Who inherits what?

getmore4less

unholyangel wrote: »

You're mistaking tenants in common with joint tenants (unless I'm misunderstanding your last sentence).

However as I think yorkshireman said earlier, it will depend on the value of the estate who gets what. The house may indeed still pass to the wife if the value of the entire estate is below the £250k limit.

Read post 9 before replying to post 10

Crabapple

I perhaps didn't make myself clear, but the joint tenants/tenants in common distinction only has a bearing on whether the share of the property is outside or counted towards the £250k statutory legacy.

OPs post 9 seems to suggest there is a trust over a tenants in common share and it has stayed in the husband's estate, which it won't have. On those figures all the estate will have passed to the wife and now her children inherit.

unholyangel

getmore4less wrote: »

Read post 9 before replying to post 10

I did thank you. Hence my comment about possibly misunderstanding the context of what crabapple said.

However OP clearly isn't understanding what they've been told if the estate is under £250k and they're still asking if the fathers share passes to the children. Either that or they've misunderstood the £250k as a limit per asset rather than overall estate limit.

Theres also the possibility they've miscalculated the equity remaining - with it being tenants in common the equity release may have only been against one persons share of the property.

Crabapple wrote: »

I perhaps didn't make myself clear, but the joint tenants/tenants in common distinction only has a bearing on whether the share of the property is outside or counted towards the £250k statutory legacy.

OPs post 9 seems to suggest there is a trust over a tenants in common share and it has stayed in the husband's estate, which it won't have. On those figures all the estate will have passed to the wife and now her children inherit.

I figured there was a good chance I was misunderstanding what you meant by it (hence why I said as much) as I know you're a reliable regular poster here. Just the way it was worded it could read either way especially to people who aren't familiar with the rules (ie could be read as being because it was a tenants in common share, it would pass to the wife rather than it will still pass to the wife if the estate is under £250k total despite being tenants in common).