Hi. A couple are gifting a share of equity in the family home to their son, who lives with them. All three shall have a share in the property.
On the title deeds, mum’s name contains her marital name. But, on her passport, her surname contains her maiden name. Her driving license has her marital name.
She intends to make her son the beneficiary of her share, in her will. Could the difference in names be an issue come a future probate? Is there a solution?
Also, as the transfer of equity is going to be a PET. Should the valuation come from an RICS surveyor or will a valuation from an estate agent be sufficient enough.
Her driving licence is valid proof of identity, it is just her passport that is out of date. You only need to give her maiden name in the Will if she still has assets in that name.
If she is leaving her interest in her Will it isn’t a PET? If she gifted it now it would be a Gift with Reservation of Benefit so ineffective for IHT planning. The value transferred under the Will is at date of death so why value now?
In my opinion a professional valuation is going to be preferable to that that can be given by an estate agent,
especially if there is to ever be any dialogue with HMRC !