Joint ownership

[BigLes]

My live-in partner and I own our yacht between us (it was mine but she has now purchased a 50% share). We are not married (yet), but each have children from our previous marriages. In the process of updating our Wills the matter of the yacht has come up. We have the yacht registered with the SSR in both our names, but do we need to have any other agreement or paperwork in place to prove joint ownership - such as RYA agreement for syndicate of ownership?

 

[ParaHandy]

you could if you're liable for IHT just quietly transfer it now but i don't think my kids will thank me for the "gift" unless i endowed them with a sufficient sum to pay for moorings, repairs, maintenance etc etc ...

 

[Achillesheel]

To make it a gift for IHT purposes you would have to pay to charter it every time you wanted to use it, or it would be a "gift with reservation".

The charter fees could pay for the mooring, repairs maintenance etc, so for your kids at least the idea could have merit...

 

[jimi]

Think its been decriminalised now, so you should be OK.

 

[fisherman]

Don't know about yachts, but joint ownership of a FV can be 64/64ths jointly owned, or a number of 64th shares each, and there's a difference.