We've just inherited a house but have no idea where to start!...... Please help!!

Poppops

It is odd that you are using the term 'life interest' in relation to your husband's position in terms of the will though.

Unless I totally misunderstand the term.

A friend of ours died and she left her house to a husband as a life interest and once he dies it goes to her children. He can't sell it.

And when my brother-in-law's mother died, he assumed that he and his brother would be inheriting her house but were shocked to find she only had a life interest in it, and hadn't told them(or presumably realised) and the house actually went to some long lost cousin.

Are you sure that the house can be sold?

SteffieWoo

roger196 wrote: »

The term "life interest" strongly implies there is a trust. You need to look at the will to see who the trustees are (these are the people who run the trust) and who are the remaindermen ( the people who inherit the property when H's life interest come to an end.)
As H has a life interest, he is only entitled to the income from the trust ( eg the rents from the property if it is let out or the interest if the property is sold and that money is put into a building society account) and not its capital.
H needs to discuss with the trustees what he would like to happen to the property but the final decision is that of the trustees.
You need to find out if the trust allows the advancement of capital and in what circumstances. You need to find out who has the power to appoint new trustees.
Come back to the forum when you have found out more and ask questions.

Ok, we will contact the solicitor tomorrow and find this out, are we just asking what options we have regarding the house? (i.e can we sell it ourselves or does the solicitor have to do it for us?)

roger196

SteffieWoo wrote: »

?

When my husbands step-dad passed away he left everything to my m-I-l with her as a life interest, as she was living in the house at the time the house was signed over to her.

You need to look at the will of your step-dad to see whether your H is the remainderman or just has a life interest.
If the bungalow was in a trust your m-i-l could not dictate in her will what happened to it.

SteffieWoo

Poppops wrote: »

It is odd that you are using the term 'life interest' in relation to your husband's position in terms of the will though.

Unless I totally misunderstand the term.

A friend of ours died and she left her house to a husband as a life interest and once he dies it goes to her children. He can't sell it.

And when my brother-in-law's mother died, he assumed that he and his brother would be inheriting her house but were shocked to find she only had a life interest in it, and hadn't told them(or presumably realised) and the house actually went to some long lost cousin.

Are you sure that the house can be sold?

This is where it starts to get confusing then, my m-i-l left the house to my husband (her son) maybe I am just confused and heard the term 'life interest' in the wrong context?

After all there is no other person the house etc can be left to as there is only my husband for any of it to go to, so to speak.

SteffieWoo

Hi everyone.


Me and my H have just checked both wills. It shows that my husbands Step-dad left everything to my M-I-l and then there is an additional letter saying that 'therefore in turn my m-I-l can leave everything to my husband...'


Then my m-I-l's will states that everything be left UPON TRUST to my husband (as a trustee)


Can anyone possibly shed any light on this?


Thanks!


SteffieWoo x

laurel7172

Is that the whole sentence? My will says that my assets go to my children, on trust until they're 21...that is, they don't take possession until that age. "On trust" doesn't necessarily have a precise meaning, as such-it depends what the will says it means.

To be honest, trusts can be a very complicated area of law, and while I think you're right to use the internet to increase your own understanding, you absolutely shouldn't rely on any of it.

When_the_going_gets_tough

Provided your husband has inherited the property in its entirety, you can instruct an estate agent to market the property and the solicitor to action both the probate and the sale. The solicitor will know what to do - it's bread and butter to them.

getmore4less

Who are the named executors?

Going to need more info from the will.

it would be most unusual for the important bit to finish with what you have said so far.

xylophone

Then my m-I-l's will states that everything be left UPON TRUST to my husband

Upon Trust for whom? What exactly does the clause say?

PasturesNew

laurel7172 wrote: »

I think you need to talk to your solicitor about the meaning of "life interest" in your own particular case and any restrictions this involves regarding what you can or can't do with the house proceeds. Bottom line as I understand it-it isn't really his and transferring it to his name may be premature. Who is/are the ultimate beneficiaries when your husband dies? What happens to you if your husband predeceases or leaves you?

My thoughts exactly .... I'd interpret "life interest" to mean he can live there for as long as he wants to, but if he no longer wants to, or dies, then the house is sold and the money goes to ....... somebody else.