Confused how my share works

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LoopyLoops
LoopyLoops Posts: 106 Forumite
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in Deaths, funerals & probate
My mum passed away 16 years ago and left my sister and I a third between us, so a 6th each. The will states that her other half is entitled to live there as long as he likes. He owns the rest of the house.

I am confused if my sister and I's share is the value 16 years ago or the value now? (not aware of any valuation done 16 years ago and the other executor doesn't know of one - Mum's other half is the other executor) Or the value of the 6th each whenever the house is sold? Does our share in the house earn interest? Someone else has said that they think it would be as he has had the benefit of living there with our share? That seems wrong as surely it would make the share worth way more and if he passes away still living there will leave his executors extra things to sort out? I don't know, I don't really understand it.

Thanks in advance
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  • Linton
    Linton Posts: 17,172 Forumite
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    Your share is worth 1/6 of the value of the house when it is sold. Other half has the right to live in your share of the house as that is what Mum's will says. When other half dies his will defines what happens to his 2/3.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    edited 26 July 2016 at 7:33PM
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    typically(depends exactly what the will says)

    what has been set up is an interest in possession trust.
    (often known s a life interest)


    if that is what has happened and the executors are still the trustees they should know what they are dealing with and the terms of the trust as set out in the will.

    If one of the executors does not understand they should get advice as they can be exposed to liabilities if they get it wrong.

    when you say "other 1/2" were they married as that can make a significant difference to the administration of both estates.
  • LoopyLoops
    LoopyLoops Posts: 106 Forumite
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    getmore4less wrote: »
    typically(depends exactly what the will says)

    what has been set up is an interest in possession trust.
    (often known s a life interest)


    if that is what has happened and the executors are still the trustees they should know what they are dealing with and the terms of the trust as set out in the will.

    If one of the executors does not understand they should get advice as they can be exposed to liabilities if they get it wrong.

    when you say "other 1/2" were they married as that can make a significant difference to the administration of both estates.

    No, they weren't married.

    I think my aunt isn't clear. I believe she has just assumed that when he sells / passes away my sister and I get our share. I don't talk to my mum's partner (his choice), so unsure what he knows about it. I think he has had work done on the house, which I assume he can do pretty much as he pleases with the house? I only know this as he lives in the same town as me and someone who know's my mum's house asked about the builders there.
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    LoopyLoops wrote: »
    My mum passed away 16 years ago and left my sister and I a third between us, so a 6th each.

    The will states that her other half is entitled to live there as long as he likes.

    He owns the rest of the house.

    I am confused if my sister and I's share is the value 16 years ago or the value now? (

    When your mother died, you inherited a 6th of the property which was worth £x.

    Since then the value of your share will have gone up - when the house is sold you will receive a 6th of the price of the house.

    Has your mother's partner left the rest of the house to you and your sister or to someone else?
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    LoopyLoops wrote: »
    I think my aunt isn't clear.

    I believe she has just assumed that when he sells / passes away my sister and I get our share.

    It sounds as if your aunt is right.

    If your Mum left you and your sister one third of the house with her partner having a life interest, then he can stay in the house as long as he likes.

    If he sells (or when he dies) you will inherit your share.
  • chesky
    chesky Posts: 1,341 Forumite
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    What would happen if he leaves his part of the house to another person? When he dies, would they have to either sell, or buy the daughters out or could they just move in?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Mojisola wrote: »
    It sounds as if your aunt is right.

    If your Mum left you and your sister one third of the house with her partner having a life interest, then he can stay in the house as long as he likes.

    If he sells (or when he dies) you will inherit your share.

    That very much depends on the terms of the trust.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    LoopyLoops wrote: »
    No, they weren't married.

    I think my aunt isn't clear. I believe she has just assumed that when he sells / passes away my sister and I get our share. I don't talk to my mum's partner (his choice), so unsure what he knows about it. I think he has had work done on the house, which I assume he can do pretty much as he pleases with the house? I only know this as he lives in the same town as me and someone who know's my mum's house asked about the builders there.

    Depends on the terms of the trust.

    Might also be worth checking the house has been registered properly and not just in his name.
  • LoopyLoops
    LoopyLoops Posts: 106 Forumite
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    chesky wrote: »
    What would happen if he leaves his part of the house to another person? When he dies, would they have to either sell, or buy the daughters out or could they just move in?


    This is what worries me. It has gone on for so long now. It feels like I haven't been able to completely let go of my mum. The will says as long as mum's partner wants to live there, doesn't seem to state that no-one could move in instead of him. But I am unsure what happens when he dies, or if he could move out (to a care home for example) and he could let his family move in. Feels like I will never see an end to this part of the will, and let mum go.

    My aunt isn't in the best of health either, so not sure what happens to the will if she does pass away as she is an executor. Does it just become the one executor (mum's partner?).
  • LoopyLoops
    LoopyLoops Posts: 106 Forumite
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    I can't even go and see a solicitor on my own can I? It has to be an executor doesn't it? My aunt's health and some other things in her life are making it hard for her to do anything about it. Don't want to keep on at her about it, feel like I am nagging, but I am worried that he could do just keep delaying paying my sister and I off.
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