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Family Trust and Deed of equitable assignment



I am currently going through probate forms for my mother. 9 years ago (after the death of her husband) a Family Trust was created with her home placed into Trust with her as Settlor and Life tenant and myself as trustee. She had a will to which I am the executor and (apart from a cash gift to her grandchild) sole benifciary. The property register states that she is the registered owner of the property with the following restriction:
RESTRICTION: No disposition by the proprietors of the registered estate is to be registered unless one or more of them makes a statutory declaration or statement of truth, or their conveyancer gives a certificate, that the disposition is in accordance with a Deed of Equitable Assignment dated 9 YEARS AGO and made between MY MOTHER and MY MOTHER AND ME or some variation thereof referred to in the declaration, statement or certificate.
Now I'm not sure what this means, particularly the phrase 'Deed of Equitable Assignment'.
I need to get the stage where I can gain probate (the estate is under the Inheritance Tax Threshold) to sell the house and pay off the remaining mortgage upon it.
Can anyone help?
Many thanks.
Comments
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Stanshall said:Hello,
I am currently going through probate forms for my mother. 9 years ago (after the death of her husband) a Family Trust was created with her home placed into Trust with her as Settlor and Life tenant and myself as trustee. She had a will to which I am the executor and (apart from a cash gift to her grandchild) sole benifciary. The property register states that she is the registered owner of the property with the following restriction:RESTRICTION: No disposition by the proprietors of the registered estate is to be registered unless one or more of them makes a statutory declaration or statement of truth, or their conveyancer gives a certificate, that the disposition is in accordance with a Deed of Equitable Assignment dated 9 YEARS AGO and made between MY MOTHER and MY MOTHER AND ME or some variation thereof referred to in the declaration, statement or certificate.
Now I'm not sure what this means, particularly the phrase 'Deed of Equitable Assignment'.
I need to get the stage where I can gain probate (the estate is under the Inheritance Tax Threshold) to sell the house and pay off the remaining mortgage upon it.
Can anyone help?
Many thanks.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
You definitely need professional advice, this trust has created a whole heap of unnecessary complication, and may have tax implications (CGT rather than IHT). I am rather surprised that it is even possible to put a mortgaged property into trust.0
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Keep_pedalling said:You definitely need professional advice, this trust has created a whole heap of unnecessary complication, and may have tax implications (CGT rather than IHT).Keep_pedalling said: I am rather surprised that it is even possible to put a mortgaged property into trust.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1
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