They Thought It Would Be Easier

As the objective of the group turned to Pam's preferred activity, eating cake and gossiping, it suddenly dawned on her that despite the pitfalls discussed previously, there might be some benefit in gifting assets to her children.

“What do you think of this idea girls?” asked Pam, “I know that there might not be any inheritance tax advantages to gifting assets whilst retaining a benefit in them, but wouldn't it make the administration of my estate easier when I pass, would I still need probate if I transferred my house to my children?” asked Pam. Marjory, having already pondered this particular conundrum, and having also taken advice barked “No Pam”, slightly too bluntly for Pam's liking. “There will still be an abundance of paperwork to be completed, let alone the Inheritance Tax Forms, and just because you gift some of your assets to your children, if even if just one asset you retain requires probate to deal with, like the premium bonds you're always winning with,