Which is default, joint tenant or tenants in common?

Keep_pedalling

It is probably not an issue now, but if one of you did die suddenly, it makes sorting out the estate far more complicated than it should be.

While on the subject, do you both have up to date wills in place? If not get those sorted as well.

Brighty

Keep_pedalling wrote: »

It is probably not an issue now, but if one of you did die suddenly, it makes sorting out the estate far more complicated than it should be.

While on the subject, do you both have up to date wills in place? If not get those sorted as well.

I'm in the process of getting my will sorted, which is why i've been pondering the TIC/JT thing. JT would save a chunk of IHT should my brother go first, but if i went first, would leave my wife high and dry, lol

xylophone

If you are rewriting your will, it would be worth your while taking your solicitor's advice on this matter.

As the property has not been registered in the names of the beneficiaries but is still in the name of the testator, is the rental income actually still due to the estate and tax payable by the estate?

I don't know but it might be as well if you were to check out the situation?

Keep_pedalling

Brighty wrote: »

I'm in the process of getting my will sorted, which is why i've been pondering the TIC/JT thing. JT would save a chunk of IHT should my brother go first, but if i went first, would leave my wife high and dry, lol

Joint tenancy would not save your bother's estate any IHT. His share of the house would still be included in his estate for the purposes of IHT. For your wife's sake you should establish ownership on a TIC basis.

cte1111

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.

Some wills might state a (usually short) period for which the legatee would have to survive the testator, however excluding this specific case (which is sometimes built in to avoid two lots of inheritance tax in the case of multiple subsequent deaths), I think the advice I gave is correct.

Whether the OP has actually dealt with registering the property or not, their share of the inherited house is effectively theirs at this point, so would pass to whoever their own will stated, nothing to do with the original will.