Tweet
Hello I hope you are all well some general advise would be greatly appreciated, my friend After discussing various details of his estate with his solicitor,my friend has offered me his house, All contents at 10%of its value or free of charge he is aware this will eat into his tax (7year rule) when he passes (he prefers free of charge)*
I am told I am his main beneficiarie anyway, 10% to charities and some cash gifts to other friends, and family
His reason for this "gift" he wants to be certain I have it and he sees the benefits it will bring me,*
I would not use the house as my main home but a holiday home.*
My friend has another house he intends to move into later this year which he has owned for 5+years*
I am also his joint power of attorney along with his solicitor*
His accountant and solicitor are his future executors
My friend has just done a revised will and sorted power of attorney within the last week or so. But feels he is failing physically, balance being his main worry
I get the impression his solicitor is suggesting leaving more to family than friends I have also encouraged this in the past but he definitely has no intention of this and would leave more to charity if he didn't leave gifts to friends, (my friend has changed his will 3/4times in the last 4years due to various deaths in his family and friends) no fall outs I am aware of I might add,*
It doesn't concern me at all what/ when or if he gives or leaves me anything just that his thoughts,* wishes and wants are actioned on, when ever that may be,*
I have spoken with my solicitor who has said to accept any gift while/when it is offered as his mental state may decline and whilst he has the choice this also gives him the power and pleasure of making such a gift,*
My friend would still have enough money to have a long and happy life,* even with expensive care if so required*
All of which he is fully aware of.*
My main concern is this the right thing to do I certainly don't need the house or contents nor do I want him to move into his other house(he loves where he lives) although his other property is probably much better suited to his physical needs and the better choice* moving forward.*
*what if he changes his mind in 5 years time could I give it back?*
If I accepted the gift would I have to pay cgt on the property if the value remained the same as the time of gift ie 100k at gift date 100k ten years later if I was to sell*
I assume his will states the house* gift to me and if so then leaving it in his estate is fine, his concern is the property may be sold in the future to raise funds(he doesn't need the money) or to keep his estate more compact (this would not be his wish)* then I would not get the property and nothing would pass to me thus not being able to execute his will and wishes
I hope the above is clear
Thanks*
A lot to consider
*
I am told I am his main beneficiarie anyway, 10% to charities and some cash gifts to other friends, and family
His reason for this "gift" he wants to be certain I have it and he sees the benefits it will bring me,*
I would not use the house as my main home but a holiday home.*
My friend has another house he intends to move into later this year which he has owned for 5+years*
I am also his joint power of attorney along with his solicitor*
His accountant and solicitor are his future executors
My friend has just done a revised will and sorted power of attorney within the last week or so. But feels he is failing physically, balance being his main worry
I get the impression his solicitor is suggesting leaving more to family than friends I have also encouraged this in the past but he definitely has no intention of this and would leave more to charity if he didn't leave gifts to friends, (my friend has changed his will 3/4times in the last 4years due to various deaths in his family and friends) no fall outs I am aware of I might add,*
It doesn't concern me at all what/ when or if he gives or leaves me anything just that his thoughts,* wishes and wants are actioned on, when ever that may be,*
I have spoken with my solicitor who has said to accept any gift while/when it is offered as his mental state may decline and whilst he has the choice this also gives him the power and pleasure of making such a gift,*
My friend would still have enough money to have a long and happy life,* even with expensive care if so required*
All of which he is fully aware of.*
My main concern is this the right thing to do I certainly don't need the house or contents nor do I want him to move into his other house(he loves where he lives) although his other property is probably much better suited to his physical needs and the better choice* moving forward.*
*what if he changes his mind in 5 years time could I give it back?*
If I accepted the gift would I have to pay cgt on the property if the value remained the same as the time of gift ie 100k at gift date 100k ten years later if I was to sell*
I assume his will states the house* gift to me and if so then leaving it in his estate is fine, his concern is the property may be sold in the future to raise funds(he doesn't need the money) or to keep his estate more compact (this would not be his wish)* then I would not get the property and nothing would pass to me thus not being able to execute his will and wishes
I hope the above is clear
Thanks*
A lot to consider
*
Comment