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Tenants in Common
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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.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?0 -
It does not matter for what is being askedxylophone 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?1 -
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 ownerToo 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.
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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.
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Of course B or anyone could have been added but they were not, leaving C as the sole ownerxylophone 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 ownerToo 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.
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