Agreement to loan property (an instrument) for life?

TheBlueDonkey

Hi there

Does anyone have any guidance/wording for an agreement to enable an item of property to be loaned and then revert to the owners?

Situation is our stepfather has an item belonging to our late Mum (his partner) in his home. We are happy for him to keep it indefinitely, but upon him not being here any more, we would like it to revert to us (i.e. it will not form part of his estate)

Is there a way to do this?

Brie

If he has inherited everything of your mum's then you don't really get a say in what happens to what is now his property. 

You could ask him nicely and, if necessary, pay for a will to try and ensure it will come back to your family but it will be completely up to him. 

If he doesn't go along with this or can't/doesn't make a new will then when he dies you'll have to ask nicely of his immediate family if you can have X back as a remembrance of your mum.  

Keep_pedalling

What sort of value are we talking about? 

poseidon1

Seems to me your mother  would have needed to specifically refer to the item in question in her own will with a provision that he only has the use and benefit thereof for life, reverting to her own children on his death.

If her will is silent on this issue, and her general chattels passed to him, it would appear he already has de facto ownership.

Does this item have significant monetary value?

TheBlueDonkey

Apologies, was not clear!

The property forms part of our Mum's estate - it is a musical instrument of nominal value. Our stepdad has happily taken it to stay with him due to a lack of room and us needing to find somewhere for it. He is happy to keep it until the time comes when he is not around.

Our Mum left everything to her three children (we are also executors). The will had to be hastily put together due to her becoming suddenly unwell and passing within 6wks of terminal diagnosis - it is already filed with probate office, we have probate, and all IHT matters are settled. She therefore did not leave express wishes about any specific item and left it to us to decide what would be best to do with things. Hence being more than happy for our stepdad to have this item with him because it brought him comfort.

We just want to get things in order so that when the sad time comes that our stepdad is no longer with us, there are no complications in ensuring that this item returns to her family. Our stepdad has no family other than us.

It is not of high value, just sentimental value and so we wish to be able to get the item back so we can find an appropriate home for it, rather than risk it being taken as part of our stepdad's estate (he has a lifetime mortgage so his property is already accounted for) and losing rights over it.

Hope that makes more sense. 

Marcon

Ask your stepfather to gift it to you now, with a letter from him saying that's what he has done, and confirming that he is borrowing it for his lifetime and it will revert to you, as the owner, on his death.

ian1246

If the items been inherited by yourselves, its yours regardless of where it resides - the stepfather can't gift what is not his. What i would do is get a document written up stipulating what you've already proposed - that the item belongs to you legally and is temporarily loaned out to stepdad to provide comfort and remembrance for his partner, with stipulations that its to be returned back to you at your request or if the loanee passes away. Get it witnessed by an independent witness if needs be.

Keep_pedalling

Who has he appointed as executors of his estate. Does he have LPAs in place.