Parent downsizing house left in trust

HELENONEILL

My dad recently passed away and left his half of my parents house to my brother and I, with the stipulation that Mum stays living in the house.
Mum has stated that she wants to sell the house and downsize, which I agree is the best thing.
My question is, how does that work financially with my brother and I owning half of it?
Are we entitled to half of the profit? 

elsien

Did the will have a clause to cover this eventuality?

If not and you had your half, would that leave your mother enough money to buy  somewhere else? 

You would be entitled to your half unless the will says otherwise.

Grumpy_chap

HELENONEILL said:

My dad recently passed away and left his half of my parents house to my brother and I, with the stipulation that Mum stays living in the house.
Mum has stated that she wants to sell the house and downsize, which I agree is the best thing.
My question is, how does that work financially with my brother and I owning half of it?
Are we entitled to half of the profit? 

Often trusts such as these include a provision for the capital to stay with the surviving parent through downsizing etc., so available for housing until the surviving parent no longer requires a property.
Downsizing is not always cheaper than a family home so there may be no equity to release at this stage.
What are the rules of the trust in this regard?

EssexHebridean

Your Mum should take urgent legal advice to establish her position here. While trying to do a nice thing, your Dad may have inadvertently given her a huge problem. She should choose the solicitor for this advice herself, and should attend the appointment without either you or your brother present. 

Albermarle

Do not assume downsizing always means moving to a cheaper property.
Often the downsizer will up their aspirations and start looking at nicer areas/properties. Somewhere with a sea view for example.

tiernsee

This is the same situation as my Mum, I own half her house. If she decides to move then she can, and I would own half of whatever she bought. Theoretically any profit after costs would be split 50/50 but that would depend on the situation she is in (if she needed it she could have it). Fortunately the will is quite clear and we have the same stipulations in our will with our children.