Joint will?

[Michael8626]

A family member has just lost his partner, she was twenty years younger than him. He is 90, in a ‘joint/mutual (?) will’ everything has been left to her side of the family, I presume he thought she would outlive him?

they joint owned a property, I understand he can live in the property until he dies, on the title deed I think it says the property cannot be sold unless an order is granted from the courts.

I understand he was the main financial contributor to the relationship over thirty years and he has sadly come out of with nothing, other than a property he can’t sell, and one that moving forward isn’t suited to his failing mobility needs.

upon his death the property will be left to his partners children. If he ended up in residential care, with little savings, how would owning a property outright impact funding, also would equity release be an option or would a will in place prevent this?

any advice gratefully received.

[atticus]

In order to advise, it will be necessary to see the will, the Land Registry title, and any other relevant documents relating to the property.

There is a confusion here caused by the reference to joint[ly] owned property Seeing the Land Registry title will likely clear up the basis of joint ownership.

[Michael8626]

I hope this clarifies the title deed

[atticus]

This shows that the joint tenancy had been severed so that the title was held by the two people as tenants in common. This means that the lady's share goes into her estate, and does not pass to your relative.

His share in the equity can be used to fund care.

[Michael8626]

Thank you. To further confuse matters, I understand a will in place, not sure if it’s mutual or mirror, everything is left to the ladies side of the family, including my relatives assets. I presume he somewhat naively thought he would die before her.

in the circumstances, would he be able to raise a small amount of equity from his side of the property?

[atticus]

This may be possible. May I remind you:

In order to advise, it will be necessary to see the will, the Land Registry title, and any other relevant documents relating to the property.

[Pezza54]

If your relative has to go into a care home in the future, changing ownership of the property to tenants in common in 2006 and drafting wills that leave their share of the property to the children may have its financial advantage.
Whilst your relative may have to self fund the care home fees from his savings, and/or his share of the property, his partner's share of the property now in trust should be protected from the fees

Please read the article "What Happens to Property Left in Trust in a Will?" at www.phrsolicitors.co.uk

[Michael8626]

Thanks. I really need to ask to see a copy of the wills or advise he seeks the guidance of a solicitor.


as it’s been established they were tenants in common, if they do indeed have a mutual will in place, is he able to release equity from his share of the property? As long as he still leaves the remainder of his estate to comply with the will, surely before death you are free to accumulate or decrease wealth as you see fit?

[Pezza54]

Who are the named executors and trustees in the wills?
The executors named in his partner's will are responsible for following the terms of her will whilst the named trustees administer the new will trust

[Michael8626]

I understand her two children are the executors and the beneficiaries of her will. Unsure of any nominated trustees.

[Pezza54]

It is possible that a beneficiary can also be named executor and trustee
Please read "What's the Difference between an Executor and a Trustee in Probate?" at www.co-oplegalservices.co.uk

You should speak to your relative to find out if he is worried whether the trustees will act properly and fairly when managing the trust

[Michael8626]

Hi
sorry for the delay in responding with more information, I now have seen part of the will, please see image attached.

where it states ‘my trustees will pass my residuary estate to my partner, absolutely’, does this mean as it states, everything at this point is left to the partner, unconditionally?

I am confused by the next sentence, ‘if this gift fails’ and the section ‘held on the trusts’?

is any aspect of this will a ‘trust’ or is that just the terminology used in a will?

I hope this makes sense, thanks.

[Michael8626]

Hi
sorry for the delay in responding with more information, I now have seen part of the will, please see image attached.

where it states ‘my trustees will pass my residuary estate to my partner, absolutely’, does this mean as it states, everything at this point is left to the partner, unconditionally?

I am confused by the next sentence, ‘if this gift fails’ and the section ‘held on the trusts’?

is any aspect of this will a ‘trust’ or is that just the terminology used in a will?

I hope this makes sense, thanks.

[Michael8626]

Sorry for the duplicate post!

[atticus]

Clearly trusts are created. They appear to be quite simple, but you have chosen only to show one page.