What age to make a "tenants in common" agreement?

paddy's_mum

AnotherJoe wrote: »

No it wouldn't unless there is something else you haven't explained.

The typical process is that you arrange your wills such that the surviving spouse after first death gets a life interest in the deceaseds half of the property and the right to live there or in another property bought with proceeds of first . This is to ensure the situation doesn't arise when one remarries after death and then dies without updating will and the children get nothing.

I think that perhaps you have misunderstood what was suggested in the Opening Post. This is not about wills and who dies first nor is there any certainty whatever that the future deceased owns "half of the property" since very often tenants in common own the whole in proportions other than half and half.

If a tenancy in common is established, the children become owners, absolutely and completely, of whatever proportion is decided and enacted upon. It follows therefore that if the children took or bought or were given, say, 19.5% each of the whole, neither parent owns "half of the property" since it has already passed out of their hands and one cannot leave in a will what you don't own.

On the other hand, what you have suggested is precisely what most people do to protect their spouse wellbeing and financial safety.

AnotherJoe

74jax wrote: »

My parents did this about 15 years ago, when they were about 65. The idea was the house would eventually come to my brother and I and we would keep it in the family - already been in family 60+ years.

Fast forward, mum had stroke 10 years after and dad has just died of cancer 6months ago - 15yrs after changing the deeds.

It's been a hassle really getting the house sorted. We want mum to own it all to help fund care home - she needs it more than we do.

.

Why cant you just use your share of that money to fund your mothers care????Sell the house, you and mum get half each (presumably), use your half as well as hers to help her?

Pete_050

AnotherJoe wrote: »

The thing that puzzles me is that you say you've been approached by your solicitors and other professionals about this. Surely this isn't just out of the blue and a heck of a coincidence ? What's going on here ?

Original will made 20+yrs ago and held by solicitor long since retired. Wills pass to other solicitors and we are contacted recently to make an update. (We had kept sealed envelopes containing original signed copies of what we thought were the wills - but we are told are not in fact legal). Solicitors offer range of add ons.

Other approach was a mailshot we responded to from legal firm offering same add ons.

We've decided not to go for a tenants in common agreement because it seems too restrictive ( leaving aside the divorce/re-marriage issues) if we want to move -which is likely after the kids have left home some years ahead. It seems in those circumstances the tenants in common arrangement simply gifts your offspring a big windfall and could leave you short of cash. Seems the best time to do it is when you don't intend moving again.

Mojisola

Pete_050 wrote: »

Original will made 20+yrs ago and held by solicitor long since retired.

We had kept sealed envelopes containing original signed copies of what we thought were the wills - but we are told are not in fact legal

If the wills were copies of what's held at the solicitor but the signatures and witnesses' signatures were done properly, then those wills are valid.

If they were photocopies of the signed copies held at the solicitors, they wouldn't be acceptable.

After 20 years, it's certainly worth reviewing your wills but I'd find a different solicitor.

74jax

AnotherJoe wrote: »

Why cant you just use your share of that money to fund your mothers care????Sell the house, you and mum get half each (presumably), use your half as well as hers to help her?

We looked at the quickest option. We had a few to choose from. Your scenario was what we thought too, but social services said by the time it goes through probate, then land registry - property needs to be registered for first time - then get deeds, then sell etc it would take longer. We are still sorting the will out 6 months later so they had a point. We then looked at a deed of transfer too.

To be honest it's just horrid. I'm devastated by dads death and just wish it automatically transferred to mum. Hindsight is a good thing I guess....

Thanks tho for your suggestion 😃. Just these things all take time and during a time of family upset I just want things 'sorted'.

Rodders53

74jax wrote: »

We had a few to choose from. Your scenario was what we thought too, but social services said by the time it goes through probate, then land registry - property needs to be registered for first time - then get deeds, then sell etc it would take longer.

1) Social are not trained Legal Advisers... A solicitor may have a different view as to the order of things and timescales.

2) Is one solution, if both siblings wish to gift their inherited share of property back to Mother, a Deed of Variation to Father's will? Or does the 'lifetime trust' thing stop that... {Again a good solicitor can advise.} It may even reduce any IHT liability?

jackyann

I have made different kinds of wills at different times in my life. what I have learned is that I need to decide what I want to happen in the event of my death - then get the professionals to help me, where necessary, to draw up the will *I* want, not the will that they think would be a good idea for someone like me!

2 things strike me:
whilst a lot of people think it a good idea to avoid care home fees, you do need to consider what kind of care you want, how it might be funded, and remember that only a very small number of people stay in care homes for a long time at great expense.
wills can be changed! People try to cover all bases because they are aware of situations that have arisen around poorly thought out wills, but something that suits you and your family at one stage of life may not suit you at another.
I do a quick review of my will, and a few similar things every January.

Just to add that I have had 4 wills in the course of my adult life. At 2 stages where the wills were simple, I did DIY. I changed them at major life changes: when I had children, when those children became adults, and now that I have grandchildren.
When I had small children, my will was drawn up by a professional - and I had to insist on one condition, against her advice. She asked me to take a week to consider the implications she outlined. I did, and still decided that what I wanted was best for my family, and she drew it up.