Rewrite a will

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81870851#Comment_81870851

Or even very soon after making the original: it's not unknown for the survivor to 'fail' quite quickly, mentally and physically. Re-doing the will doesn't seem the highest priority, and time goes by …

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81870955#Comment_81870955

Yup, that appears to be not uncommon these days.

bootzey

As Ms_Chocaholic says, by way of example...

My parents did mirror wills, and went TIC in 2007. They also had a Form A restriction added to the title deeds. My siblings and I are the beneficiaries for each of their respective halfs at equal shares each. We should've been added to the title deeds as TIC with whoever survived as instructed by the wills. This would've negated the requirements for probate, not least because the IHT threshold won't be met, but also when one TIC passes away the others are automatically added to the title.

The Form A restriction means that no one, not even Mum, can sell the house on their own as it'll need the permission of the Trustee and beneficiaries.

If your niece is made sole beneficiary in both your wills, whichever of you survives then becomes legal owner. You can add your niece to the title deed at anytime so the bit my parents put in their wills won't be required. Probably best if you add her when doing the wills. Then when the survivor passes your niece will not only be sole beneficiary of 100% of the funds arising from the property but she will also be 100% legal owner. This, depending on the value of the property will negate the need for probate as everything is automatic.

If the survivor has to go in to full time care and has no further need or use for the property then it will be sold. The survivors beneficial interest will pay for their care and your niece will receive her beneficial interest.

This is just what I've learnt (hopefully) from the land registry. There's a massive thread on their forum about all this but ultimately get yourself a good solicitor. I asked a question on there and got the answer. They were also very friendly and helpful on the phone as well.

Good luck