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Tenants in Common

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Comments

  • JBeaC
    JBeaC Posts: 43 Forumite
    Third Anniversary 10 Posts Name Dropper
    xylophone said:
     What was the relationship of the first to die to the survivor?

    Did the will of the first to die leave an interest in possession to the survivor (with another party named as remainderman)?

    Or did the will of the first to die simply leave the share in the property to a named individual?

    xylophone said:
     What was the relationship of the first to die to the survivor?

    Did the will of the first to die leave an interest in possession to the survivor (with another party named as remainderman)?

    Or did the will of the first to die simply leave the share in the property to a named individual?

    The executor of A is also the beneficiary of a share of the property. 
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    xylophone said:
     What was the relationship of the first to die to the survivor?

    Did the will of the first to die leave an interest in possession to the survivor (with another party named as remainderman)?

    Or did the will of the first to die simply leave the share in the property to a named individual?

    It does not matter for what is being asked
  • xylophone
    xylophone Posts: 45,914 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If A and C own a property.
    A dies probate is not needed for A.
    (Does not matter if joint or TIC)

    This is the case.

    B does not get added as a legal owner

    Too sweeping an answer.

    If A left his equitable share to B, it would  perfectly possible for B to be added as a legal owner (with the permission of the surviving TIC.

    If A's will left his equitable share in an "interest in possession trust" to the surviving TIC but with B as trustee and/or remainderman, it would be possible for B to be added as a legal owner.

  • xylophone
    xylophone Posts: 45,914 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It does not matter for what is being asked

    The reason I asked was in case the OP needed to consider the IHT implications of an interest in possession trust (and had not thought about this) and also whether there was any possibility that transferable bands needed to be taken into consideration.

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    xylophone said:
    If A and C own a property.
    A dies probate is not needed for A.
    (Does not matter if joint or TIC)

    This is the case.

    B does not get added as a legal owner

    Too sweeping an answer.

    If A left his equitable share to B, it would  perfectly possible for B to be added as a legal owner (with the permission of the surviving TIC.

    If A's will left his equitable share in an "interest in possession trust" to the surviving TIC but with B as trustee and/or remainderman, it would be possible for B to be added as a legal owner.

    Of course B or anyone could have been added but they were not, leaving C as the sole owner

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