UK question
My Dad owned a property and later married. The property was entirely paid for by my father. He sold that and bought a new property also paid for entirely by him but he understandably put his wife on the title of the new property and they became joint tenants.
His wife bought a property which they both moved into. This property was paid for entirely by his wife. It was held in both their names as joint tenants.
Their marriage soured a little and his wife became contentious about their assets and asked Dad to sign a memorandum of understanding in case they both died at the same time. The MOU stated that though her house was in both their names, that it belonged entirely to her. The MOU did not mention the property paid for by Dad.
She then created a will and arranged a will trust through her solicitor that stated that 100% of her property and 50% of Dad's property would go to her will trust. Additionally that Dad was to reimburse £23,000 to her estate to pay for renovations to her house but that he would have no financial interest in that property. As far as I am aware Dad has not signed a deed of trust (I have asked for the files)
His wife died 10 years ago. Dad later sold his property and, according to the will trust, 50% of that house went into the trust with him benefitting from any interest. the solicitors also took the £23,000 and put it in her will trust.
Dad has now moved into a care home and the second property is on the market. I was not fully aware of their joint financial arrangements. Although he has gone into care, he still has full capacity.
He felt that it was OK to state in the MOU that Pat's property was paid for by her and should go to her chosen charities on her death if they died at the same time, but he did not expect for the majority of their joint assets to finish in her Will Trust.
This all seems grossly unfair to my Dad. We have no wish to challenge his wife's will, however I am wondering the legality of this situation. Both properties were owned by both of them as joint tenants. Neither joint tenancy has been severed. The deeds have no Section B restriction on them. Dad is joint executor of his wife's will along with the solicitors who set up the will trust and who did the conveyancing for the sale of his house.
Does this situation seem correct or should either one or both properties have passed to Dad due to being the surviving joint tenant? Is there something we can do to more evenly distribute their joint assets. It would make a big difference to the level of care Dad can afford.
My Dad owned a property and later married. The property was entirely paid for by my father. He sold that and bought a new property also paid for entirely by him but he understandably put his wife on the title of the new property and they became joint tenants.
His wife bought a property which they both moved into. This property was paid for entirely by his wife. It was held in both their names as joint tenants.
Their marriage soured a little and his wife became contentious about their assets and asked Dad to sign a memorandum of understanding in case they both died at the same time. The MOU stated that though her house was in both their names, that it belonged entirely to her. The MOU did not mention the property paid for by Dad.
She then created a will and arranged a will trust through her solicitor that stated that 100% of her property and 50% of Dad's property would go to her will trust. Additionally that Dad was to reimburse £23,000 to her estate to pay for renovations to her house but that he would have no financial interest in that property. As far as I am aware Dad has not signed a deed of trust (I have asked for the files)
His wife died 10 years ago. Dad later sold his property and, according to the will trust, 50% of that house went into the trust with him benefitting from any interest. the solicitors also took the £23,000 and put it in her will trust.
Dad has now moved into a care home and the second property is on the market. I was not fully aware of their joint financial arrangements. Although he has gone into care, he still has full capacity.
He felt that it was OK to state in the MOU that Pat's property was paid for by her and should go to her chosen charities on her death if they died at the same time, but he did not expect for the majority of their joint assets to finish in her Will Trust.
This all seems grossly unfair to my Dad. We have no wish to challenge his wife's will, however I am wondering the legality of this situation. Both properties were owned by both of them as joint tenants. Neither joint tenancy has been severed. The deeds have no Section B restriction on them. Dad is joint executor of his wife's will along with the solicitors who set up the will trust and who did the conveyancing for the sale of his house.
Does this situation seem correct or should either one or both properties have passed to Dad due to being the surviving joint tenant? Is there something we can do to more evenly distribute their joint assets. It would make a big difference to the level of care Dad can afford.
Comment