Crosswords3 mins ago
Husbands Will
9 Answers
My husband has made a Will leaving all the properties we own together in a trust and his eldest son is the trustee, but now one of the properties is in my sole name, should this will be changed, also if my husband dies before me, does this property go into the trust or do I get to keep it.
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Is the trust in his name only or is it for both of you? Your son is the trustee - what about the income while both of you are alive - that or a major chunk of it should flow to you and/or your husband.
If the properties are nominated and the trust is joint, your will should also reflect what you want to do with your single-owned property. As to a separate trust on his share of the portfolio, then you need to take advice about your part-ownership as well. The advantage is minimising death duties - 1/7th saved for every year from trust creation to death. As my bro-in-law in the States put it with his and the way it was constructed, 'My children own the wine bottle, I own what's in it.'
If the properties are nominated and the trust is joint, your will should also reflect what you want to do with your single-owned property. As to a separate trust on his share of the portfolio, then you need to take advice about your part-ownership as well. The advantage is minimising death duties - 1/7th saved for every year from trust creation to death. As my bro-in-law in the States put it with his and the way it was constructed, 'My children own the wine bottle, I own what's in it.'
There are two ways of co-owning property. If your and your husband have a 'joint tenancy' (which is the most common way of co-owning), neither of you owns a specific share of the properties. It's your 'partnership' that owns all of them. As such, when one of you dies, the surviving partner automatically acquires full title to the properties. (Absolutely nothing written in a will can change that. Neither of you can leave your 'share' of the properties to anyone, or to a trust, because you don't actually own a share).
However if you're 'tenants in common' then you both own a specific share in each property (which will be a half unless there's a written agreement otherwise). When one of you dies, the terms of the deceased person's will then come into effect. So if, and only if, you're actually tenants in common, your husband can gift his share of the properties into a trust but your share will remain unaffected. (i.e. you'll still own it).
However if you're 'tenants in common' then you both own a specific share in each property (which will be a half unless there's a written agreement otherwise). When one of you dies, the terms of the deceased person's will then come into effect. So if, and only if, you're actually tenants in common, your husband can gift his share of the properties into a trust but your share will remain unaffected. (i.e. you'll still own it).
a propos of nothing....
( this case is so complex I am giving up)
dja remember Laurence Llewllyn Bowen on who do you think you are?
His auld Aunt kitty was done out of her inheritance ( she said) ( she said lots before she died)
Our Loll said he wasnt interested in the details BUT...... i read the law title before they canned it. Chancery case 1854 and another go 1857 - and ......
it was all about the husband trying to sell on the wifes jointure.
Aunt Kitty ( she of the diddled fortune) was joint owner with A of whiteacre, not her husband. And hubby came along and said that he now owned all of his wifes hoo-jah by reason of marriage and so could sell it.
lord Chancellor said no
but a law case 1857 doesnt end with - "and so PP, you can see that aunt kitty got her moolah after all" but clearly not enough for aunt kitty
this case is too cx for me
( this case is so complex I am giving up)
dja remember Laurence Llewllyn Bowen on who do you think you are?
His auld Aunt kitty was done out of her inheritance ( she said) ( she said lots before she died)
Our Loll said he wasnt interested in the details BUT...... i read the law title before they canned it. Chancery case 1854 and another go 1857 - and ......
it was all about the husband trying to sell on the wifes jointure.
Aunt Kitty ( she of the diddled fortune) was joint owner with A of whiteacre, not her husband. And hubby came along and said that he now owned all of his wifes hoo-jah by reason of marriage and so could sell it.
lord Chancellor said no
but a law case 1857 doesnt end with - "and so PP, you can see that aunt kitty got her moolah after all" but clearly not enough for aunt kitty
this case is too cx for me
If the property is in your sole name (and there is no dispute about the beneficial interest) it is yours and you get to keep it, irrespective of what your husband's Will says. If your husband mentions properties in general in his Will it will not be included; if he refers to the the property itself the gift will fail. However, do not confuse the legal ownership of a property with the true ownership. Just because a property is in the name of X it does not mean that the true ownership rests with them. (Although in the case of it being transferred to you in its entirety as the wife, there is a presumption that it has been advanced to you).
On the basis that the legal ownership and the beneficial ownership are the same, you get to keep it.
When I talk about the legal ownership and the beneficial ownership this is confusing. So whilst the legal title may be in your name, there might be a declaration of trust stating that the ownership is to be say yours for your life and on your death to someone else; or part yours and part your husbands. I do not know. Legal ownership is the person who is registered at the land registry who has the power of sale; beneficial ownership is the person who really owns the property and derives the real benefit.
I think you have posted before about your Wills, and I really think you ought to take your own independent legal advice. It sounds as if you and your husband have complicated affairs and I really do think you ought to seek advice.
On the basis that the legal ownership and the beneficial ownership are the same, you get to keep it.
When I talk about the legal ownership and the beneficial ownership this is confusing. So whilst the legal title may be in your name, there might be a declaration of trust stating that the ownership is to be say yours for your life and on your death to someone else; or part yours and part your husbands. I do not know. Legal ownership is the person who is registered at the land registry who has the power of sale; beneficial ownership is the person who really owns the property and derives the real benefit.
I think you have posted before about your Wills, and I really think you ought to take your own independent legal advice. It sounds as if you and your husband have complicated affairs and I really do think you ought to seek advice.
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