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There are many different ways you can be careful with your money and make good financial plans in your life, and there are many different ways that those options can be beneficial not just for you, but for your loved ones as well. In fact, many people make their biggest financial decisions because they want to make life easier for their children at a later stage. One of those decisions that will definitely benefit your kids is to transfer your property to them – not only will this make it easier once you pass away as there will be less of an estate to handle, but it could also ensure that your child is set up for life – what could be better? So let’s take a look at the options open to you if you want to transfer your property to your child. 

Leave It In Your Will

The simplest way to transfer your property to your child is to leave it to them in your will – you can literally write down that you want a specific person to inherit your house or flat. 

They might have to pay taxes, depending on the value of the property. However, it can be a good and easy way to make sure that your child is comfortable and settled even when you’re not around anymore. 

Make It A Gift 

If you want to start the ball rolling earlier and ensure that taxes aren’t an issue, and that probate happens more quickly, then gifting your property to your child before you pass away might be a good option. 

There are some important rules to bear in mind when you do this, including the fact that if you were to die within the first seven years of gifting the property, tax would still be due. However, if you’re considering moving into a care home or buying a second property and you can afford to give one to your child, it could be a good move in terms of your finances and ensuring that your child has their foot on the property ladder at last. 

Sell It To Them

Not every parent is happy to just give their hard-earned property away to their child, and not all parents can afford to do it even if they want to. Some will therefore use the first option and include a specific bequest in their will, but for those who want to see the benefit themselves, and perhaps even make some money to help in their retirement, another option is to sell the property to the child. 

Selling a property to your child is really the same as selling it to anyone else, so you’ll need a specialist conveyancer from a reputable firm like Beyond Law Group to ensure everything goes smoothly. What you won’t need is an estate agent (meaning you can save money), and you can also choose a selling price that your child can afford, but that will also give you some money to enjoy in your retirement. This choice really could be a win-win.