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A deed of gift is a legal document used to gift money or property to someone whilst you are alive, rather than leaving it to them in your Will when you die. There are a number of benefits to doing this, but there are some big drawbacks too and it is important therefore to clearly understand the implications to setting up a deed of gift for you and for the person receiving it.
If you would like to know more about how a deed of gift works, contact our Wills and Probate team today on 0161 665 4400 and we’ll be happy to help.
Sometimes making a deed of gift would be a way to avoid paying inheritance tax, however this is not always the case. Normally if you use a deed of gift and then die less than 5 years afterwards, this deed of gift is negated and the amount of money, or the property you gifted will still be counted in your estate.
In addition, it is important to remember that you may need to pay Capital Gains Tax if you gift your property, particularly if it is not your only home. The person you are gifting to will also need to pay Capital Gains Tax whether they are gifted property or money.
Longfords Solicitors has been helping people just like you in Oldham and the surrounding areas for over 20 years. This shows our commitment to excellent service for our clients and a determination to get the best outcome possible in all situations.
We provide you with this excellent service by offering you a free initial consultation. This allows you to take the time on us to understand the legal issues and requirements you need to make a deed of gift and to clearly understand the implications for you and the person you are gifting.
Our experienced team of solicitors have many years’ experience in Wills, probate and estate planning and will ensure that you are clear about the costs involved and any timescales too.
Talk to us to see how we can help.
If you would like to discuss your deed of gift with us and arrange a free initial consultation, please call us on 0161 665 4400 or complete our Free Online Enquiry and we’ll be in touch.
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