When my wife died her share of our property went to our children. I am now considering giving them the other half. Is this a good idea? I am also thinking of putting my finances into trust for them: am I right in thinking that once this is done I will not be able to touch the money?
It sounds as though you and your wife may have drawn up discretionary will trusts, which may have resulted in an inheritance tax saving at the time. If you need to take further action to avoid inheritance tax you should discuss your finances in detail with a solicitor specialising in this area. If you give your house away and carry on living there it will be taxed on your death as if you still owned it.