Life interest in property

ProbateNewbie

Hi, my Mum died recently & her Will leaves her 50% share of property (Tenants in Common with StepF) to me & sibling equally. StepF has a life interest - he is an Executor, along with me & sibling but not a beneficiary.

We have been told by bank that we must go through Probate before the funds in her account can be released.
Do we need to include the property on the Probate forms also?

Do we need to notify Land Registry about Mum's death & does the house  now need to be registered in mine & sibling's names as well as StepF?

Also, StepF is refusing access to Mum's jewellery. He is saying anything he bought is his; there is no mention of jewellery in the Will at all, it just says her Estate is to be held on trust for sale & the residue after any debts/taxes/Executor expenses are paid is to be divided into equal shares between me & sibling.

Do I need to account for the jewellery on the Probate form? At this moment in time, I have no idea what jewellery she had, never mind its value!

Thanks in advance for any help anyone can offer.

RnK136

Very similar situation to ours.

I did Probate (bank was ok, but an investment ISA that Mum had requested it before release of funds). Can't remember the exact questions now, but I put 50% of the property as they owned it effectively as separate people.

The property in our case isn't registered with Land Registry which I am told isn't a critical issue. I think if it is registered already, you can change ownership to 50% in the name of your Mum's will trust (which is the current status with your Stepdad still alive). Otherwise, it is a first registration to be done (currently taking 12 months, I believe). I am also told a property can still be sold unregistered (as we have to sell the property in our case this year as my Dad is now in residential care).

Not sure on the jewellery situation. There is part of the calculations about value of things owned. Might depend on how much you think the jewellery might be worth.

Just a note, are you aware of HMRC trust registration? I only mention it because I had no idea and now as it's coming up to 2 years since Mum died, we have to register the 50% property share which is still in trust as my Dad is still alive and retains beneficial interest in Mum's 50%.

ProbateNewbie

Thanks @RnK136, I'd heard about HMRC trust registration from reading this forum.

Our property is registered (I've got an alert notification on it) although I haven't obtained the details of the registration yet. 

So I guess I need the house valued as there's none nearby been sold recently (many years) & I don't really know how much it's worth - bit like her jewellery, I remember some of the pieces she wore but no idea if they're still there... 😕

RnK136

ProbateNewbie said:

Thanks @RnK136, I'd heard about HMRC trust registration from reading this forum.

Our property is registered (I've got an alert notification on it) although I haven't obtained the details of the registration yet. 

So I guess I need the house valued as there's none nearby been sold recently (many years) & I don't really know how much it's worth - bit like her jewellery, I remember some of the pieces she wore but no idea if they're still there... 😕

I had a bit of recent sales history of similar properties from Mum & Dad's street to go off, but in your case I would have a valuation done, yes.

Just keep records of anything and everything you do, when it's done, and why you did it 👍🏼😊

ProbateNewbie

RnK136 said:

ProbateNewbie said:

Thanks @RnK136, I'd heard about HMRC trust registration from reading this forum.

Our property is registered (I've got an alert notification on it) although I haven't obtained the details of the registration yet. 

So I guess I need the house valued as there's none nearby been sold recently (many years) & I don't really know how much it's worth - bit like her jewellery, I remember some of the pieces she wore but no idea if they're still there... 😕

I had a bit of recent sales history of similar properties from Mum & Dad's street to go off, but in your case I would have a valuation done, yes.

Just keep records of anything and everything you do, when it's done, and why you did it 👍🏼😊

Good advice, I will thanks! 👍

ProbateNewbie

@RnK136 - do you think it's better to wait to register the trust with HMRC, or do it now?

If StepF dies within the 2 yr period, does it still need to be registered?

RnK136

ProbateNewbie said:

@RnK136 - do you think it's better to wait to register the trust with HMRC, or do it now?

If StepF dies within the 2 yr period, does it still need to be registered?

 
Well, I've waited and on 6 February it is 2 years since Mum died. Dad is still alive. Therefore, I need to register.

I'm a bit in the same boat, because Dad is 87 and who knows what will happen/when, so I also am wondering if he dies does that immediately cancel the need to register. That's perhaps why I did wait the 2 year exclusion period because I wasn't sure he would last 2 years, but he has.

ProbateNewbie

Yeah, I'll have a Google & see if I can find out what happens if StepF dies within the 2 yr period.

Not sure I ever want to be an Executor again - not that I was asked this time - only found out when I saw the Will! 😲

RnK136

ProbateNewbie said:

Yeah, I'll have a Google & see if I can find out what happens if StepF dies within the 2 yr period.

Not sure I ever want to be an Executor again - not that I was asked this time - only found out when I saw the Will! 😲

  
I know exactly what you mean! I knew that my Dad, Brother and me were executors but my Dad has dementia and I volunteered between me and my Brother to take the lead!! 😖

My experience however has now led to me not dumping the executor responsibility on anyone in my own Will.

ProbateNewbie

Ikwym and my Mum's Will is pretty straightforward really - God help people dealing with more complex arrangements.

msb1234

You need to include her share of the house on probate forms, and also her jewellery if it is of any real value. The jewellery belongs to her as it was a gift off her husband. As such, it should be divided under the terms of her will, ie split between you and your sibling. 

You don’t need to notify  anyone at the moment of the house ownership. When it comes to selling, then the will and probate will be enough. However, it will be complicated by whomever receives your stepfather’s share.