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Probate - when does beneficiery become legal owner
Ed-1
Posts: 4,018 Forumite
When someone dies, when does the beneficiary of their property become the new legal owner?
1. When probate is granted.
2. When the application to change the register is made.
3. When the application to change the register completes.
1. When probate is granted.
2. When the application to change the register is made.
3. When the application to change the register completes.
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Comments
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Between 1 and 2 - it's when the executor signs it over to the beneficiary. It's then the beneficiary's property, in the same way that in a normal purchase you own it from completion - it doesn't only become your property after registration.0
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When you say "signs it over", is this a formal process? E.g. if the executor and beneficiary are the same person, when probate is granted, can the executor just say to themself "it's mine"?davidmcn said:Between 1 and 2 - it's when the executor signs it over to the beneficiary. It's then the beneficiary's property, in the same way that in a normal purchase you own it from completion - it doesn't only become your property after registration.0 -
Not if there are other bills etc to sort out.Ed-1 said:
When you say "signs it over", is this a formal process? E.g. if the executor and beneficiary are the same person, when probate is granted, can the executor just say to themself "it's mine"?davidmcn said:Between 1 and 2 - it's when the executor signs it over to the beneficiary. It's then the beneficiary's property, in the same way that in a normal purchase you own it from completion - it doesn't only become your property after registration.0 -
Once the estate has been distributed and debts settled, what date would you put on house insurance for "date you bought/became owner of property"? Can this date just be decided by the executor? It also has potential council tax implications.frogglet said:
Not if there are other bills etc to sort out.Ed-1 said:
When you say "signs it over", is this a formal process? E.g. if the executor and beneficiary are the same person, when probate is granted, can the executor just say to themself "it's mine"?davidmcn said:Between 1 and 2 - it's when the executor signs it over to the beneficiary. It's then the beneficiary's property, in the same way that in a normal purchase you own it from completion - it doesn't only become your property after registration.0 -
In your capacity as executor of the deceased's estate. You are under a legal duty to discharge and settle any outstanding debts etc. Before distributing the estate to the beneficiary. Different hats so to speak. As the executor carries personal responsibility and liability for their actions.Ed-1 said:
When you say "signs it over", is this a formal process? E.g. if the executor and beneficiary are the same person, when probate is granted, can the executor just say to themself "it's mine"?davidmcn said:Between 1 and 2 - it's when the executor signs it over to the beneficiary. It's then the beneficiary's property, in the same way that in a normal purchase you own it from completion - it doesn't only become your property after registration.0 -
No, they sign a deed transferring the property from the estate to the beneficiary. It might help if you explained to us why you're asking.Ed-1 said:
When you say "signs it over", is this a formal process? E.g. if the executor and beneficiary are the same person, when probate is granted, can the executor just say to themself "it's mine"?davidmcn said:Between 1 and 2 - it's when the executor signs it over to the beneficiary. It's then the beneficiary's property, in the same way that in a normal purchase you own it from completion - it doesn't only become your property after registration.0 -
I'm guessing the OP wants to delays ownership as beneficiary so that the property remains in the estate and therefore not liable for CT for (I think) six months . . .davidmcn said:No, they sign a deed transferring the property from the estate to the beneficiary. It might help if you explained to us why you're asking.Ed-1 said:
Once the estate has been distributed and debts settled, what date would you put on house insurance for "date you bought/became owner of property"? Can this date just be decided by the executor? It also has potential council tax implications.
If so, then it's an interesting idea. No idea if it's legal though.0
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