We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
share of additional property - how best to deal with this in will?
Newly_retired
Posts: 3,325 Forumite
A property was owned by a charitable organisation, call it A, and an individual, call her B, as tenants-in-common. B only owned a minority share. ( Possible value of around £90K for this share ). B died, and her relative C who was her carer, continues to live in the property, with the agreement of A, to whom she pays rent.
In B's will, her share of the property was left to four beneficiaries, in unequal shares, one of them being the occupant C. The charity and the other beneficiaries have so far been happy for the arrangement to continue as long as required.The property would be sold once C dies or moves out. C is the youngest of the beneficiaries by a long way and looks unlikely to want to move. Nobody is pressuring her to do so.
How should any of these beneficiaries deal with their share of this property in making/ updating their wills? Two of them are elderly, so a solution might be needed sooner rather than later.
I hope this makes sense and would appreciate any comments.
In B's will, her share of the property was left to four beneficiaries, in unequal shares, one of them being the occupant C. The charity and the other beneficiaries have so far been happy for the arrangement to continue as long as required.The property would be sold once C dies or moves out. C is the youngest of the beneficiaries by a long way and looks unlikely to want to move. Nobody is pressuring her to do so.
How should any of these beneficiaries deal with their share of this property in making/ updating their wills? Two of them are elderly, so a solution might be needed sooner rather than later.
I hope this makes sense and would appreciate any comments.
0
Comments
-
There will be more info around this dependent on relationships and probably other terms.
From the limited info.
obvious solution is leave their interests to the charity or to the surviving owners.
Why is rent only paid to A?
1 -
To answer tha last part, the others are happy not to charge rent, as C is a vulnerable person with only benefits for income.0
-
Was there any life interest given from B to C0
-
Sorry I don’t know.0
-
C ‘s father is executor of B’s estate, with C as a reserve. C’s brother and a cousin are the other beneficiaries.At things stand at the moment, if C’s father dies first, there will be one almighty muddle to sort.0
-
Makes a difference might be a good idea to find out.0
-
Sorry, I cannot demand that information, but I would think it highly unlikely, given that there was initial uncertainty how the charity would react to the situation. This was after all a minority share.0
-
Sorry, I cannot demand that information, but I would think it highly unlikely, given that there was initial uncertainty how the charity would react to the situation. This was after all a minority share.0
-
You cannot demand but if the situation re C or their father comes up, it may be possible to ask what if, innocently, and perhaps encourage a little more thought about the situation in advance of the mess.
Now you understand tht there could be a messIf you've have not made a mistake, you've made nothing1 -
You gave the impression you were an interested party perhaps in an advisory capacity re the wills.Newly_retired said:Sorry, I cannot demand that information, but I would think it highly unlikely, given that there was initial uncertainty how the charity would react to the situation. This was after all a minority share.
How should any of these beneficiaries deal with their share of this property in making/ updating their wills? Two of them are elderly, so a solution might be needed sooner rather than later.
there is missing info which could make some suggestions impractical and if you are acting in any advisory capacity you need to know.
In B's will, her share of the property was left to four beneficiaries, in unequal shares, one of them being the occupant C
C ‘s father is executor of B’s estate, with C as a reserve. C’s brother and a cousin are the other beneficiaries.At things stand at the moment, if C’s father dies first, there will be one almighty muddle to sort.
Not clear who the 4th beneficiary is we have, C, brother, cousin, ?????(possibly the father?)
I would have thought in a situation like this with the Charity having the major interest in a property that will eventually get sold they keep track of the beneficial interests through the chain of beneficiaries and their wills.
The first question is if the 4 had their share now who would they want it to go to, any reasons not to have them down as next in line?
The other option is to consolidate the shares towards the charity or C but if C has, no one obvious like their own children then there may be someone else within the family that the shares could get directed eg the brothers kids if any.
re: the potential life interest, if it was expected to be sold when B died then probably unlikely to be one if C remaining there was a later consideration.)
The father should know.
When remaindermen of life interests die before the life tenant it changes things I do not fully understand I have not needed to go into those scenario but could be important here.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards