value of estate

[bluebel]

I have obtained a copy of the will and grant of probate for my late mother-in-law as no money has been paid to me and my daughters as beneficiaries after 2 years following her death. [My husband-her son died 9 years ago]. What I need to know is does the net value figure shown on the grant of probate include the share and interest of the property she lived in [together with her daughter+son in law] as well as the residual amount of her estate [eg; savings].
This would help me to know what she actually left her grandaughters as the executor [her daughter] had previously told us it was �1500 each but it is only shown as a percentage on the will.
I want to know the amounts before I approach her for the money.

[Ethel]

It very much depends on how the house was owned.

When two or more people own a property it is either held as joint tenants or tenants in common.

If it is owned as joint tenants then all the owners own the whole of it. When one dies ownership automatically passes to the survivors and there is nothing for the deceased to leave to a third party.

If it is owned as tenants in common, then each owner owns a defined share (half, a third, for example) which forms part of their estate and can be left to whoever they like.

Of course there are mortgages and so on to be taken into account as well - a person cannot leave what they don't own.
I have just found this which explains it nicely:

http://tinyurl.com/5u7w8u
You can find out the basis of the ownership by looking at the Registered Title of the property. You can view this at the Land Registry or online.

If it has words like this:
�No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court�

they are tenants in common. Without it, it is a joint tenancy

[bluebel]

Thanks Ethel. Your answer has been really helpful.