Would be grateful for the input of those with more experience than me of HMLR requirements. This is just a question re: Probate not IHT reporting as I am clear on what needs to be done there.
I am advising a prospective client as to what is required to administer their late father’s estate and whether a Grant needs to be obtained, which ultimately comes down to HMLR requirements.
Briefly, H and W made a gift of part of their home to their son via a Declaration of Trust (which a colleague prepared whilst at her previous firm and is all in order). H & W hold the legal title of the property as TiCs and the DoT is registered on the title. H has now died and we are establishing whether, to remove H and allow his share to pass to W via his Will, we need to get a Grant or because of the existence of the DoT, we can appoint the son as second trustee and overreach H’s interest?
All other assets were held jointly so have passed by survivorship. I am aware of the relevant IHT points re: the transfer of part to the son and this was handled properly via the DoT and will be reported in the IHT return as a failed PET.
Thanks in advance for any input!