if no will but deceased parent wants to give property to children and wife right to live in property

F37A

Hi 

I am a FTB but the above situation looks imminent. i was planning to buy a flat near london but i if I inherit based on above then i will cease to be a FTB. What are the implications for my flat purchase. (would this now be a BTL mortgage?) or more costs in tax?

Also is it possible to have a ownership of property joint (children) but right for deceased's wife to live in property for as long as possible.

thanks

elsien

I’m confused about the no will bit in the title. 
If there is no will, then the intestacy rules apply. That’s not optional. Verbal wishes have no meaning.
 Or is this someone thinking about what to put in their will and the implications?

turnitround

If there is no will then you are not due to inherit.

[Deleted User]

As per your other thread, if your father dies without a will, then the intestacy rules appy, his wife ( and this is  obviously what the other thread refers to ) will get as follows

"If there are surviving children, grandchildren or great grandchildren of the person who died and the estate is valued at more than £270,000, the partner will inherit:

• all the personal property and belongings of the person who has died, and

• the first £270,000 of the estate, and

• half of the remaining estate." 

• 
  

•  https://www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/

F37A

elsien said:

I’m confused about the no will bit in the title. 
If there is no will, then the intestacy rules apply. That’s not optional. Verbal wishes have no meaning.
 Or is this someone thinking about what to put in their will and the implications?

My dad's wish is for children to have property and wife to live in as long as she wants. As dad is in hospitlal and fast deteriorating looks like the best we could is get him to sign a piece of paper with his wishes. Might be too much hassle to do a formal will if dad is in hospital but maybe not

Keep_pedalling

If the home currently owned jointly? If it is then the tenancy may need splitting from joint tenants to tenants in common otherwise you mother will automatically own the house outright as the surviving owner.

it is quite a standard clause in a will to make an immediate post death interest trust to a surviving spouse, which effectively makes the surviving spouse the soul beneficiary owner so you won’t actually inherit your fathers share until your mother dies so it does not effect your FTB status.

If your father dies intestate then your mother inherits the first £270 of her husband’s estate plus 50% of the remainder. The other 50% goes to his children. If possible you father needs to see a solicitor to get his will drawn up ASAP.

F37A

turnitround said:

If there is no will then you are not due to inherit.

In that case property goes into my mum's name as she is married (have not seen the paperwork yet but this is assumption)

[Deleted User]

F37A said:

elsien said:

I’m confused about the no will bit in the title. 
If there is no will, then the intestacy rules apply. That’s not optional. Verbal wishes have no meaning.
 Or is this someone thinking about what to put in their will and the implications?

My dad's wish is for children to have property and wife to live in as long as she wants. As dad is in hospitlal and fast deteriorating looks like the best we could is get him to sign a piece of paper with his wishes. Might be too much hassle to do a formal will if dad is in hospital but maybe not.

A "piece of paper" is not legally binding unless it is properly signed and witnessed ( and not under duress ie the person must be of sound mind and know what they are doing), your mother could ignore "written wishes" should she choose to. They are not legally binding, though morally one would probably try and honour them. 

F37A

Keep_pedalling said:

If the home currently owned jointly? If it is then the tenancy may need splitting from joint tenants to tenants in common otherwise you mother will automatically own the house outright as the surviving owner.

it is quite a standard clause in a will to make an immediate post death interest trust to a surviving spouse, which effectively makes the surviving spouse the soul beneficiary owner so you won’t actually inherit your fathers share until your mother dies so it does not effect your FTB status.

If your father dies intestate then your mother inherits the first £270 of her husband’s estate plus 50% of the remainder. The other 50% goes to his children. If possible you father needs to see a solicitor to get his will drawn up ASAP.

Home is owned entirely by dad. My mother is 72 herself so as per her wishes we may have to transfer from mum to children anyhow but with her right to live in property.

Thanks at the moment looks like he will die intestate so seems like either we do nothing and wait for property to pass to my mother (assuming marriage cert all good) then transfer to us children with right for mother to stay in. Or we can short cut process and get the will done now to pass property to children now with mum's right to stay in as long as she wishes. But looks like my dad wont be able to make it to a solicitors office as he deteriorating

[Deleted User]

F37A said:

Keep_pedalling said:

If the home currently owned jointly? If it is then the tenancy may need splitting from joint tenants to tenants in common otherwise you mother will automatically own the house outright as the surviving owner.

it is quite a standard clause in a will to make an immediate post death interest trust to a surviving spouse, which effectively makes the surviving spouse the soul beneficiary owner so you won’t actually inherit your fathers share until your mother dies so it does not effect your FTB status.

If your father dies intestate then your mother inherits the first £270 of her husband’s estate plus 50% of the remainder. The other 50% goes to his children. If possible you father needs to see a solicitor to get his will drawn up ASAP.

Home is owned entirely by dad. My mother is 72 herself so as per her wishes we may have to transfer from mum to children anyhow but with her right to live in property.

Thanks at the moment looks like he will die intestate so seems like either we do nothing and wait for property to pass to my mother (assuming marriage cert all good) then transfer to us children with right for mother to stay in. Or we can short cut process and get the will done now to pass property to children now with mum's right to stay in as long as she wishes. But looks like my dad wont be able to make it to a solicitors office as he deteriorating

You could probably get the solicitor/will writing service  to go to the hospital, "The current guidance regarding making a Will in hospital from the NHS is “This should only be done in hospital if it essential to do so because of the likely death, peace of mind or general welfare of the patient.”   Assuming of course that your father wishes to do so. Bear in mind that your if mother wishes  to pass on the property to you regardless,  there may be financial repercussions if for example she needs to go into care in the future..

Flugelhorn

F37A said:

Thanks at the moment looks like he will die intestate so seems like either we do nothing and wait for property to pass to my mother (assuming marriage cert all good) then transfer to us children with right for mother to stay in. Or we can short cut process and get the will done now to pass property to children now with mum's right to stay in as long as she wishes. But looks like my dad wont be able to make it to a solicitors office as he deteriorating

If you do the first and your mother transfers the property to the children then you need to be aware of "deliberate deprivation of assets" and also that the property could be considered to be an asset for the children in the event of divorce or bankruptcy 

You can get a solicitor to go to the hospital for your father to do a will if that is what he wants