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Beneficiary/Financier on Deeds Query
sm1ffy6
Posts: 7 Forumite
Hi all,
My father recently passed away and my mother is now living alone at home.
The land registry has my late Grandmother as the proprietor and my father(now deceased) and my mother listed as the 'beneficiary and financiers' of the property on the land registry + deeds
Does my mother need to go through probate or will this property automatically go to my mother without probate, and if so, what do we need to do to get the property transferred solely in my mother's name?
Kind regards
sm1ffy6
My father recently passed away and my mother is now living alone at home.
The land registry has my late Grandmother as the proprietor and my father(now deceased) and my mother listed as the 'beneficiary and financiers' of the property on the land registry + deeds
Does my mother need to go through probate or will this property automatically go to my mother without probate, and if so, what do we need to do to get the property transferred solely in my mother's name?
Kind regards
sm1ffy6
0
Comments
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Is there a will?Hi all,
My father recently passed away and my mother is now living alone at home.
The land registry has my late Grandmother as the proprietor and my father(now deceased) and my mother listed as the 'beneficiary and financiers' of the property on the land registry + deeds
Does my mother need to go through probate or will this property automatically go to my mother without probate, and if so, what do we need to do to get the property transferred solely in my mother's name?
Kind regards
sm1ffy60 -
Hi
Sorry there is no will0 -
There is no will and they are married0
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You need to investigate exactly what the Land Registry entry says. You can download a copy for £10. Then your starting point is to ask the LR what they require. What other assets did your father have? An application for letters of administration may be required. Start by reading the !!!8220;stickies!!!8221; at the start of this forum. Please as questions even if they sound silly. Plenty of help here.Hi
Sorry there is no will0 -
Hi Yorkshire
Thanks for your help I will enquire with LR.
My father has another property only in his name approx £300k in value, this is why I was wondering if the main first property which they live in would be classed as part of the estate in the probate process(I would hope its not as my mum is a named beneficiary/financier on deeds)?
I along with two brothers will be helping with probate process and may look into a deed of variation to leave everything to my Mum to avoid IHT on the second home and his other estate (the death was sudden and at a young age and we believe our mother should take the whole estate), my other concern is would there be any other tax to pay if my mother had 2 houses now in her name she does not work etc0 -
It really depends on what other assets your father had. It sounds as if you do need LOa and possibly a DOV. Under the circumstances you MUST get professional advice on how best to deal with it. Under the intestacy rules part of the estate will be yours. Passing the other property to you mother your mother doees not seem a good idea as it would increase the potential IHT when she dies.Hi Yorkshire
Thanks for your help I will enquire with LR.
My father has another property only in his name approx £300k in value, this is why I was wondering if the main first property which they live in would be classed as part of the estate in the probate process(I would hope its not as my mum is a named beneficiary/financier on deeds)?
I along with two brothers will be helping with probate process and may look into a deed of variation to leave everything to my Mum to avoid IHT on the second home and his other estate (the death was sudden and at a young age and we believe our mother should take the whole estate), my other concern is would there be any other tax to pay if my mother had 2 houses now in her name she does not work etc0 -
Yorkshireman99 wrote: »It really depends on what other assets your father had. It sounds as if you do need LOa and possibly a DOV. Under the circumstances you MUST get professional advice on how best to deal with it. Under the intestacy rules part of the estate will be yours. Passing the other property to you mother your mother doees not seem a good idea as it would increase the potential IHT when she dies.
I dont agree that giving the whole estate top her would increase IHT on her estate, As her estate would then be able to transfer his full nil rate band. This would currently leave nothing to pay on the first £900k, rising to £1M in a couple of years.
If the combined estate is above those levels, then rather than use up his allowance, it would be better for her to receive everything then for her to make substantial gifts which would fall out of her estate after 7 years. If she is in good health, then she should be able to cover tax falling on those gifts, should she die early, with term insurance.0
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