Inheritance, Wills & Probate questions?

relaxtwotribes

bery_451 wrote: »

Whats the difference between wills and gifts?

Seriously, are you trolling?

bery_451

relaxtwotribes wrote: »

Seriously, are you trolling?

If I am a solicitor that understands all the law and legal terms then yes.

bery_451

Mojisola wrote: »

The bank will pay the funeral director directly - just take the invoice into the bank.

Okay so money is paid upfront to the funeral director 1st?

Mojisola

bery_451 wrote: »

Okay so money is paid upfront to the funeral director 1st?

Yes. ..............

bery_451

Mojisola wrote: »

Yes. ..............

The bank will pay the funeral director directly - just take the invoice into the bank.


Confused.

bery_451

Land_Registry wrote: »

You’d have to check a variety of information to see if their joint tenancy has been severed for any reason. Their wills for example may have changed them from JTs to TICs.

AnotherJoe has already sought to explain but I would add one thing to the mix on the info shared re the property as it’s important to clarify that there are two types if ownership here, the legal and beneficial ones. Understanding these can often help understand the impact of property on wills, inheritance and indeed probate as others have alluded to.

We register the legal ownership. That’s in their two names. When one dies the legal ownership passes to the survivor. Married it not doesn’t impact on that.
The legal ownership is essentially the whole of the bricks & mortar and land within the title. It can’t be split as you can’t have half the bricks each for example.

The beneficial ownership appears to be your focus here. That can be split as in this context the property is looked at in £s and pence as it’s the value of the property that they can split, leave say 50/50 as posted.

So if one dies and they had a will leaving their 50% share in the property value to a daughter then it’s up to the surviving owner and daughter to decide how to deal with that. There are various options but the terms of the will can impact of course as suggested, namely resolve it when property sold.

Hope that helps

Okay having 2 names on the land registry means its legal ownership that is Joint tenants?

Beneficial ownership is not on land registry and this means 50/50 ownership Tenants in Common?

I'm just trying to find the easiest quickest way to rule out or check you know what I mean.

Land_Registry

bery_451 wrote: »

Okay having 2 names on the land registry means its legal ownership that is Joint tenants?

Beneficial ownership is not on land registry and this means 50/50 ownership Tenants in Common?

I'm just trying to find the easiest quickest way to rule out or check you know what I mean.

No and No - please read the linked guidance. If you have then I’d strongly recommend you seek legal, not forum, advice from a legal advisor familiar with wills, probate and joint ownership

There is no ‘easy way’. Just a way of checking a variety of information as appropriate to establish the key facts. You can then assess whether they are JTs or TICs. The only ‘easy’ factor would be that they start as JTs so what you are looking fir is any evidence that it changed to TIC and not back again.

It’s not always simple and it can often be confusing unless you understand the difference between each type of ownership and how different factors can impact.

bery_451

Okay just to clarify the next question I have,

If it is Joint Tenants then will 1 will will do otherwise what's the point of having a will each when the spouse automatically gets 100% upon their partner death making their partner will useless?

Savvy_Sue

bery_451 wrote: »

Okay just to clarify the next question I have,

If it is Joint Tenants then will 1 will will do otherwise what's the point of having a will each when the spouse automatically gets 100% upon their partner death making their partner will useless?

NOOOOO. Each person needs a will. They may be mirror wills, ie saying the same thing but with a change of name, but you need a will each!

As an example, DH and I are JTs. When I die, he gets the lot, and the whole house will be his. When he dies, I get the lot, and the whole house will be mine. But we need a will each!

If only I do a will, and he dies before me, he does not have a will. That means the laws of intestacy come into effect, AND I DO NOT GET THE LOT in that situation: I have to share it with our sons.

Sea_Shell

bery_451 wrote: »

Okay just to clarify the next question I have,

If it is Joint Tenants then will 1 will will do otherwise what's the point of having a will each when the spouse automatically gets 100% upon their partner death making their partner will useless?

Because there may be other assets other than a house. Savings, car, personal possessions.