I have a terminally ill client coming to see me regarding potentially transferring a property to his son who is currently 17. I understand that the client isn’t expected to survive for more than a year.
Clearly as the son is 17, it will either be a case of creating a lifetime trust for him until he comes of age, or leaving it as a legacy under his Will, on the basis that he may well be 18 by the time he dies thereby avoiding the need for a trust at all.
What would the tax implications be of the above options if the son is still 17 at the date of death? I think that it would be better to leave the property as a gift under the Will rather than go to the expense of putting a trust in place now, but am I missing something?