Which is default, joint tenant or tenants in common?

Brighty

As per the title, which is considered the 'default', joint tenants or tenants in common?

If 2 people inherit a property equally between them, but before they get round to registering it in their name (and choosing TIC or JT), 1 was to pass away, what would be considered the way they owned the property? Tenants in common or joint tenants?

So basically, after the death of 1 owner, does the property now solely belong to the surviving owner, or does the deceased's half pass as per their will or intestacy rules?

Thanks

Brighty

unforeseen

It partly depends on any wording in the will.

I would think as a bequest it would be considered TIC.

xylophone

If the executor had not got round to transferring the property into the names of the beneficiaries, it would still be registered in the name of the testator?

You would need to look to the terms of the will?

As I understand it, if the deceased was a child of the testator and there were no express directions in the will as to what would happen if he/she either predeceased the testator or died within a certain period of the death of the testator or before the terms of the will could be actioned, then the children of the deceased child (if any) would stand to inherit under the grandparent's will.

If there were no grandchildren, then gifts made to the deceased child would fall back into the estate?

A solicitor would advise.

unforeseen

xylophone wrote: »

If the executor had not got round to transferring the property into the names of the beneficiaries, it would still be registered in the name of the testator?

You would need to look to the terms of the will?

As I understand it, if the deceased was a child of the testator and there were no express directions in the will as to what would happen if he/she either predeceased the testator or died within a certain period of the death of the testator or before the terms of the will could be actioned, then the children of the deceased child (if any) would stand to inherit under the grandparent's will.

If there were no grandchildren, then gifts made to the deceased child would fall back into the estate?

A solicitor would advise.

Well that sort of missed the question

cte1111

If the property is still in the testator's name, then half of the property's value would pass to the (second) deceased person's legatees / next of kin, like any other asset.

Mossfarr

cte1111 wrote: »

If the property is still in the testator's name, then half of the property's value would pass to the (second) deceased person's legatees / next of kin, like any other asset.

I don't think this is correct as they do not yet have the inheritence as part of their own estate.
It would have to specify in the Testators Will that their share should pass to their issue/next of kin if they should predecease the testator or fail to suvive them for 28 days.
Thats how mine is written anyway!

To get back to the OP's original question - I don't think there is a 'default position' each situation is different so it is a question the solicitor/conveyancer will ask before they can register the change of ownership with the Land Registry.

xylophone

Well that sort of missed the question

No.

The OP posited a house bequeathed to two children of the deceased where the property had not been transferred into the names of the beneficiaries.

The house would therefore still be in the name of the testator so the question of joint tenancy/tenancy in common is irrelevant?

What would be relevant would be the terms of the Testator's will.

Kynthia

Mossfarr wrote: »

I don't think this is correct as they do not yet have the inheritence as part of their own estate.
It would have to specify in the Testators Will that their share should pass to their issue/next of kin if they should predecease the testator or fail to suvive them for 28 days.
Thats how mine is written anyway!

To get back to the OP's original question - I don't think there is a 'default position' each situation is different so it is a question the solicitor/conveyancer will ask before they can register the change of ownership with the Land Registry.

Agreed. A relative's will specified what would happen should a beneficiary pass away within 6 months after the deceased. I've also heard some put a clause in that a beneficiary's share should go to their family should they have died beforehand and some have other instructions. So wills aren't standard probably because people's wishes aren't standard. Someone leaving their estate to their siblings or friends might want it redistributed to their remaining siblings/friends or go to charity rather their sibling's/friend's family inherit in their place. Whereas someone leaving everything to their children would often want their child's children to inherit in their place.

I would say that there isn't a default for either joint tenants or tenants in common as usually the solicitor asks which the owners would like. However I would guess that joint tenants requires full agreement from all whereas tenants in common doesn't and therefore may be used if the owner's wishes are unknown. However I'm not sure it's relevant if the property hadn't yet been put into the beneficiary's names.

Brighty

Thanks for the replies, i thought there would be a simple black/white answer for this, but seems not.

In this case, parents passed away back in 2012, leaving 2 properties to their adult children, my brother and I. As it's so long ago, i assume parents will is irrelevant now? I was/am administrator of both parents estates. Properties have not yet been registered in our names. There is/was no solicitor. I intend to get the relevant land registry forms sorted

Was just wondering what the default position would be if one us was to pass away before the properties are registered.

I am married with children, brother is not. If I was to pass away, would the properties pass to my brother as if JT or the wife as if TIC?

Or, to look at it another way, if brother was to pass away, would they pass straight to me as if JT, outside of brothers estate for IHT, or pass to me as if TIC via a will or intestacy, therefore be included in his estate?

Seems there is no easy answer, i thought there would be.

Thanks

Brighty

Keep_pedalling

Brighty wrote: »

Thanks for the replies, i thought there would be a simple black/white answer for this, but seems not.

In this case, parents passed away back in 2012, leaving 2 properties to their adult children, my brother and I. As it's so long ago, i assume parents will is irrelevant now? I was/am administrator of both parents estates. Properties have not yet been registered in our names.

Was just wondering what the default position would be if one us was to pass away before the properties are registered.

I am married with children, brother is not. If I was to pass away, would the properties pass to my brother as in JT or the wife as TIC?

Or, if brother was to pass away, would they pass straight to me as JT, outside of brothers estate for IHT, or pass to me as TIC via a will or intestate, therefore be included in his estate?

Seems there is no easy answer, i thought there would be.

Thanks

Brighty

It sounds like you are failing in your duties as an executor, you should have had this sorted years ago. If one of you died then their share would go to their children, no one can lose out on the failure of an executor to disistribute the estate in reasonable time.

If the properties are rented who is paying the tax on that income?

Brighty

Keep_pedalling wrote: »

It sounds like you are failing in your duties as an executor, you should have had this sorted years ago. If one of you died then their potion would go to their children, no one can lose out on the failure of an executor to disistribute the estate in reasonable time.

If the properties are rented who is paying the tax on that income?

I know i need to get it done, but didn't see it as a major issue, other than my original query. We are the legal owners, i just need to get our names registered with land registry.

We are paying the tax on the rental income