Dad passed away. House owned 50% each with mum. What to do?

[philv]

Hi,

dad passed aeay.
So mum gets gets his half of the house.

Do we need to do anything with solicitor/land registry etc?

Obviously its currently registered as owned by both.

Thanks

[aspender]

Yes, get the title deed updated into just your mums name. I never thought to do this after dad died but luckily realised whilst mum was on the way towards the end some years later and got it done before she went. I don’t know how much it might have complicated probate/sale but it was one less thing to worry about.

Edited by aspender on Wednesday 25th September 19:46

[Mr-B]

Was the property owned as joint tenants or tenants in common? What does the Will say should happen to the property?

[philv]

They are tenants in common. 50 shares each.

If there is a will it will leave his share to mynmum.

[markiii]

If she'd rather his half go to you now, you can get a deed of variation. Might reduce how much they can touch if she ever goes into a home

[SkinnyPete]

markiii said:

If she'd rather his half go to you now, you can get a deed of variation. Might reduce how much they can touch if she ever goes into a home

I understand the theory behind this, but I can't help but think that if the state wants what you own, it will take it.

Edited by SkinnyPete on Wednesday 25th September 20:36

[AndyAudi]

SkinnyPete said:

markiii said:

If she'd rather his half go to you now, you can get a deed of variation. Might reduce how much they can touch if she ever goes into a home

I understand the theory behind this, but I can't help but think that if the state wants what you own, it will take it.

Which is why you could divert it to she never owns it…

[markiii]

Give them the least help you can

[LastPoster]

People may suggest you need probate to transfer your dad’s share to your mum.

If your mum is the sole beneficiary than you can send a completed copy of forms ST5 and RX3 to the Land Registry along with a copy of the will and they will cancel the restriction. You then don’t need probate to complete the transfer.

This assumes there are no other charges like a mortgage company (I did have that so it wasn’t an issue)

[Caddyshack]

Best way is to vary the will and leave his half to a discretionary trust with mum as priority beneficiary.

The beauty is that if she then needs long term care the value (under current rules) cannot be means tested as she doesn’t own a whole house yet she has full control.

If mum re marries a Wally and divorces he can only try to take her half not the other.

If you are clever with loans etc you can pass the asset from generation to generation free of inheritance tax for the next 125 years.

If half the house is above the nil rate band you can utilise further planning.

[Caddyshack]

SkinnyPete said:

markiii said:

If she'd rather his half go to you now, you can get a deed of variation. Might reduce how much they can touch if she ever goes into a home

I understand the theory behind this, but I can't help but think that if the state wants what you own, it will take it.

Not the case supported by a lot of case law. She would be innocent of deprivation as Dad technically did the planning.

Crag report shows the case history of age concern v state.

Edited by SkinnyPete on Wednesday 25th September 20:36

[philv]

The will can be varied/changed after his passing?

[Caddyshack]

philv said:

The will can be varied/changed after his passing?

Up to 2 years after the date. As long as the beneficiaries want to vary what they are entitled to.

[Caddyshack]

If you want a free chat with a specialist pm me and I can put you in touch with a really nice bloke who is very good at explaining what can be done, it needn’t be expensive at all.

[markiii]

If the affected beneficiaries agree and sign the document. Yes

[Panamax]

Mr-B said:

Was the property owned as joint tenants or tenants in common? What does the Will say should happen to the property?

These are the correct questions to be asking.

[philv]

Pretty sure my dad has a will at the solicitors.

If there was no will, can there still be a deed of variation? (as my mum inherits by default).

[Caddyshack]

philv said:

Pretty sure my dad has a will at the solicitors.

If there was no will, can there still be a deed of variation? (as my mum inherits by default).

There can be letter of administration.

If it was tenants in common it was done for a reason and I expect there may be a will directing to a trust

[philv]

Thank you for all the info.
It's been very help full and i've certainly learnt something.

[Cupid-stunt]

Sorry to hear of your loss.

There is some good advise here and whilst you say the state will get their share, you have the ability to circumvent that - it makes sense to utilise the ability.
Please update once you have decided what future plans are - I am sure that many would find it useful.