I am aware that any transfers of assets made within 3 years of death may be bought back into consideration as notional estate. If someone though sells their home, then buys a new property, placing the property into joint tenant ownership, can this property be bought back in - wholly or partly - to the estate value as notional? I am aware joint tenant ownership does not require probate, however not sure how the purchase would stand and if contesting a will how to go about including a joint property into the assets of the estate.
Dear Simon123!,
I am afraid your question is too broad - whether or not something is to be part of a notional estate is evidence-based and determined in a court matter, and how it is assessed differs for example if it is a family provision claim or a fraud claim so it is hard to say without knowing the specifics.
However, a key issue is if the property was sold or purchased "without full valuable consideration being given to the deceased". In other words, if the property was purchased at a fair market price, or sold at a fair market price, it would be harder to be considered a notional estate. So if the purchase should have been part of whole to the deceased then notional estate is more likely.
Good luck!
-Nighthelyn
I am afraid your question is too broad - whether or not something is to be part of a notional estate is evidence-based and determined in a court matter, and how it is assessed differs for example if it is a family provision claim or a fraud claim so it is hard to say without knowing the specifics.
However, a key issue is if the property was sold or purchased "without full valuable consideration being given to the deceased". In other words, if the property was purchased at a fair market price, or sold at a fair market price, it would be harder to be considered a notional estate. So if the purchase should have been part of whole to the deceased then notional estate is more likely.
Good luck!
-Nighthelyn
Thankyou Nighthelyn. Apologies for not providing enough information, and for the delay in responding. For context the situation I am referring to is the deceased - within 3 years of their death as in prior to passing - sold a house on market that was soley in their name, and bought a new property which was then placed into joint names with a second party as joint tenants. I was told any financial transaction that effectively lowers an estate value - which this does as the house will no longer need to be part of probate or total estate value - can be bought back into the estate if there was a claim. Now I assume the claim would be a family provision claim, but I am not 100% sure as the claim involves stepchildren of the deceased.
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