Change property title or rely on a Will?

[Alan Zoff]

I bought the house 12 years ago in my sole name as I was effectively single at the time, with 3 adult children. I now want to make things as easy as possible for my wife and the kids, the priority being my wife (their mother). Should I change the legal title of the property to include my wife, or - if that is complicated/expensive - will making a suitable French Will cover the situation adequately?

At present, we are resident in UK but following retirement we are increasingly spending more time in France which, Brexit permitting, might become the main home.

[parsnips]

[quote user="Alan Zoff"]I bought the house 12 years ago in my sole name as I was effectively single at the time, with 3 adult children. I now want to make things as easy as possible for my wife and the kids, the priority being my wife (their mother). Should I change the legal title of the property to include my wife, or - if that is complicated/expensive - will making a suitable French Will cover the situation adequately?

At present, we are resident in UK but following retirement we are increasingly spending more time in France which, Brexit permitting, might become the main home.[/quote]

Hi,

It would be expensive to change the ownership of the house , however there are things you can do at reasonably small expense :  first of all see a french notaire and draw up a "Donation entre Epoux" from you to your wife.  On your decease , she will be given choices as to how to inherit the house (or all your estate if you become french resident).  She can take 1/4 in full title and the rest in life interest, or all in life interest.  The cost is about 150€. To increase her share of the house you could give her up to 80 000€ of its value without gift tax , but the notaires fees are about 1000€, and in my opinion , its not worth it, as it is all in the family anyway.    

[Alan Zoff]

Thanks for that information. Very useful. I was going to have a word with the local notaire anyway but it helps to be prepared with some knowledge from an independent source.