No probate necessary for joint tenants

loulou41

I was thinking of having a property trust wills drawn and leave my half share of property to my grandson. I read as tenants in common on first death one must apply for probate which can be a pain. On this basis I have decided not to do a property trust wills as I want the executors who will be either my husband or daughter to get through the process with little hassle. There will be no inheritance tax. I wanted to protect my half share of property and pass it on to my grandson as I am really very thrifty & careful with my money. I also think if I can afford to pay for care fees I will have a better option of choosing a nice care home. I am just thinking ahead. Have I made the right decision? Thanks

Yorkshireman99

loulou41 wrote: »

I was thinking of having a property trust wills drawn and leave my half share of property to my grandson. I read as tenants in common on first death one must apply for probate which can be a pain. On this basis I have decided not to do a property trust wills as I want the executors who will be either my husband or daughter to get through the process with little hassle. There will be no inheritance tax. I wanted to protect my half share of property and pass it on to my grandson as I am really very thrifty & careful with my money. I also think if I can afford to pay for care fees I will have a better option of choosing a nice care home. I am just thinking ahead. Have I made the right decision? Thanks

Short answer is I don't know! Long answer is that nobody on here can give a useful answer other than you need to get paid for professional advice. There are all sorts of things to consider. If you were thinking that you might protect your house against future care fees forget it. There are rogue companies around that will claim to do this but they all fail.

Mojisola

loulou41 wrote: »

I was thinking of having a property trust wills drawn and leave my half share of property to my grandson. I read as tenants in common on first death one must apply for probate which can be a pain.

It isn't really.

As Yorkshireman99 says, avoid will writing companies who promise all sorts of things - see an experienced solicitor and take advice.

Yorkshireman99

Mojisola wrote: »

It isn't really.

As Yorkshireman99 says, avoid will writing companies who promise all sorts of things - see an experienced solicitor and take advice.

Probate will only be a problem if you don't get your will sorted professionally. Never, ever DIY or use a will writer. A few hundred pounds will mean life will be much easier for your executors. Don't appoint a solicitor as executor as it will cost lots. Choose your executors wisely and discuss it with them BEFORE you make your will.

Crabapple

I would agree with going to get legal advice on your situation.

There are lots of issues to consider in leaving half a property outright to someone, just as there are with leaving half into a trust.

Probate is not necessarily difficult, it depends on what assets you have. You don't need it to transfer a property with a surviving owner whichever way you hold it, but may do for other assets. If you survived your husband it would be needed in any event.

Ms_Chocaholic

Is your husband the grandfather to your grandson? Just wondered if that was why you were thinking of going down that route?

Keep_pedalling

I would agree that being able to afford care fees is a good thing, but if you are that situation then taking advice from an independent financial adviser may be wise, especially if your savings are all siting in cash accounts losing spending power because of inflation.

getmore4less

Contrary to what you will read probate is not always needed for TIC.

Also

application for the grant does not have to be difficult.

Transferable nil rate band has reduced the need for trusts but they can still be useful to ringfence assets.