Property, deeds and inheritance
Discussion
My father, on his death, wants his second wife (my stepmother) to live in and draw income from his properties until she dies, and then the properties (his estate) to be shared by his children.
Currently, her name is jointly on the deeds for his properties and I am unsure how his will is phrased, but I am pretty sure there is no arrangement for a trust so that the benefit (and ownership) is well defined.
My concern is that as my stepmother's name is on the deeds, that ownership will look as if it is jointly owned by them both, and if he dies first then she will effectively own it all - and her will gifts what is "hers" to her own side of the family (no children, but siblings and nieces/nephews).
I don't need or covet my father's estate, but as his executor I do want his wishes to be respected. Am I correct in thinking that the best way for him to achieve his intent is to put the properties in trust (on his death), with the beneficiaries of the trust to be stipulated. Does my stepmother's name on the deeds confuse matters and/or give her estate a claim on the properties?
Currently, her name is jointly on the deeds for his properties and I am unsure how his will is phrased, but I am pretty sure there is no arrangement for a trust so that the benefit (and ownership) is well defined.
My concern is that as my stepmother's name is on the deeds, that ownership will look as if it is jointly owned by them both, and if he dies first then she will effectively own it all - and her will gifts what is "hers" to her own side of the family (no children, but siblings and nieces/nephews).
I don't need or covet my father's estate, but as his executor I do want his wishes to be respected. Am I correct in thinking that the best way for him to achieve his intent is to put the properties in trust (on his death), with the beneficiaries of the trust to be stipulated. Does my stepmother's name on the deeds confuse matters and/or give her estate a claim on the properties?
I will prefix my response by saying that although I am a lawyer, I am absolutely not a probate lawyer and have never worked in this area.
However, if your father and stepmother's properties are held as Joint Tenants rather than Tenants in Common then the properties will pass to the surviving partner absolutely upon the death of the other. If they are held as Tenants in Common then the your father can dispose of his share of the properties however he likes in his will.
My understanding is that it is quite possible to achieve what you describe in your post without a trust. Your father can leave your stepmother with a life interest in the property and then the properties can pass to you absolutely after her death. A trust might be better though to detail how the properties will be managed etc.
Given there are multiple properties involved and presumably therefore quite a lot of money at stake it would be strongly advisable that your father sees a solicitor to review his will to ensure it does what he wants it to do.
If its been drafted recently however it should already reflect your father's wishes?
However, if your father and stepmother's properties are held as Joint Tenants rather than Tenants in Common then the properties will pass to the surviving partner absolutely upon the death of the other. If they are held as Tenants in Common then the your father can dispose of his share of the properties however he likes in his will.
My understanding is that it is quite possible to achieve what you describe in your post without a trust. Your father can leave your stepmother with a life interest in the property and then the properties can pass to you absolutely after her death. A trust might be better though to detail how the properties will be managed etc.
Given there are multiple properties involved and presumably therefore quite a lot of money at stake it would be strongly advisable that your father sees a solicitor to review his will to ensure it does what he wants it to do.
If its been drafted recently however it should already reflect your father's wishes?
^^This ^^
OP, if your father's will does not accurately reflect what you say his intention is, then he needs to get it changed pdq.
Any delay could prove disastrous. One of my cousins failed to attend to this and died quite unexpectedly leading to that exact problem.
It caused a great deal of hassle and the only winners in the end were the lawyers.
http://www.lawdonut.co.uk/law/personal-law/claimin...
OP, if your father's will does not accurately reflect what you say his intention is, then he needs to get it changed pdq.
Any delay could prove disastrous. One of my cousins failed to attend to this and died quite unexpectedly leading to that exact problem.
It caused a great deal of hassle and the only winners in the end were the lawyers.
http://www.lawdonut.co.uk/law/personal-law/claimin...
This is how my father & his sister lost their inheritance from their Father
Flat & contents was left to w2 for the remainder of her life then to Dad & Aunty
When he died the solicitors (also executors) neglected to mention that the flat was in joint names so his LW&T was invalid
The solicitors that drew up the will did the purchase of the flat at the same time
They were the Banks solicitors (1960s)
It came to light when w2 died, acknowledging PopPop's will and leaving everything she owned to her cousins
They didn't do the decent thing
they kept it all
Flat & contents was left to w2 for the remainder of her life then to Dad & Aunty
When he died the solicitors (also executors) neglected to mention that the flat was in joint names so his LW&T was invalid
The solicitors that drew up the will did the purchase of the flat at the same time
They were the Banks solicitors (1960s)
It came to light when w2 died, acknowledging PopPop's will and leaving everything she owned to her cousins
They didn't do the decent thing
they kept it allForums | Speed, Plod & the Law | Top of Page | What's New | My Stuff