Property Owned As Tenants In Common

iloveglee | 14:41 Thu 19th Dec 2024 | Law

25 Answers

I am looking for advice for a friend of mine. Her husband just died recently, and her son, who she does not usually see much of, has stepped up to help her through all the paperwork, funeral etc. Her husband was quite controlling, and never included her in these kind of things.

The house is held as tenants in common, and she would like to sell it and downsize. Her son has told her that due to the ownership of the house it would be 'inappropriate' to sell it. She doesn't know what that means, and after she told me, I don't know either.

Myself and my husband own our property in the same way. We each have a will, leaving our own share in trust to the children, until the second person dies. I assumed that this is the way it's done, and I could sell the house if I was the person left (and vice versa), as long as the value of the other person's share is protected. Now I wonder if I am wrong about this.

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Peter Pedant

For your own estate - a wiggie said " wills settlement trusts hve had their day ( for tax minimisation) - if your dear spouse dies then the taxman will tax the trust portion as your husbands personal estate. oo-er I bet you werent told that

You also need advice ( yes it costs)

I have left all my assets to my spouse and made it clear to the eventual heirs that in the event of my death there will be no running around asking " what is my share. I want it now!" I have not created a trust for the reason above

iloveglee

Question Author

As far as we are concerned our whole estate isn't worth nearly enough to be inheritance tax on. Let alone half of it!!