Hi all,
Have a bit of confusion re: a parent's will.
Mother-in-law owned her house, and lived with a partner.
She left her house to her 2 adult children plus her partner to "hold upon trust", to be later sold with proceeds given to beneficiaries (Son, Daughter and assorted grandkids - not the partner). But this only happens once he no longer needs to live there. There are additional stipulations for the trustees regarding the property.
How does this "holding upon trust" work from a legal standpoint? There house was never placed within "A Trust", so we're unsure who legally owns the property, whether they need to notify land registry / HMRC, and how they would sell it when the stipulations of the will allow it.
Have a bit of confusion re: a parent's will.
Mother-in-law owned her house, and lived with a partner.
She left her house to her 2 adult children plus her partner to "hold upon trust", to be later sold with proceeds given to beneficiaries (Son, Daughter and assorted grandkids - not the partner). But this only happens once he no longer needs to live there. There are additional stipulations for the trustees regarding the property.
How does this "holding upon trust" work from a legal standpoint? There house was never placed within "A Trust", so we're unsure who legally owns the property, whether they need to notify land registry / HMRC, and how they would sell it when the stipulations of the will allow it.
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