Is probate required - tenants in common first death

OldSmithy

My FIL passed away over Christmas. He doesn’t have much in the way of financial assets to the point where I believe probate is highly unlikely to be required to release the small sums he has at various banks to my MIL. 

Equally he has a TPS pension and I believe they will do what they need to do upon receipt of the death certificate. 

This leaves just the property which is owned as tenants in common. My MIL has the right to live there for the rest of her life and the ultimate beneficiaries when she passes will be their children and grandchildren. As my FIL estate is well below inheritance tax thresholds is there any need to obtain probate at this point because of how the property is held?

If we can avoid the time and expense, assuming no other banks/institutions will require i, then it would be beneficial. Or is probate always required even on the first death in a tenants in common situation?

Many thanks in advance for any help or guidance. 

Keep_pedalling

No you won’t need probate for the home, although legal ownership passes to the trust your mother is the beneficial owner. The trust will need to be registered with HMRC within 2 years of your father’s death.

OldSmithy

Really appreciate that thank you. 

ReggieLover

Hi.  My husband died in July 2024. Our property is held as joint tenants in common and the Will company said probate was needed for his half of the property in case I wanted to move in the future. I am the life tenant and myself and my son and daughter are property trustees. I completed the HMRC IHT checker to get gross and net figures for the online probate form but need help please.  The IHT checker asks whether the property is left to a direct descendant  (ie my children) I'm assuming the answer is no as the legal title is still as joint tenants with me. I own 50% outright and have a life interest in my husband's 50% share. Also do I use his tax free allowance in calculations or can this be rolled over to when I die.  The estate is below the figure for IHT without using his allowance.
How are the net and gross figures for probate calculated please?

poppystar

ReggieLover said:

Hi.  My husband died in July 2024. Our property is held as joint tenants in common and the Will company said probate was needed for his half of the property in case I wanted to move in the future. I am the life tenant and myself and my son and daughter are property trustees. I completed the HMRC IHT checker to get gross and net figures for the online probate form but need help please.  The IHT checker asks whether the property is left to a direct descendant  (ie my children) I'm assuming the answer is no as the legal title is still as joint tenants with me. I own 50% outright and have a life interest in my husband's 50% share. Also do I use his tax free allowance in calculations or can this be rolled over to when I die.  The estate is below the figure for IHT without using his allowance.
How are the net and gross figures for probate calculated please?

From the information you give I’m not sure the Will company is correct since it is possible for you to sell the property yourself as a tenant in common. Is this a Will company rather than a solicitor? As it’s a while since your husband died I assume you didn’t need probate for any other aspect of the estate? Are you talking to the company with respect to your own Will or are they still dealing with your husband’s?