Immediate Post Death Trust

Keep_pedalling

Snookie12cat said:

Keep_pedalling said:

Have you checked the land registry to clarify how the joint ownership was held. If it was originally as Joint tenants then as well as the will your father should have severed the tenancy otherwise your mother automatically became the sole owner on his death and the bequest fails as it is a non heritable asset.  I would establish this first before taking legal advice on the will.

https://hmlandregistry.blog.gov.uk/2022/11/02/what-kind-of-joint-ownership-do-i-have/

Yes, it's tenants in common and I am confident the will is valid, it's been signed, dated and witnessed. 

I will speak to someone though about the best way to move forward because this is probably outside my abilities unfortunately. 

I suppose the main risk is that if, for some reason, the will was invalid any trust set up by it would be as well which could lead to a bit of a mess and an unexpected CGT liability which would not be discovered until your mothers death. I would certainly spend a small amount of money getting the will checked now. Even though the risk may be small the consequences could be considerable. A deed of variation could be used to correct any error provided it is done within 2 years which is also the timescale you have to register the trust.

If your mother also has a DIY will perhaps sort that out at the same time.

Snookie12cat

Keep_pedalling said:

Snookie12cat said:

Keep_pedalling said:

Have you checked the land registry to clarify how the joint ownership was held. If it was originally as Joint tenants then as well as the will your father should have severed the tenancy otherwise your mother automatically became the sole owner on his death and the bequest fails as it is a non heritable asset.  I would establish this first before taking legal advice on the will.

https://hmlandregistry.blog.gov.uk/2022/11/02/what-kind-of-joint-ownership-do-i-have/

Yes, it's tenants in common and I am confident the will is valid, it's been signed, dated and witnessed. 

I will speak to someone though about the best way to move forward because this is probably outside my abilities unfortunately. 

I suppose the main risk is that if, for some reason, the will was invalid any trust set up by it would be as well which could lead to a bit of a mess and an unexpected CGT liability which would not be discovered until your mothers death. I would certainly spend a small amount of money getting the will checked now. Even though the risk may be small the consequences could be considerable. A deed of variation could be used to correct any error provided it is done within 2 years which is also the timescale you have to register the trust.

If your mother also has a DIY will perhaps sort that out at the same time.

Thank you - yes, I am going to make her update her will now I have seen the "wills" they made LMAO! 

Now I just need to find someone competent. The first one I spoke to said "just put it in your names at the land registry", or "just wait until your mum dies and sort it then", which even I know is not remotely the right move here.  

Emmia

Snookie12cat said:

Keep_pedalling said:

Snookie12cat said:

Keep_pedalling said:

Have you checked the land registry to clarify how the joint ownership was held. If it was originally as Joint tenants then as well as the will your father should have severed the tenancy otherwise your mother automatically became the sole owner on his death and the bequest fails as it is a non heritable asset.  I would establish this first before taking legal advice on the will.

https://hmlandregistry.blog.gov.uk/2022/11/02/what-kind-of-joint-ownership-do-i-have/

Yes, it's tenants in common and I am confident the will is valid, it's been signed, dated and witnessed. 

I will speak to someone though about the best way to move forward because this is probably outside my abilities unfortunately. 

I suppose the main risk is that if, for some reason, the will was invalid any trust set up by it would be as well which could lead to a bit of a mess and an unexpected CGT liability which would not be discovered until your mothers death. I would certainly spend a small amount of money getting the will checked now. Even though the risk may be small the consequences could be considerable. A deed of variation could be used to correct any error provided it is done within 2 years which is also the timescale you have to register the trust.

If your mother also has a DIY will perhaps sort that out at the same time.

Thank you - yes, I am going to make her update her will now I have seen the "wills" they made LMAO! 

Now I just need to find someone competent. The first one I spoke to said "just put it in your names at the land registry", or "just wait until your mum dies and sort it then", which even I know is not remotely the right move here.  

https://solicitors.lawsociety.org.uk/

This allows you to search for properly qualified and registered solicitors doing wills etc. near you or your mum.

They'll also be able to assist with the DIY will.

Is your own will in order too?

Newly_retired

If it is any help, after my husband died, as his will ( solicitor written ) designated his half of the house (which we owned as Tenants in Common) in trust for his children, with the stipulation that I may live there as long as I choose, or may sell and use the entire proceeds to buy a different property under the same terms, that I pay for maintenance and insurance, keep it in good repair etc. I used a solicitor to set up the Trust which was then registered with Land Registry and HMRC ( obligatory within two years ).
Yes it cost a bit, which came out of the estate, but worth it for peace of mind. There will be no ongoing legal costs.

RAS

Snookie12cat said:

Keep_pedalling said:

Snookie12cat said:

Keep_pedalling said:

Have you checked the land registry to clarify how the joint ownership was held. If it was originally as Joint tenants then as well as the will your father should have severed the tenancy otherwise your mother automatically became the sole owner on his death and the bequest fails as it is a non heritable asset.  I would establish this first before taking legal advice on the will.

https://hmlandregistry.blog.gov.uk/2022/11/02/what-kind-of-joint-ownership-do-i-have/

Yes, it's tenants in common and I am confident the will is valid, it's been signed, dated and witnessed. 

I will speak to someone though about the best way to move forward because this is probably outside my abilities unfortunately. 

I suppose the main risk is that if, for some reason, the will was invalid any trust set up by it would be as well which could lead to a bit of a mess and an unexpected CGT liability which would not be discovered until your mothers death. I would certainly spend a small amount of money getting the will checked now. Even though the risk may be small the consequences could be considerable. A deed of variation could be used to correct any error provided it is done within 2 years which is also the timescale you have to register the trust.

If your mother also has a DIY will perhaps sort that out at the same time.

Thank you - yes, I am going to make her update her will now I have seen the "wills" they made LMAO! 

Now I just need to find someone competent. The first one I spoke to said "just put it in your names at the land registry", or "just wait until your mum dies and sort it then", which even I know is not remotely the right move here.  

You need a STEP solicitor not just run of the mill, both for advice and for mum to re-write her will. Bear in mind that even then, they may not au fait with tax implications.

So they'll know that the IPDI trust protects your inheritance from dad and secures mum's home, and the IHT benefits but may not understand the CGT advantages or effect on SDLT.

poseidon1

RAS said:

Snookie12cat said:

Keep_pedalling said:

Snookie12cat said:

Keep_pedalling said:

Have you checked the land registry to clarify how the joint ownership was held. If it was originally as Joint tenants then as well as the will your father should have severed the tenancy otherwise your mother automatically became the sole owner on his death and the bequest fails as it is a non heritable asset.  I would establish this first before taking legal advice on the will.

https://hmlandregistry.blog.gov.uk/2022/11/02/what-kind-of-joint-ownership-do-i-have/

Yes, it's tenants in common and I am confident the will is valid, it's been signed, dated and witnessed. 

I will speak to someone though about the best way to move forward because this is probably outside my abilities unfortunately. 

I suppose the main risk is that if, for some reason, the will was invalid any trust set up by it would be as well which could lead to a bit of a mess and an unexpected CGT liability which would not be discovered until your mothers death. I would certainly spend a small amount of money getting the will checked now. Even though the risk may be small the consequences could be considerable. A deed of variation could be used to correct any error provided it is done within 2 years which is also the timescale you have to register the trust.

If your mother also has a DIY will perhaps sort that out at the same time.

Thank you - yes, I am going to make her update her will now I have seen the "wills" they made LMAO! 

Now I just need to find someone competent. The first one I spoke to said "just put it in your names at the land registry", or "just wait until your mum dies and sort it then", which even I know is not remotely the right move here.  

You need a STEP solicitor not just run of the mill, both for advice and for mum to re-write her will. Bear in mind that even then, they may not au fait with tax implications.

So they'll know that the IPDI trust protects your inheritance from dad and secures mum's home, and the IHT benefits but may not understand the CGT advantages or effect on SDLT.

Absolutely concur with RAS's advice re consulting a STEP qualified solicitor and not just some random firm from the Law Society's general directory ( the OP seems to have already had nonsense advice from a non specialist ).

Link to the STEP directory below:

https://www.step.org/about-step/public

Newly_retired

I should add I used a STEP solicitor. He also referred me to an accountant to register the trust with HMRC. I could probably have done that myself but as the estate covered costs, I opted for not DIY.