Hi All,
I and my sister had done a release deed (with consideration) a few years ago releasing our ownership on our Father's property after his demise to our Mother (Legal heirs of my Father - Son, Daughter and Wife).
Now my mother would like to transfer this property to my name (Son). I would like to know what is the best way to do this to avoid legal hassles later.
- Based on my reading/understanding to avoid challenges in court later, it is best to do a Gift/Settlement deed rather than a WILL?
- If you agree, which one should my mother do - Gift deed or Settlement deed? Is there any way to keep the life interest in Gift/Settlement deed?
- Should we get my sisters agreement for gift /settlement deed again considering that she had already released it to my mother already?
- I understand that Gift deed (without consideration) will not attract stampduty charges for transactions betweeen direct descendants (mother to son). Please confirm and what is the likely charge here?
- Also I understand that there is no taxation involved on this transfer as well. Please confirm
- I Understand that Gift deed will transfer rights immediately , but what should I do to do "name transfer" of property? Can I do it one shot?
- I understand that gift deeds can be challenged based on the soundness of my mothers mind when she gifted it to me? Is there a way to mitigate this risk by getting a medical certificate or something and attaching it along with the Gift deed?
