Transfer of Ownership after a Death

[Deleted User]

My Mother-in-Law sadly died recently and left the vast amount of her estate to her daughter (my wife) and her son. This includes her house.

The Executor is insisting that the house will eventually have to be sold and the proceeds split between the two, but my wife and Brother-in-Law don't want the house to be sold just yet.

Is it possible to have the house transferred into their joint ownership?

If so, how would we go about setting this up?

Many thanks for the advice anyone is able to give.

JPW

Kavanne

Is there any inheritance tax to pay? If so, can they pay it without the sale?

Also, has your wife got a solicitor who can act for her and give her advise on these matters?

Debt_Free_Chick

I know this seems stupid, but what exactly does the will say?

[Deleted User]

Thanks for the replies so far. Answers to the questions are as follows.

The total value of the estate is likely to be around the £200,000 mark, so inheritance tax won't come into it.
My wife doesn't have a solicitor as yet, may have to go down that route though!

The will has the usual bequests to daughter, son and grandchildren and then states "the remainder of my estate to be split equally between my daughter and son".

Surely joint ownership of the house equates to equally splitting the estate.

JPW

DVardysShadow

Deleted_User wrote: »

... The will has the usual bequests to daughter, son and grandchildren and then states "the remainder of my estate to be split equally between my daughter and son".

Surely joint ownership of the house equates to equally splitting the estate.

Can all of the other bequests be met without selling the house?

If not, if the son and daughter forgo everything except the house, can the bequests to others be met?

Assuming that the will does not specify that the house be sold, I would think the house could be passed on - especially if the beneficiaries are in agreement about this - there is a believe a provision in law for the beneficiaries to revise the will if they all agree, subject to some constraints. Apart from this, son and daughter could put in a topping offer to the executor and buy the house with their inheritance [and I should imagine charge the executor for the excess costs of doing it that way].

Who is the executor?

[Deleted User]

Can all of the other bequests be met without selling the house?

Yes, all the bequests can be met without selling the house.

I have checked the will again and it states:

"My executors shall hold the residue of my estate on trust to retain or sell it on the following trusts:

a. to pay debts taxes and executorship expenses

b. to pay the reside to those of them my said son (name inserted) and my said daughter (name inserted) who survive me and if both survive me in equal shares absolutely provided always that ...."

I don't understand why my wife and brother-in-law would have to buy the house when it forms the major part of the estate which has been left to them.
I also have to confess that I have never heard of a 'Topping Offer'.
Could you explain what is it and how does it work?

The executor is old friend of my Father-in-law who, as far as I am aware, has not seen my Mother-in-law for many many years even though they live in the same village!

Many Thanks

JPW

DVardysShadow

Deleted_User wrote: »

The executor is old friend of my Father-in-law who, as far as I am aware, has not seen my Mother-in-law for many many years even though they live in the same village!

Taking the last point first, I can't help but wonder whether executor has designs on the property - whether to sell to his mates at a fair price or less, or to take a backhander or not or to buy it from the estate for himself. This consideration should cause you to take immediate professional advice and immediate action. If nothing more, the beneficiaries should write immediately to the executor and state their firm preference to receive the house?

Yes, all the bequests can be met without selling the house.

I have checked the will again and it states:

"My executors shall hold the residue of my estate on trust to retain or sell it on the following trusts:

a. to pay debts taxes and executorship expenses

b. to pay the reside to those of them my said son (name inserted) and my said daughter (name inserted) who survive me and if both survive me in equal shares absolutely provided always that ...."

You need proper advice, but it looks to me that there is no good reason for executor to insist on passing cash rather than the house. There is no statement so blunt as to the effect that the beneficiaries should only get cash, although the executor could be misreading the will and too much of an old duffer to listen to sense

I don't understand why my wife and brother-in-law would have to buy the house when it forms the major part of the estate which has been left to them.
I also have to confess that I have never heard of a 'Topping Offer'.
Could you explain what is it and how does it work?

I to had never heard of a topping offer until I made it up. The house has to go on the open market - executor cannot covertly sell it [possibly he could and possibly it could be irreversible, but he could be in trouble]. So beneficiaries should bid for the house at a stupid price, to be paid from the inheritance. This will 'top' all other offers and will of course be self funding.

One thing I would look at doing, [with proper advice] is getting something noted about this in the Land Reg. It might deter buyers, if it can be done.

Richard_Webster

Simply insist executor transfers house to beneficiaries. Nobody else is being prejudiced and executor is being silly.

DVardysShadow

Richard_Webster wrote: »

Simply insist executor transfers house to beneficiaries. Nobody else is being prejudiced and executor is being silly.

Could executor still sell? What are the remedies?

[Deleted User]

I mentioned to the executor that, given the current state of the housing market, my wife and her brother didn't want to sell the house at this moment in time. I also suggested that he transfer the house into the joint ownership of my wife and her brother so that his dealings with the will and the estate could be finished.

The executor then said that the house had to be sold and that transferring the house would cost a 4 figure sum of money and that, as he was now in control of the estate, the sensible option would be to sell the property! This started the alarm bells ringing as far as I was concerned.

My Mother-in-law's funeral hasn't even taken place yet and already he has been around to our place talking house prices and HIPS packs!

Once again I told him that my wife and her brother do not want the property sold and want to receive joint ownership of it! The man just isn't listening!!

I intend to watch him like a hawk from now on. We will be seeing a solicitor this week to put the appropriate legal wheels in motion and get the house transferred.

Many thanks for everybody help and advise.

JPW

Richard_Webster

transferring the house would cost a 4 figure sum of money

Complete rubbish.

Who is going to complain if the house is not sold? I assume he is doing this on his own and not using solicitors - if he had solicitors they would explain to him that it would be a lot easier and cheaper simply to transfer the proeprty to you.