Gifts and other interests

[micheller]

Hello,

I'm just looking to get an idea of some legal implications.

If a parent was splitting their existing house plot in two, and gifting a small garden plot to child to build PPR on + there is a reduction in value of existing house as would be terraced then with less gardens.
Child to get all the legal side sorted- new deeds, valuations, wills etc.

So: Roughly how does satisfying other interests work? Specifically, for other siblings? I was assuming that once all the valuations are in, the guide value of the plot gifted + reduced existing house value could be taken out of any future claim the child gifted would have. Maybe written into a will or something? How do you handle future price changes, to be fair to everyone- or do you take the situation as at that time?

Can anyone give me a brief overview of the common choices there are in that situation, if any!

Thank you,M.

 

[Wexfordguy]

Yeah..it wont work in a mllion years.Unless you'e talking several acreas you simply cant divide up a plot of land on a residential house like that.Dont be surprised if the siblings who havnt beeen "gifted" sue you!

 

[mf1]

"Yeah..it wont work in a mllion years"

Simply not true. Happens regularly. If parents want to do this, they are compos mentis, its theirs and theirs alone, no-one else has a formal interest in it, then they are 100% free to do what they wish. Will the other siblings be ticked off? Possibly, but could everyone remember please that what you may regard as your rightful inheritance is not necessarily yours by right. And no, unless there is some skull duggery underway, they would have no grounds to sue.

If parents want to do it, if site is sufficiently large to make it workable, then offspring can (a) buy the site or (b) take a gift of the site. Pay all fees involved. Parents can simply say in a will that lucky offspring has already had sufficient benefit and will not be provided for by parents on their death.

If other siblings have an issue, it should be addressed openly. Situations like this can cause bad feeling and I'm a great believer in everyone showing their true colours before the great divvy up happens when parents die.

mf