Tenants in common but survivor allowed to remain in property. How to deal with probate?

squeezyknees · 19 July 2018 at 11:26AM

Can anyone help me please? I am executor of my mother's will. The property owned by her partner and her is split 50/50 as tenants in common, with the surviving partner allowed to remain and the proceeds of the house sale being divided as per the will when the surviving partner decides to sell. Does this mean that I include my mother's 50% share in probate now and pay the fee now, even though there are no proceeds to pay the fee from? Or would it somehow be dealt with at a later stage when the property is sold? Thank you in advance.

getmore4less · 19 July 2018 at 1:22PM

You may not need probate if the only asset in the estate is the property.

Depends on exact wording but typically what has been set up by the will is a life interest trust (Google IPDI trust) default trustee is executor.

There are options like get named as legal owner to protect the interest of the trust.
Some just wait till second death but it helps to understand the issues with that.

getmore4less · 19 July 2018 at 1:30PM

Forgot to mention you still need to do an IHT assement.

How much is 1/2 the house worth?

Presumably no mortgage to complicate.

Tom99 · 20 July 2018 at 5:25AM

[FONT=Verdana, sans-serif]If IHT is due on the house you can pay it in 10 yearly instalments until the house is sold.[/FONT]

Tenants in common but survivor allowed to remain in property. How to deal with probate?

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