Have I inherited part of property with surviving parent?

Hyuggfd

Hello,

10 years ago one of my parents passed away. In their will, they left their half of the family home to me. There was no clause or mention that this was on the death of the surviving parent. Do I therefore legally own half the home now?

The surviving parent is considering a move, and I don't know how this works if half already belongs to me. 

I am not looking to cause problems for surviving parent, but I do want to protect my inheritance. 

Thank you 

DE_612183

who were the executors of the estate of the parent that died?

who was the other half of the house left to?

were both parents still married?

Hyuggfd

I was the (written in will) executor of their will, but, I was told by the surviving parent that they were going to deal with it, as they had survived the deceased.

The deceased parent left me their half of the home (that was all that was written down (the will was produced by their solicitor).

They were still married.

Hyuggfd

I should add that the surviving parent has said their half of the home will be left to me, and any monies divided between grandchildren. 

Which I am thinking could potentially mean if they sell up, and buy new, I will not receive the inheritance from the first parent.

DE_612183

as executor - did you get the deeds to the property changed as part of the execution of the will?

I'm presuming not - therefore as it currently stands the owners of the property are still the two parents.

Have you spoken with a conveyancing solicitor about this?

poseidon1

Hyuggfd said:

Hello,

10 years ago one of my parents passed away. In their will, they left their half of the family home to me. There was no clause or mention that this was on the death of the surviving parent. Do I therefore legally own half the home now?

The surviving parent is considering a move, and I don't know how this works if half already belongs to me. 

I am not looking to cause problems for surviving parent, but I do want to protect my inheritance. 

Thank you 

Are you on legal title of the home  as co owner, so the survivor cannot sell without your direct involvement? From what you have subsequently said,  the surviving parent might not have registered your co ownership on the land registry, although that was really your job as executor.

If you are an outright  beneficial owner, and there is no intermediary  trust arrangement, bear in mind you will have a  personal CGT liabilty on any property profit accrued since death of the first parent, and that tax is payable within 60 days of sale.

 If you have to pay tax on your half share, that will limit what you could contribute to a replacement home for parent, assuming you would be happy to be  a continued co owner going forward.

Suggest you now obtain  personal tax and legal advice asap, since you clearly seem to have concerns about your  present rights  and obligations and perhaps have been too passive in the past in protecting your position. First task, check if you are legal owner on the land registry property title!

p00hsticks

As executor, did you also confirm that the property in question was actually held as tenants in common and not joint tenants ? If the latter , then there is no ownership of individual halves of the property and it would pass to the other named owner in it's entirety regardless of what the will said...

Did the will give the surviving spouse any rights to remain in the property ? was ther any form of trust created ? Was probate applied for ? 

Hyuggfd

DE_612183 said:

as executor - did you get the deeds to the property changed as part of the execution of the will?

I'm presuming not - therefore as it currently stands the owners of the property are still the two parents.

Have you spoken with a conveyancing solicitor about this?

I have not but I just researched conveyancing solicitors and saw something about the type of tenancy they had on the property determines if half is mine now or after 2nd parent passes. So thank you for your info 🙂

Hyuggfd

p00hsticks said:

As executor, did you also confirm that the property in question was actually held as tenants in common and not joint tenants ? If the latter , then there is no ownership of individual halves of the property and it would pass to the other named owner in it's entirety regardless of what the will said...

Did the will give the surviving spouse any rights to remain in the property ? was ther any form of trust created ? Was probate applied for ? 

Thank you for this, just found that out from the back of another members advise. So I will look into it.

Hyuggfd

poseidon1 said:

Hyuggfd said:

Hello,

10 years ago one of my parents passed away. In their will, they left their half of the family home to me. There was no clause or mention that this was on the death of the surviving parent. Do I therefore legally own half the home now?

The surviving parent is considering a move, and I don't know how this works if half already belongs to me. 

I am not looking to cause problems for surviving parent, but I do want to protect my inheritance. 

Thank you 

Are you on legal title of the home  as co owner, so the survivor cannot sell without your direct involvement? From what you have subsequently said,  the surviving parent might not have registered your co ownership on the land registry, although that was really your job as executor.

If you are an outright  beneficial owner, and there is no intermediary  trust arrangement, bear in mind you will have a  personal CGT liabilty on any property profit accrued since death of the first parent, and that tax is payable within 60 days of sale.

 If you have to pay tax on your half share, that will limit what you could contribute to a replacement home for parent, assuming you would be happy to be  a continued co owner going forward.

Suggest you now obtain  personal tax and legal advice asap, since you clearly seem to have concerns about your  present rights  and obligations and perhaps have been too passive in the past in protecting your position. First task, check if you are legal owner on the land registry property title!

You're right. I believed my surviving parent at a time of loss, when they told me as the surviving spouse it was their right to executor the deceased parents will. 

I think I have to take a copy and get it legally checked out. 

Thank you for taking time to reply.

elsien

You can tell from the land registry entry the status of the ownership. It doesn’t cost much to download.