Help with will trust query

hillyfield

My stepfather died two years ago (2006)and a trust was set up in favour of his two sons such that on my mother's death, half the house would be left to them.The house was valued at the time of his death at £200,000. My query is that if property prices continue to fall significantly, then on my mother's death would it be half the value of the house based on the 2006 valuation or will it be half the value based on the valuation at the time of her death. Her concern is that, if for arguments sake, the property were only worth £150,000 when she dies ,then his sons might get £100,000 leaving only £50,000 for her two children. I wouyld be most grateful for any thoughts on this.

Mojisola

As I understand it, it depends how the will is worded. If it says "half of the house" then it's half of the value of the house at the time it is sold. If it says "£100,000" then that's what they get.

hillyfield

Mojisola wrote: »

As I understand it, it depends how the will is worded. If it says "half of the house" then it's half of the value of the house at the time it is sold. If it says "£100,000" then that's what they get.

They were tenants in common and had equal shares. No specific amount was quoted but it had to be valued for probate. I will have to check with her the exact wording though. Thanks

Jake'sGran

hillyfield wrote: »

They were tenants in common and had equal shares. No specific amount was quoted but it had to be valued for probate. I will have to check with her the exact wording though. Thanks

We have done the same thing in our daughters favour. There is a clause to say that the remaining spouse can live in the house until his/her death. I did not ask but always assumed that it would be valued on the death of the second spouse as no money is realised on the first death. You should get more informed responses if you ask your question on the forum that is about wills and inheritance.

hillyfield

Jake'sGran wrote: »

We have done the same thing in our daughters favour. There is a clause to say that the remaining spouse can live in the house until his/her death. I did not ask but always assumed that it would be valued on the death of the second spouse as no money is realised on the first death. You should get more informed responses if you ask your question on the forum that is about wills and inheritance.

Thanks, JakesGran, I have put the question onto that forum (at least Ihope it's the one you meant)

localhero

Jake's Gran is spot on here.

hillyfield

localhero wrote: »

Jake's Gran is spot on here.

Thanks for posting here as well. I'm new to the forum so not got my wings yet. Appreciate your kind help, along with Jakesgran.