A big thank you and some more help please

MWS

First I'd like to say thank you for the advice I'd received a few months back regarding inheritance issues. The various members said mine seemed quite straight forward and this gave me the confidence to do this alone. Last Wednesday, my sister and I swore oaths at a solicitors and hopefully will receive the grants soon.


Now for more help


Brief background
Dad pass away 02/2012 and Mum in 02/15. Mum hadn't sorted out Dad's estate so I've had to do 2 simultaneously. No Wills and taxes, only funerals costs. There are bank accounts and 2 properties
Property 1 - In Dad's name (and my home I've been living in for many years)
Property 2 - In both names (has never been occupied)
Only 2 beneficiaries, my Sister and myself.


Q1. When the grants come, is there a form that needs to be fill in detailing how it's been shared?


Q2. My sister has said a few months ago that she was willing to give me some of her 50% share (she wasn't expecting anything as she didn't have a great relationship with the family and also I spent many years caring for my parents). I know she could change her mind but this still be the case how should this be documented? I had expressed an interest in owning both properties if possible.


Q3. Once everything is sorted, I would like to still live in the house where I have lived. It's in Dad name on the deeds, how do I change it so that I'm the owner?


Q4. Is it best to get a solicitor for this?


Sorry for the long post and thank you for any help.


Mark

kazwookie

Yes get a solicitor.

Sorry for your loss

getmore4less

You need to deal with the estates as intestate, so depending on the total values the distribution of Dads may not be straight forward.

Once you work out where the assets would have been distributed you can decide what to do with them.

Ultimately if you want to keep both you just need to work out how to balance the distribution acceptable to both of you.

Too late to do anything with dads but time to do a DOV if needed with mums.

Good practice to do estate accounts(inventory and account)

If the properties are registered then the transfer will be straight forward.

MWS

Rereading my post, if it wasn't clear, Property 2 was in both parents name only.

All of Dad's estate went straight to Mum.

Would the value of the properties and bank accounts be added to one large total and then divided 50% (or what ever percentage depending on what my sister wants) as there's only two of us?

Sorry, what does DOV mean?

Mark

Savvy_Sue

MWS wrote: »

Sorry, what does DOV mean?

Deed of Variation, aka Deed of Appointment - it's a way of changing a will after death.

On one level if you and sister are on friendly terms just split it however you and she agreed, HOWEVER if she later changes her mind and says you diddled her out of her rightful share, a Deed of Variation in which you each agree what the split is to be would save a lot of grief.

For that, you would need a solicitor.

getmore4less

MWS wrote: »

Rereading my post, if it wasn't clear, Property 2 was in both parents name only.

All of Dad's estate went straight to Mum.

below £250k then?
if more then the rules were different in 2012 from what they are now.

Would the value of the properties and bank accounts be added to one large total and then divided 50% (or what ever percentage depending on what my sister wants) as there's only two of us?

Sorry, what does DOV mean?

Mark

That would be the starting point add up everything.

Decide how you want to split it by agreement.

if not 50% each then you need to look at the impact of sis gifting you part of her share and if a DOV would be of any benefit to save on tax.

You have to also consider deprivation of assets(with her giving away part of her inheritance.

The house transfers should be relatively staight forward, with both grants.

The land reg can help with what forms/documents they want.

Do the estate accounts and note the gift if not doing DOV.

That is probably enough documentation.

PennyForThem_2

There were no wills according to OP. They both died intestate although this probably does not make a difference practically.

MWS

I think this may need to go through the legal way.


"if not 50% each then you need to look at the impact of sis gifting you part of her share and if a DOV would be of any benefit to save on tax."

Never occurred to me that this could be taxable!

nom_de_plume

A DOV would save tax in an example such as where the beneficiary was elderly, had a substantial estate of their own and wanted to pass the legacy on to say their own children. By accepting the legacy and then passing it on to their children, the legacy would still form a part of their estate for some years to come and could be lost, in part, due to IHT on their passing. By using a DOV the legacy goes direct to the new recipients as if they had been left it in the will and would never form a part of the original beneficiary's estate.