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3 tenants in common - probate/mortgage
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The cost of probate would come out of the estate, not be paid personally by the executors. After all this time I suspect they would be happy to renounce the rolesconfusedofsussex said:thank you I realise legally it is in trust, but in theory it is mum and I's, as I cannot see them wanting to get probate as they are not well off either would I be better off asking them to renounce their roles? my father agreed to give £100 for this role as will was written in 19790 -
ha ha ha the estate is about £12 lol!! I think they would be happy to renounce!
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Well, £12 + (1/3 x (£200k-24k)).confusedofsussex said:ha ha ha the estate is about £12 lol!! I think they would be happy to renounce!0 -
* Contact executors* ask them to eithera) obtain probate or* if b) then decide who will apply to take over as executer - you, or mum, or both. Do Not get a solicitor to become executor as he will charge you a fortune. You can always instruct a solicitor to advise you, or take on certain parts of the process. This will cost much less.* draw up (or instruct a solicitor) a variation to the will, removing the need for a trust. All (both) Beneficiaries must agree/sign.* you can then transfer ownership into your two joint names. You may need a new declaration of trust specifying ownership is 50/50, or you could switch to owning as Joint Tenants instead of TIC - thus if either you or mum dies, the other would immediately own 100% in sole name. Depends if that's what you want,or either of you would want to leave your 50% to someone else.
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