Finding out shares for tenants in common

AGJ_2468

I am the executor for the will of a recently-deceased relative. He owned his house as tenants in common with his wife who does NOT inherit his share, so we need to establish what share they each own(ed). I have downloaded the title register from the land registry which confirms it is tenants in common, but does not mention shares. How else can I find out? Can I just assume 50/50? His wife has dementia and can’t help.

Any guidance gratefully received. Thanks.

getmore4less

Unless there are reasons to suspect otherwise 50:50 is the default.

Land registry does not hold that information they hold the legal title

even if a split was put there it can change without getting updated.

Are  the beneficiary absolute and not subject to life interest.

Keep_pedalling

Unless there is a deed of trust stating otherwise it will be 50/50. If the property was converted to TiC after she lost capacity then it can’t be anything other than 50/50.

SeniorSam

I am sorry for your loss, but on my assumption, if he has died and left his part of the home (50%) in Trust to his children with a life interest in his wife's favor, then this is not unusual.

Many Wills are made this way and it just means that half of the house is now held by the Trust which was automatically created when he died and the appointed Trustees will hold this over until the Wife passes on..

Her Will would say where her assets are to go and if this is to the same children, or beneficiaries, then the Trustees and Executors of the Wife's Will can deal with the property sale to distribute the estate accordingly 

I only offer this to try and be helpful and if this is not the case, then I am sorry, but do ask further questions on this site as there are many members that can offer help and guidance. 

AGJ_2468

Thanks for the responses. @SeniorSam - the situation in terms of beneficiaries is pretty much as you surmise.

The intention is to sell the house soon (the wife will likely move to a care home), so we need to know the shares to distribute the proceeds. It sounds that without a deed of trust (or similar) we just have assume 50/50.

SeniorSam

OK.  The Trust has automatically been created and is controlled by the Trustees. They have a serious and legal responsibility to protect the Trust assets, meaning all of the house and possibly the other assets owned by the wife, as presumably the husband gifted  his half of the house to Trust and the remainder of his assets to his wife during her lifetime.

Those assets, possibly converted to investments, will then be in the care of the Trustees for her upkeep, care costs etc until she dies, when the Trust assets can then be distributed to the designated beneficiaries.

If the Trust investments generate 'income' then the Trustees will need to submit tax returns each year, but there are investments that do not generate 'income'  and those would be preferable.

Can you say what the value of the house is and the value of the whole estate and I can then add more information that may help you. Also, I presume that you are also the Trustee of the Trust, but who else is appointed and who are he beneficiaries of the husbands Will and the Wife's Will?

Sam

AGJ_2468

@SeniorSam Thanks for the information and offer of further help. I am reluctant to post too many details on a public forum, but suffice to say I think everyone involved is clear on their role and responsibilities.

getmore4less

IF the share of the house is in an life interest trust then the "beneficiaries" have not inherited anything they are remaindermen of the IPDI trust.

You can't sell and distribute to the remaindermen the assets need to remain in the trust unless there are specific terms in the will that allow it.

The life tenant could dissolve the trust and then that becomes PET on their estate 

That comes with it's own issues if there are insufficient funds/income for care fees 

If the life tenant has lost capacity then those with POA have to be very careful.