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Some advice - Probate

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Hi All, 

Im sure this is a easy question to answer. 

My Mum and Dad setup a protective property trust years back. Which mentioned if one was to pass away, their 50% of the property would go into the trust. 

Unfortunately my mum passed away in Oct 2024 and my dad passed away last week. 

The question is, I presume i would still need to apply for probate (Even though the trust mentions upon passing that share goes into the trust? 

Sorry for a simple question.

Thanks 

Comments

  • elsien
    elsien Posts: 36,077 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What does the trust say about what would happen when they both pass?
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • MDK130
    MDK130 Posts: 3 Newbie
    First Post Photogenic
    elsien said:
    What does the trust say about what would happen when they both pass?
    It mentions the "Trust period" shall mean the period between My (Mum / Dad) death and the death of the life tenant (the remaining parent)

    I cant see anything else about, what happens on both passing
    (Unless i am missing something)
  • Keep_pedalling
    Keep_pedalling Posts: 20,908 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Yes you will need to apply for probate for your father’s estate. You mother’s will created a immediate post death interest trust and although the trust became the legal owner of your mother’s share your father retained beneficial ownership so for IHT purposes the whole house forms part of his estate. If this pushes the value of his estate over £650k you are also going to have to do a full IHT return to be able to claim either or both residencial NRBs.
  • poseidon1
    poseidon1 Posts: 1,390 Forumite
    1,000 Posts Second Anniversary Name Dropper
    MDK130 said:
    Hi All, 

    Im sure this is a easy question to answer. 

    My Mum and Dad setup a protective property trust years back. Which mentioned if one was to pass away, their 50% of the property would go into the trust. 

    Unfortunately my mum passed away in Oct 2024 and my dad passed away last week. 

    The question is, I presume i would still need to apply for probate (Even though the trust mentions upon passing that share goes into the trust? 

    Sorry for a simple question.

    Thanks 
    Just to be clear, no 'protective property trust'  was actually  created years back, merely their respective Wills called for such a trust to arise  for the survivor when the first spouse died?

    Also to give effect to this arrangement ( under their Wills) did they own the property as  tenants in common rather than joint tenants?

    If an actual standalone trust was originally created by parents during their joint lifetime a few years back,  perhaps you could produce a redacted copy thereof. I find your post a little ambiguous on what actually occurred.
  • MDK130
    MDK130 Posts: 3 Newbie
    First Post Photogenic
    Thank you all for the information and help. :)
  • RAS
    RAS Posts: 35,670 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If this is what is known as an Immediate Post Death Interest Trust, created by the will of the first deceased, then the matters are easy to deal with.

    Unfortunately, quite a lot of people were encouraged to set up trusts which are more difficult to deal with, and in some instances fail to achieve their purpose. Some as a result of changes in tax regimes or law and some ignorant or predatory advisors.

    So the wording would be useful. 
    If you've have not made a mistake, you've made nothing
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