House in will is no longer owned

wadihalfa

Hi all,






I am an executor of a will. In it, the deceased has left her house to three family members. The trouble is, the house was sold over a year ago when she down-sized and moved into a small flat.
The will was never updated with details of the new property.
What happens in these circumstances? Is the bequest null and void because she no longer owns the property or can it be assumed that the new property will be split three ways.
I'm sure this must happen a lot but have no idea what to do.
Thank you in anticipation.

wwl

What does the will say about the rest of the estate ?
I'd think the new property would now be part of that

Yorkshireman99

wadihalfa wrote: »

Hi all,






I am an executor of a will. In it, the deceased has left her house to three family members. The trouble is, the house was sold over a year ago when she down-sized and moved into a small flat.
The will was never updated with details of the new property.
What happens in these circumstances? Is the bequest null and void because she no longer owns the property or can it be assumed that the new property will be split three ways.
I'm sure this must happen a lot but have no idea what to do.
Thank you in anticipation.

The bequest fails and the house becomes part of the residuary estate. What does the will say about who gets the residue?

TBagpuss

If the house is no longer owned the gift fails.

You can't assume the new property is split three ways unless the will specifically provides for that (for example, if the gift referred to "123 Any Street or such other property as I may own at the date of my death")

Who inherits the rest of the estate? If the residuary beneficiary or beneficiaries agreed, they could do deed of variation to give the family members a share of the estate, but it would be their decision, not yours. As Executor you have to follow the will

wadihalfa

Hi again,


The property was to be split 3-ways between grandchildren and the rest of the estate left to the son.


I'm sure once probate is settled the son and grandchildren will sort out things amicably, but I need to know what the official line would be.


Hope that's clear.


Last time I'd agree to be an executor!

Yorkshireman99

wadihalfa wrote: »

Hi again,


The property was to be split 3-ways between grandchildren and the rest of the estate left to the son.


I'm sure once probate is settled the son and grandchildren will sort out things amicably, but I need to know what the official line would be.


Hope that's clear.


Last time I'd agree to be an executor!

So the property goes to the son. As executor that is who you have to convey it to. It is not an option! Assuming the grandchildren are minors the son can have some or all of it put into trust. The son could do a DOV if he wants it to go to his grandchildren.

SeniorSam

DOV is not possible if beneficiaries are minors.

Sam

Sorry, I'm out of date or have memory loss. Security guy sems to know best.

securityguy

SeniorSam wrote: »

DOV is not possible if beneficiaries are minors.

Sam

It is if their position is unambiguously improved. In this case, they would receive all the legacy that they would have got anyway, plus some more which has come from their father's share. They aren't a party to the DOV, as the assets whose disposition is being changed aren't part of their legacy.

If a will leaves a house to Alice and some cash to Bob, and Bob wants to give some of the cash to Alice, then the DOV is signed by Bob. Alice gets everything they were going to get, and some more. As they don't need to consent, it doesn't matter if they're a minor.

The issue of minors not being able to be parties to DOVs arises where there's a suggestion that they swap part of their inheritance for something else, or modify the terms of trusts in a way which affects them, or whatever. So long as they get what they should get, when they should get it, under the terms they were going to get it, whatever other beneficiaries choose to do with their shares, including giving it to the minors, doesn't require their consent.

nom_de_plume

wadihalfa wrote: »

The will was never updated with details of the new property.

How exactly was the house described in the will?

Mojisola

wadihalfa wrote: »

I am an executor of a will. In it, the deceased has left her house to three family members. The trouble is, the house was sold over a year ago when she down-sized and moved into a small flat.
The will was never updated with details of the new property.

Another case of a poorly-written will - all it needed to cover this eventuality was a clause like this -

TBagpuss wrote: »

You can't assume the new property is split three ways unless the will specifically provides for that (for example, if the gift referred to "123 Any Street or such other property as I may own at the date of my death")

....................

wadihalfa

Hello again,


The grandchildren are not minors and the property in the will is described by its full postal address.


If the bequest fails as the deceased no longer owns the property, and the new property goes to the son as part of the residual estate - then I'm sure he can sort his children out financially once probate has been granted and I have done my bit as executor.


I hope that's right!