My parents’ Wills set up a trust for the family home to help with care fees planning. Will I have to pay second home stamp duty rates on the purchase of my own property as I am a beneficiary of a property under my parents Will? This is a question we...
Wills & property
Your home may be the most valuable asset you own. It is important that you safeguard it by making a Will. We have considerable practical experience of preparing the appropriate documents.
Beware of 'intestacy' rules
If you do not have a Will, then your assets will pass on death under standard ‘intestacy’ rules. These may not reflect your wishes. Even if you are married, your spouse may not necessarily inherit the whole of your property.
If you own your property with someone else, then the way that the title deeds have been drawn up will determine whether your share of the property passes under your Will, under intestacy rules or to the other owners. Any existing Will should, therefore, be reviewed upon the purchase of a new property.
You may need to use Will trusts to deal with more complex situations such as:
- allowing a partner or dependant to continue to live in your property after your death
- treating children from a previous marriage fairly without disadvantage to your new spouse or partner
Some properties require more consideration than others because of taxation and other issues, these include:
- agricultural property
- property owned by or used by a business
- holiday homes abroad
- second homes or investment properties
Your Will is one of the most important documents you will ever make. Professional advice is essential to avoid any later upset or difficulty.