Will done over 1 and a half years ago, going to probate..help?

sloughflint

margaretclare wrote: »

It sounds as if the wife - the widow in fact - has inherited half of the house and therefore has a perfect right to go on living there.

Whereas I was imagining the wife previously owning her own share of the property as tenants in common and the husband's share has passed to his son ( either directly or postponed)

Op, has your partner inherited a share of the house immediately? and the signing was putting him on the deeds?
or
has the wife been given a life interest in the father's share of the property? If the latter, then the father's share would not pass to your partner yet.
You would have to look at how the Will was worded.

There is a recent thread of relevance here:
http://forums.moneysavingexpert.com/showthread.html?t=1526179

Biggles wrote: »

But my point really is that surely, in order to carry on living there, she must pay a fair market rent to the OP's partner on the half she doesn't own? No free lunch etc.

Not if the will was a life interest will.


Your partner needs to preferably quiz the solicitor directly rather than the wife since the job appears to have been handed over to her to do on behalf of the original executors.

Caseyface wrote: »

Could she do anything without him knowing? Or because they are both executors would it have to be both that make the decisions?

I think they would both have to agree and sign. The solicitor would direct and then obtain necessary signatures from them both.

Caseyface wrote: »

He has not received the money/bonds that are owed as yet. .

The money can only be obtained once probate has been granted. You mention 5/6 weeks since probate was applied for. You do need to allow for the financial institutions to send monies to the solicitor after sighting of the grant so don't worry too much there.

The question I'd have asked was why it took the solicitor quite that long to apply for probate but it's done now.

Caseyface

Thanks again for the replies

I believe that it was agreed that the wife would remain living in the house either till she decided she wants to sell her half or she dies. I don't know what exact signatures were put on paper to be honest.

Thanks for putting my mind at ease about monies not being granted until probate has gone through. It is very frustrating that it has taken this long, but hey ho hopefully things are on the move now.

I'll keep you posted.

sloughflint

Caseyface wrote: »

I believe that it was agreed that the wife would remain living in the house either till she decided she wants to sell her half or she dies. I don't know what exact signatures were put on paper to be honest.

Then it's sounding less like a life interest Will.
Pity, since that would have given the widow more security and also no CGT issues for your partner when the property is sold after the death of the wife.

eco

We didn't use a solicitor when we applied for probate when my mum died, it shouldn't take thislong in fact I think from filling the forms in I had to go to Leeds to get Probate took about 6 weeks, then we had to start sorting all the paperwork out, we had no previous experiance but my sister and I still managed to get it sorted. Good luck tho.

firesidemaid

hello

sorry to some into another OP's thread and ask a question, but some of the replies have got me thinking, especially re. the life interest wills and CGT. perhaps others can comment on the following:

my dad and his brother each own half of their father's property. it was left to them jointly in the will (i think it said they were trustees to the property?), but i also know that my uncle is allowed to live in the property until he no longer requires it as such.

does that sound right? what might be the position re. CGT/

also, if my dad was to pass away first, does his share automatically pass to my mum?

thanks in advance x (sorry OP) x

insured

firesidemaid wrote: »

hello

my dad and his brother each own half of their father's property. it was left to them jointly in the will (i think it said they were trustees to the property?), but i also know that my uncle is allowed to live in the property until he no longer requires it as such.

does that sound right? what might be the position re. CGT/

also, if my dad was to pass away first, does his share automatically pass to my mum?

x

If the trustees of any trust allow a beneficiary of the trust to live in a house owned by the trust, then the ppr exemption applies to that house. Therefore there will be no CGT to pay when the property is sold, or the termination of the trust.
In the case of a life interest trust, (this one) on the death of the life tenant (your uncle who lives there) the trust gets a CGT uplift at market value in the trust property.
That means the remaindermen (your dad and other uncle) are deemed to acquire the property at market value at the date of his death. The only CGT they will pay is therefore the difference between the value at the date of uncle 1’s death and the price they sold it at. They will also be entitled to offset their CGT allowance against this as they are both now the owners of the property.
In terms of what happens if your dad predeceases your uncle, it is impossible to say. Often the trust property passes to his children, sometimes to the other remainderman, less commonly to his wife. But you need to look at the trust deed or will.

To the OP, it is common for the trust to have a clause which allows the trustees to purchase a replacement property if the life tenant (the wife) wants to move. Sometimes the trust comes to an end when the property is sold. So it sounds from what you are saying that this is definitely a life interest trust. However, you need to check the wording about what happens if the house is sold. Just because the trust ends when the property is sold does not mean that it is not a life interest trust.

I am not sure what you mean by “signing over” the bonds etc. It may mean that the solicitor has applied for probate for your partner and the other executor. However, not all institutions require probate before anything is transferred. It depends on (a) the institution and (b) the size of the legacy. So it could mean that the bonds have already been transferred.

You really need to get in touch with the solicitor who needs a good kick as the delay is unacceptable.

In terms of can one executor act without the other one – the answer is that they should not, however, it is possible for them to do this. If they do, and there is a loss to anyone in the will, then that person has a claim against the executor. However, if there is a solicitor acting for both executors this is extremely unlikely.

If I was you, without a doubt I would be in that solicitor’s office asking for the reason for the delay, and getting them to get their finger out.

Caseyface

Thanks Insured.

Well hopefully some progress will be made today and together they will get back onto the solicitors and kick their a**e!

sloughflint

insured wrote: »

So it sounds from what you are saying that this is definitely a life interest trust.

I couldn't see anything conclusive that deternined that there was a life interest trust. In fact caseyface's use of the word 'agree' made me fear that it may just have been an informal decision between the two.

Op, your partner really needs to ensure he understands exactly what is going on/what he is signing. The solicitor is being paid good money and should explain all aspects clearly to him.

localhero

sloughflint wrote:

I couldn't see anything conclusive that deternined that there was a life interest trust. In fact caseyface's use of the word 'agree' made me fear that it may just have been an informal decision between the two.

It looks that way to me too, after the OP said this:

Caseyface wrote:

My partner doesn't want to sell the house, he is happy for his Dad's wife to live in the house.

In which case CGT will become an issue.

OP, the solicitor must really explain to your partner what the Will means and what's going on - particularly as he is one of the executors.

Robert_Sterling_3

I needed to see somebody's will once. I got a copy for £3 at that time. The cost may have gone up to £4 by now.
Anybody can get a copy of any deceased person will with few exceptions.
You can't get the Queen Mother's will.
You can get Princess Diana's will.