Creating a will

[xoggoth]

Depends on complexity. My mother's will was handwritten in biro on a couple of sheets of writing paper. We had no problem with it at all.

[ASB]

A follow up question

glash:

I meant to ask this on the other thread but forgot:

Consider the case where a property is jointly owned, so ASB owns 50% of ASB towers and Mrs ASB owns the rest. No mortgage or other charges etc.

I decide to leave everything I own (including my 50% share) to ASB sprogs.

Having died ASB sprogs decide they want the cash from the house too. Mrs ASB has no cash to pay them (and is presumably royally hacked off at this turn of events). How does this work out in practice? Since she owns half the house can she be slung out and it sold from underneath her to settle the esate? Equally she absolutely owns half the property, surely this has some impact on the value of the property since it is not exactly an open market.

[glashIFA@Paramount]

glash:

I meant to ask this on the other thread but forgot:

Consider the case where a property is jointly owned, so ASB owns 50% of ASB towers and Mrs ASB owns the rest. No mortgage or other charges etc.

I decide to leave everything I own (including my 50% share) to ASB sprogs.

Having died ASB sprogs decide they want the cash from the house too. Mrs ASB has no cash to pay them (and is presumably royally hacked off at this turn of events). How does this work out in practice? Since she owns half the house can she be slung out and it sold from underneath her to settle the esate? Equally she absolutely owns half the property, surely this has some impact on the value of the property since it is not exactly an open market.

Hi ASB,

first thing to clarify is ownership. If jointly owned ie joint tenancy, then you actually both own 100% of property so on first death the survivor has full ownership of property.
If owned on a Tenants in common basis then i would suggest a Discretionary will trust which will allow your half of the property to drop into a trust on death (so outside of Mrs ASB estate for IHT purposes). Ownership of your half is the trust but effectively the beneficiaries, sprogs, whilst Mrs ASB retains a lifetime tenancy right.
If you left your half via a will then i would be VERY surprised if the solicitor didn't expand on it with certain conditions similar to above with extras like "to be sold in event of remarriage" etc.
Sprogs can always go to court for an "order for sale" but very messy and outcome uncertain.

[glashIFA@Paramount]

Depends on complexity. My mother's will was handwritten in biro on a couple of sheets of writing paper. We had no problem with it at all.

Absolutely right, if affairs simple then no probs. If IHT issues then really needss more than this.
Whilst on subject of Wills might as well suggest this is always a good time to put in place an EPA (Enduring Power of Attorney)-giving people a chance to name a legal and financial guardian if they become mentally or physically incapable of looking after themselves.
If this isn't done, and the above happens, the Court of Protection may appoint a solicitor to become a trustee - probably VERY EXPENSIVE.

[ASB]

Sprogs can always go to court for an "order for sale" but very messy and outcome uncertain.

In my specific case we are tenants in common and there are trusts on death and the wills were properly (hopefully!) drafted so we should be OK.

It was whether a survivor could actually get forced out that I was curious about, and it seems the answer is "possibly".

Thanks,

[glashIFA@Paramount]

In my specific case we are tenants in common and there are trusts on death and the wills were properly (hopefully!) drafted so we should be OK.

It was whether a survivor could actually get forced out that I was curious about, and it seems the answer is "possibly".

Thanks,

"Possibly", if no trusts in place, but thats not the case with you so the answer would be NO, cannot be FORCED out because a condition of the trust will be lifetime right of occupation for the survivor.
However, other conditions might also be applied by trustees, as i said, sale to take place on remarriage, must maintain buildings and contents cover, must maintain the property in a good condition etc. Of course, if the trustees and the survivor were both in agreement the property could be sold at any time and this would provide capital to the kiddies then.