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Tenants in Common question
enthusiasticsaver
Posts: 16,252 Ambassador
For anyone versed in law can they offer advice? This is a query about what happens when an owner of a property dies and it was bought as tenants in common rather than joint. My stepdad recently died and his daughters are transferring his 50% share of the property owned jointly with my mum to their name as per his will. Their solicitors have sent a deed of retirement for my mum and them to sign to retire my mum as trustee and pass his share on to them. Does that sound the right way to do it? I think my mum may need legal advice before signing this.
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Comments
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Did the will give a life interest?
If they were joint tenants then only your mum can change ownership.
Don't sign without independent legal advice.
Who is the executor?2 -
Have you seen the will?If probate has been granted it can be downloaded from the Probate Office:
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I guess my mum will have seen the wills as they were mirror ones made at the same time. Yes she had a life interest and my stepdads daughters are executors and dealing with the will. Probate has not been got yet.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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/\ /\ /\ /\ /\ /\ /\ /\ /\ /\ /\ /\getmore4less said:Did the will give a life interest?
Don't sign without independent legal advice.
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Yes the will gave her a life interest. The property was bought jointly as tenants in common. I think I need to sort her some independent legal advice. The executors are my stepdads daughters. As they were both widowed and had children from previous marriages their finances were separate from their marriage as they were both in their 70s. My stepdad bought 50% of my mums flat when he moved in and it is that share which should pass to his daughters. I am just confused as to why their solicitor dealing with the estate has sent a deed of retirement stating my mum is retiring as trustee and my stepdads daughters are to be continuing trustees of property which I don’t think is right as it is only their 50% they should be trustee of.getmore4less said:Did the will give a life interest?
If they were joint tenants then only your mum can change ownership.
Don't sign without independent legal advice.
Who is the executor?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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enthusiasticsaver said:My stepdad recently died and his daughters are transferring his 50% share of the property owned jointly with my mum to their name as per his will.Their solicitors have sent a deed of retirement for my mum and them to sign to retire my mum as trustee and pass his share on to them. Does that sound the right way to do it?I think my mum may need legal advice before signing this.Absolutely!His daughters are trying to get her to sign away the life interest their father gave to your mother.0
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Fixed my errorgetmore4less said:Did the will give a life interest?
If they were joint or TIC then only your mum can change ownership.
Don't sign without independent legal advice.
Who is the executor?0 -
They are trying something.enthusiasticsaver said:
Yes the will gave her a life interest. The property was bought jointly as tenants in common. I think I need to sort her some independent legal advice. The executors are my stepdads daughters. As they were both widowed and had children from previous marriages their finances were separate from their marriage as they were both in their 70s. My stepdad bought 50% of my mums flat when he moved in and it is that share which should pass to his daughters. I am just confused as to why their solicitor dealing with the estate has sent a deed of retirement stating my mum is retiring as trustee and my stepdads daughters are to be continuing trustees of property which I don’t think is right as it is only their 50% they should be trustee of.getmore4less said:Did the will give a life interest?
If they were joint tenants then only your mum can change ownership.
Don't sign without independent legal advice.
Who is the executor?
Maybe bypass the life interest.
Your mum has the control as the sole legal owner.
Your mum needs to retain legal ownership and maybe wise to appoint one of her beneficiary as a trustee along with the hubbies kids to avoid them gaining control later.1 -
Have a look through this thread here which I think covers a similar situation....
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Missed out the link?p00hsticks said:Have a look through this thread here which I think covers a similar situation....1
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