S W

I recently posted on this forum regarding giving my home which I own outright to my two adult children, who have lived all their lives in this home and still do so. Having briefly read the Inheritance Tax rules, I would now like to find out if, as we all intend carrying on living in the property together, would I then have to pay my rent to my sons? And would it make a difference if I just carried on paying the bills, as I do now? I have already left the property to them in a Trust Will, so I assume an alteration to that would be needed, but I want to pass it to them without burdening them. This has always been our family home and we have always lived together here. Thank you for any help, advice or insight you can give me.

Many thanks for your reply. I will follow the link and will take legal advice if the transfer takes place. Thank you

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I would like some advice on gifting my home to my children, please. I live with my two adult children in the home I have owned outright since before they were born. I am considering gifting my home to them equally. We will all continue to live here together for the foreseeable future. I am not yet retired and am in good health. We are all British, all born in England, own no other property, and there are no partners or children of my children to consider. I would like to find out if there is a simple way of doing this, and what tax implications there are, and if after some years they wanted to sell the property and move, would they have to wait a certain amount of time before selling? There are no reasons for wanting to make this gift other than giving them a home they own to live in, and money towards individual properties should they wish to sell in the future. Thanks for any advice you can give.