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Property in 2 names, better to have bought or gifted?

(4 Posts)
NameChangedAgain5000 Sat 27-Dec-14 18:07:27

person A originally owned a property - put in joint names with person b

if person a was to die, would it be better for person b to have 'paid' for the part of the property, or to have been gifted it, or does it make no difference

Also - if person A made a will and then got married and then died, what happens there? is the will null? does the widow(er) get everything?

LIZS Sat 27-Dec-14 18:21:12

Think it depends how property was registered - joint tenants or tenants in common.

NameChangedAgain5000 Sat 27-Dec-14 18:36:41

I don't know, just person b is now on the deeds

LIZS Sat 27-Dec-14 18:39:24

If they are gifted it , the value would be taken into account for inheritance tax assessment were the gifter to die within 7 years.

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