I acted for a client in 2012 whose husband lost capacity half way through a sale and purchase (due to a stroke). The purchase was completed in the names of the wife and myself as Trustees pursuant to a Court of Protection Order. At the same time we executed a Declaration of Trust confirming that we held the property as trustees for the husband and wife as tenants in common in equal shares.
The husband has now passed away leaving a Will appointing his wife sole executrix and beneficiary. It does not look like Probate is needed to call in the rest of the assets. I have drafted a termination of trust deed and a TR1 but wonder if it would be prudent to probate the Will anyway. The TR1 should be registered as a COP order is only required for registration of transfers during the husband’s lifetime.
I am including 50% of the date of death value of the house in the husband’s estate for IHT purposes.
Lee Penhaligan
Scott-Moncrieff & Associates Ltd