Adding trustees to house deed

cherry76

IPDI trust, should mum add our names as trustees to the house deed? I believe our names will be added to the house deed with hers and on her death probate will not be required. Just complete form DJP to remove her name. Just thinking ahead whether to do it now or leave it as it is until she pass away and the trust ends. Her savings will be below probate threshold it’s just the house that might need probate. I do intend to consult a solicitor to do the transfer, not going to diy. I believe firms TRI,api and id will be necessary. Thanks

RAS

You do not add your names to the deeds because this negates all the advantages of an IPDI trust. Your mum might add a restriction adding that "our names" must give consent to any sale. 

Have the executors registered the trust with HMRC, as there are penalties for non-compliance?

cherry76

Yes it has been registered . Was advised by solicitor to add our names as trustees as she will not be able to sell on her own if she wants to downside as she is allowed to do so.

poseidon1

cherry76 said:

Yes it has been registered . Was advised by solicitor to add our names as trustees as she will not be able to sell on her own if she wants to downside as she is allowed to do so.

Your solicitor is correct.

 As trustees it is your legal duty to appear on the land register in that capacity, together with  registering a Form A restriction. It is important that the world at large is aware of your trusteeship.

 The point of your trusteeship is to prevent your mother from selling, mortgaging or otherwise dealing in the property as sole legal owner, contrary to the terms of the trust. 

Is the entire property subject to the IPDI or just 50%?

cherry76

The entire property they made mirror wills just wondering whether mum should rewrite her will removing Ipdi from her will as dad passed away it is no longer relevant.

poseidon1

cherry76 said:

The entire property they made mirror wills just wondering whether mum should rewrite her will removing Ipdi from her will as dad passed away it is no longer relevant.

If the entire property sits in the trust with your mother as beneficiary for life with remainder ( on her death) passing to you and sibling, then yes her present Will is no longer fit for purpose and should be updated accordingly.

To answer the last part of your intial post, registering your interests as ongoing trustees on the land register will have the additional advantage that the house itself will fall outside any future probate requirements, placing you in the legal position to  market it for sale ( should you wish) immediately after  your mother's demise.

Finally don't overlook your separate obligation to  register the trust on HMRC's trust register.

cherry76

To make it simple, ask her to register us as trustees this will avoid the need for probate to deal with the house. Keep her savings below probate threshold and leave the will as it is. No need to update will if there will be no probate. There will be no issues regarding the will and assets as I get in well with my siblings. Does this make sense am not going to diy but ask solicitor advice and proceed from there.Is it a conveyancer I need? Thanks