If my husband and I retire to Slovakia and buy a home there, what would happen to the property if one or both of us die? Would our children in the UK automatically inherit the property? Are there taxes imposed on transferring ownership of property?
If you and your husband owned the house and there was no will then the house would automatically belong to the surviving spouse. If both of you died without leaving a will then the house would automatically go to your children divided between them.
In the event of a deceased person not having a will then property is inherited by relatives in the following order:
- Wife or husband;
- Children or parents (inheritance divided equally);
- Brothers and sisters;
As regards tax on the property: Inheritance tax was stopped on January 1, 2004 and tax on transfer of ownership was stopped on January 1, 2005.
It is always good idea to write a will. It can be done in three ways:
1. Handwritten and signed by yourself:
2. Typed and signed by yourself and two other witnesses:
3. Prepared with the assistance of a notary.
9. May 2005 at 0:00