A + B were married and in January 2008 created mirror NRBDT Wills and severed the joint tenancy of their home so it was held as T in C in equal shares with the usual restriction on the title register. C was appointed as executor and trustee.
B died in February 2012.
C renounced as executor and disclaimed their appointment as trustee. There were no substitution provisions for an alternative executor or trustee in the Will.
Nothing has been done to deal with B’s estate.
A now wants to sell the property and purchase a new one. The sale and purchase are at a point where we cannot wait for the Probate Registry to issue the Grant of Letters of Administration with Will annexed (they will not commit to time scales for an urgent application).
We are happy that A can appoint a co-trustee to overreach the restriction preventing a disposition by a sole proprietor meaning that the sale can proceed. However, A wants to use the sale proceeds to purchase a new property.
Can A and the newly appointed trustee use the sale proceeds to purchase the new property provided the title to the new property clearly shows that the property is held by A plus the newly appointed trustee as to X% for A in her sole name; and Y% for the estate of B? This will allow the sale and purchase to proceed following which we can sort out the issues relating to the NRBDT.
I believe they can based on the various legislation but this has been chewed over at length and any thoughts welcome.
Rix & Kay