Property in Trust as part of will.

Hi, thanks for the response.

My solicitor did advise me to leave the property in my mothers name but he didn't really outline the implications at the time - to be honest it wasn't at the forefront of my mind.

Now things are a bit more settled, I'm looking for a second opinion - if anyone has one!!