Inheriting mother’s house

[Marshy36]

My Mothers will states that proceeds from her house should be split between her four children on her death

Is there a way that three of the children could agree that the fourth one lives there instead after my mother’s death and to have some kind of clause that says that if that sibling no longer lives there then the house is sold and split as originally intended?

Would it also be easier to just transfer ownership to this sibling and still have the clause that splits proceeds if it was ever sold?

Any legal implications or cgt issues I should be aware of? The estate wouldn’t be more than the inheritance tax threshold.

[Sam101]

A Deed of Variation can be made withing 2 years of death that changes the Will in the way all beneficiaries agree. Therefore, what you suggest can easily be done as long as the beneficiaries all understand that if you give a lifetime interest to someone occupying the property, then the others cannot benefit until that person dies or gives up their interest.

Most solicitors can prepare the Deed of Variation, which could say that the property is to be registered in the 4 names, with a lifetime (or limited term) interest and upon that interest finishing, then the value of the property passes to the others. The solicitor will be able to guide you with the correct wording.

[dslippy]

Just how it might best be done depends upon the terms of the will. Some wordings might more easily lend temselves to a deed of variation. For other, the four siblings may just be better creating a new trust.

[Sam101]

A Deed of variation means that the Will is changed from it's original to one that best suits the beneficiaries as long as all are in agreement. The meaning of the original Will should be followed but that is not mandatory.

[dslippy]

I would split this. A deerd of variation is concerned with varying the will, typically for the eyes of HMRC, but the document required should be about the future and contain a whole series of detailed provisions which would bend a deed of variation out of shape.

[Sam101]

It can also be very simple. Not at all complicated as some would imply.

Just let the solicitors know what you want and it will be produced for signature.

All Wills may be seen by HMRC but they will not be concerned as long as your solicitor deals with the changes correctly.