I'm sure it's been asked many times before but I can't find it............

[Judie]

......... what are the legal and financial implications, from a french angle, of passing ownership of our holiday home to my son. We are both now UK residents and so is my son. I also have a daughter, living in Australia, who is not able to take advantage of the use of this place and will inherit from us in other ways. We both completed a testament holographique while resident in France but lodged it with another notaire handling the purchase of our first french property, not this one. Many thanks for your thoughts, and before you say it, I will be speaking with our notaire when we are next over, but wanted some idea before I see him.

[Loiseau]

Well, Judie, there will of course be the cost of transferring the property to your son. I helped a friend do this a few years back, and it was a fairly large sum (maybe dependent on the value of the property).

Then, since you and your husband will no longer own property in France, I suppose your French Will will have to be destroyed. I think any notaire may be able to organise this, not just the one through whom you made it. I made one not long ago, and the notaire said that upon my death it would be able to be called up from some central registry of Wills. Then it will be up to your son to make his own Will, or maybe a "donation entre époux" if he is married.

Angela

[Judie]

Thanks for your thoughts Angela. As far as the wills are concerned, if we no longer have any assets in France and are no longer resident there, then surely the french wills become irrelevant and unenforceable - they have pretty much the same content as our UK wills btw.

[Loiseau]

I presume you need to keep it going as long as you have, say, a French bank account. I don't know if you would then have to officially revoke it, but I am sure your new notaire will tell you.

Angela

[parsnips]

[quote user="Judie"]......... what are the legal and financial implications, from a french angle, of passing ownership of our holiday home to my son. We are both now UK residents and so is my son. I also have a daughter, living in Australia, who is not able to take advantage of the use of this place and will inherit from us in other ways. We both completed a testament holographique while resident in France but lodged it with another notaire handling the purchase of our first french property, not this one. Many thanks for your thoughts, and before you say it, I will be speaking with our notaire when we are next over, but wanted some idea before I see him.

[/quote]

Hi,

     If ,as I assume you own the house jointly and equally with your wife , 200 000€ of its value can pass to your son free of gift tax .  The notaires fees will be in accordance with the table "Donation ; remuneration du notaire et frais de formalités " in this article;

http://www.dossierfamilial.com/argent/fiscalite/que-vous-coute-une-donation,1265

[andyh4]

Judie wrote

Thanks for your thoughts Angela. As far as the wills are concerned, if we no longer have any assets in France and are no longer resident there, then surely the french wills become irrelevant and unenforceable - they have pretty much the same content as our UK wills btw

UNQUOTE

Judie

pretty much the same is not identical. You would be well advised to cancel the French wills. Any small discrepancy can lead to problems - not necessarily caused by the recipients but by the lawyers.

Unless the wills are identical (except language) - which I personally doubt - then they are in conflict and only the lawyers will gain.

[Judie]

Many thanks for your replies. I will take the Notaire's advice when next in France.