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Property in intestancy?
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Brighty
Posts: 755 Forumite
Hi all
Just pondering the intestacy rules where there is a spouse and children.
£250k goes to spouse, remainder goes half to children and spouse has absolute interest in other half, passing to children on their death. Right?
Hypothetical situation. Someone has children from previous marriage, but has since remarried. Their only asset is a solely owned property worth, to keep numbers easy, £750k, in which they lived with new hubby, who didn't own any of the house. If they die intestate, new hubby gets £250k, 1/3 of the house, children get half the remainder, £250k, 1/3 of the house, remaining 1/3 is an absolute interest for hubby, but will eventually pass to the children.
How does that all work? Does the absolute interest part mean property can't be sold until hubby chooses, or he dies, or can children force a sale to realise their 1/3 they are immediately entitled to? If they have to wait until hubby passes, what's the point of the half now, half absolute interest thing? If a sale can be forced, surely absloute interest part needs to be given to kids at sale, otherwise hubby could blow the lot and kids never see the absolute interest 1/3, so again, what's the point of it?
Any idea?
Brighty
Just pondering the intestacy rules where there is a spouse and children.
£250k goes to spouse, remainder goes half to children and spouse has absolute interest in other half, passing to children on their death. Right?
Hypothetical situation. Someone has children from previous marriage, but has since remarried. Their only asset is a solely owned property worth, to keep numbers easy, £750k, in which they lived with new hubby, who didn't own any of the house. If they die intestate, new hubby gets £250k, 1/3 of the house, children get half the remainder, £250k, 1/3 of the house, remaining 1/3 is an absolute interest for hubby, but will eventually pass to the children.
How does that all work? Does the absolute interest part mean property can't be sold until hubby chooses, or he dies, or can children force a sale to realise their 1/3 they are immediately entitled to? If they have to wait until hubby passes, what's the point of the half now, half absolute interest thing? If a sale can be forced, surely absloute interest part needs to be given to kids at sale, otherwise hubby could blow the lot and kids never see the absolute interest 1/3, so again, what's the point of it?
Any idea?
Brighty
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