Disposition of jointly owned property

[brijoco]

I will be grateful for any help or pointers to further reading regarding the following:

Dick and Jane were married. They had no children. Each had one surviving parent. They owned property separately eg cars, computers, personal effects. They owned the house they lived in jointly. Each had a last will and testament drafted by a lawyer in 1980's stating: (paraphrased) If I die first then everything goes to my spouse and If my spouse fails to survive me by 28 days then assets will be liquidated and the proceeds given to my parents.

Dick and Jane were both killed in a road traffic collision. The interim death certificates issued by the medical examiner indicated: Dick died instantly in the vehicle. Jane died a few minutes later in the vehicle.(Widow of Dick). A criminal case against the other driver is pending CPS deliberations. Police advise defendant is not disputing responsibility. An inquest is pending the outcome of the criminal case.

An initial legal opinion indicates the proceeds of joint effects will pass solely to Janes parent. Clarification has been requested.

Under what situations does the disposition of jointly owned property not follow the wishes of the deceased as set out in the will and pass to one parties surviving relative?

[Amethyst]

Re: Disposition of jointly owned property

Uni question?

[brijoco]

Re: Disposition of jointly owned property

No. Very real situation Wolf.

[brijoco]

Re: Disposition of jointly owned property

No. Very real situation Amethyst.

[MissFM]

Re: Disposition of jointly owned property

Hi Brijoco

You are wise to get expert legal advice, as with all legal documents the devil is in the detail.

From what you have said above, though, it would seem indisputably logical (cut and dried) that the assets should be divided equally between both parents as per the terms of the Wills.

[des8]

Re: Disposition of jointly owned property

Think your paraphrasing may have garbled the will!!!!!
You have gone from Dick and Jane to I and my spouse, and aren't clear about what happens to each one's personal property/ jointly owned property.
As MissFM says "the devils in the detail", and we ain't got that. :tinysmile_grin_t:

[brijoco]

Re: Disposition of jointly owned property

Thank you for your comments.

I have been looking for a way to post a copy of the clauses in question with names redacted. Is this possible?

In the mean time here is a transcription (names redacted) ...

3. If my wife, xxxxxx xxxxxx, shall survive me for a period of twenty eight days. then subject to payment of my first debts, funeral and testamentory expences, I give devise and bequeath all my real and personal estate whatsoever and wheresoever situate unto my said wife absolutely.
4. If my said wife shall predecease me or shall survive me but fail to survive for a period of twenty eight days, then I declare that clause three of this my will shall not take effect. and that the following clauses shall be read in substitution therefor.
5. I give devise and bequeath all my real and personal estate whatsoever and wheresoever situate unto my trustee upon trust to sell, call in and convert the same into money with power to postpone the said sale calling in and conversion thereof so long as he shall in his absolute disgression think fit without being liable for loss.
6. My trustee shall hold the net proceeds of such sale calling in or conversion and my ready money (hereinafter called "my residual estate") upon the folloing trusts:-

Looks to my untrained eye that the trusts should be executed by the trustee. Is this view overly simplistic?

[Inca]

Re: Disposition of jointly owned property

Can I ask why it has to be so precise and complicated? Each to their own of course but I can foresee nothing but legal wrangling and solicitors getting fat pay packets.

[MissFM]

Re: Disposition of jointly owned property

I agree Inca - sometimes it's tempting to think that solicitors use such dense and impenetrable prose just to stimulate a further income stream for themselves.

Brijoco.. who is the Trustee and what the terms of the Trust?

Sometimes the terms "Trustee" and "Executor" are interchangeable.

Your quotation above doesn't mention who would be the beneficiary(s) in the event of the spouse not surviving 28 days... as Des8 has said, it's impossible to give any worthwhile opinion without further details.

[brijoco]

Re: Disposition of jointly owned property

The trusts:-
6(1) Upon trust to pay there out my just debts, funeral and testamentary expences.
6(2) Upon trust as to both capital and income as to my residual estate for 'fathers name' and 'mothers name' or the survivor of them provided always that if the said 'fathers name' and 'mothers name' shall both predecease me leaving a child or children then such child or children shall take by substitution and if more than one in equal shares the share of my residuary estate which the said 'fathers name' and 'mothers name' would have taken had they both survived me.

Clause 1 revoked all previous wills
Clause 2 assigned the solicitor who wrote the wills as trustee and executor

The trustee/executor who wrote the wills in 1986 emigrated and was recently located living abroad. Authority to act has been passed to a local solicitor.

[des8]

Re: Disposition of jointly owned property

A testator sets up a trust.

He appoints a trustee who is charged with implementing the terms of the will.

The beneficiaries receive the benefits.

Probate court monitors the trustees.

Simple, but you would be surprised at what can arise when money is involved