When a property owner dies, what happens to their property depends on various factors such as the existence of a Will and the type of ownership the deceased had over the property. Here’s a breakdown:
If the Deceased Left a Will
• Probate Process: If the deceased had a Will, the property will usually go through probate, a legal process that oversees the distribution of the deceased's assets according to their wishes. The executor named in the Will is responsible for handling the distribution.
• Beneficiaries: The property is passed to the beneficiaries named in the Will. If the Will includes specific instructions about the property, those instructions will be followed. Usually, the transfer of the legal ownership to the beneficiaries is carried out by an Assent. This is discussed in more detail below.
• Debts and Tax: Before distributing the property, the executor may need to settle any outstanding debts and pay any tax.
If There’s No Will (Intestate)
• Rules of Intestacy: If there is no Will in place, the property will be distributed according to the rules of intestacy, which typically prioritise close family members like spouses, children, and parents. What are the Intestacy Rules? - Timms Solicitors (timms-law.com)
• Surviving Spouse: In many cases, a surviving spouse may inherit the property or a significant portion of the estate.
• Children and Other Relatives: If there’s no spouse, the property may be divided among the deceased’s children, or other relatives like siblings or parents may inherit it.
Jointly Owned Property
• Joint Tenancy with Right of Survivorship: If the property was owned jointly with another person under a "beneficial joint tenancy" the surviving co-owner automatically inherits the deceased’s share without the need for probate.
• Tenancy in Common: In this case, the deceased’s share of the property does not automatically pass to the co-owners. Instead, it becomes part of their estate and is distributed according to their will or the rules of intestacy.
Trusts
• If the property is held in a trust, the trust will dictate how the property is handled after the owner's death. The successor trustee will be responsible for transferring the property to the trust’s beneficiaries according to the terms of the trust.
What is an Assent?
An assent is a legal document used to transfer the legal title of a deceased person’s estate. It is used when an executor or administrator of an estate transfers ownership of property to a beneficiary as directed by a Will or the rules of intestacy.
Key Points about an Assent:
1. Executor or Administrator: An assent is executed by the executor (if there is a Will) or the administrator (if there is no Will). This legal act signifies that the executor or administrator has decided to transfer the property to the rightful beneficiary.
2. Transfer of Legal Title: Once an assent is completed, it formally transfers the legal ownership of the deceased's property to the beneficiary.
3. Before the Assent: Until the assent is completed, the property remains part of the estate, with the executor or administrator managing it.
4. Effect of Assent: Once the assent is completed, the beneficiary can then register their ownership with the Land Registry, completing the legal process of transferring ownership.
Example:
If a parent dies and leaves their house to their child in the Will, the executor would assent the house from the parent's estate to the child.
Next Steps...
In summary, it can be a complex matter when somebody dies and expert advice is required to ascertain the next steps. At Timms, we can help with both advice on Probate and Property matters. If you require further information, call freephone 0800 011 6666 or email us at legal@timms-law.com.
