Ownership structure for house
Posted: May 5th, 2021, 11:59 am
Under my mother's will my brother inherits her house.
The intention is that he will have the benefit of rental income from the house for the rest of his life, effectively providing a pension, but the house should eventually pass to my daughters. He says he does not wish to own the house.
Is there an obvious way to achieve a situation where my daughters own the house but he has a right to let it out and benefit from the income? I assume there are potentially tax and benefit implications. What are the possible pitfalls?
Obviously I will be talking to a lawyer at some point, but I would like to have some idea of what is possible beforehand.
The intention is that he will have the benefit of rental income from the house for the rest of his life, effectively providing a pension, but the house should eventually pass to my daughters. He says he does not wish to own the house.
Is there an obvious way to achieve a situation where my daughters own the house but he has a right to let it out and benefit from the income? I assume there are potentially tax and benefit implications. What are the possible pitfalls?
Obviously I will be talking to a lawyer at some point, but I would like to have some idea of what is possible beforehand.