House left to children, but house now reposessed.?

(uk) I am very surprised that this has happened as the Executor of the old couple would have protected this property through a Secure Trust..........it maybe that James was the Executor and took shortcuts.......The property should have been professionally valued on transfer, so unlikely James could have ever purchased it (say for a £1)........ This position does not add up unless James is a complete crook and has made himself head of the Trust and has over-borrowed on the Trust fund, etc, etc. In law...even if James was living there, as the parent..he would have had to pay a nominal rent, even as the children's guardian......Jame's financial difficulties should have NO impact on the children's inheritance........I think a major piece of info is missing here !!!......His wife (should) on behalf of the children should take independent advice against any repossession orders...etc.

This is a very unfortunate situation for the grand children of the couple. Hind sight is always much better when you have seen what has happened.

The grandparents of the children should have gotten better estate planning ideas and put them in motion to prevent the son from having an access to the property. The grandparents know their son was not a responsible person should have so stated and that another person appointed as guardian of the estate for the grandchildren.

In most situation involving minor children in the United States, the property is required to go through probate. Going through probate the judge would normally appoint a guardian for the children, until the reach majority.

In almost all cases the judge would place a family member, especially parents as guardians since they feel they would act on behalf of and in the best interest of the child. Very seldom do the judge appoint someone outside the family.

If John was appointed as the guardian of the estate, then he would have the ability to make decisions about financing, or refinancing the house and sign all documents related to the transaction on behalf of the children.

We are assuming John would legally do what his parents wishes were. He could have hid the will, thus he might be the next in line for the property upon the death of his parents. I am guessing here, but this is a possibility. If no one, family or friend would know about the will, then the judge would order the property to the next persons in legal order according to the state laws of the state in which the property is located.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

If people die in debt - the estate has to pay that debt out of the estates assets.

If the property was still mortgaged, then it shouldn't have been left to anyone (as it wasn't the deceased's to leave).

All the assets should be sold, and divided as per the will - in this case, presumably, between Rachel, Jon & Simon. If the house is worth (say) £150k and the mortgage company are owed £100k, then each child will probably get £8k after fees (the property will probably be sold for £120 - £130)

They are minors and cannot own the home. It should have been put in a trust for them & since the father was not trustworthy, a bank or attorney should have been named trustee. He would have protected them. What a shame the grandparents didn't have better counsel to guide them. I am surprised James was allowed to do what he did, I don't know UK law though.

The simple answer is it can't, if the executors of the will did their job properly and put the house in trust for the children. There must be something about the situation you don't know.

B/c they are minors and there's nothing they can do about it. That's life. No matter who the grandparents left the house to, it still has to be paid for. Should have been left in a trust.

They are under 18 and I'm assuming as it's been repossessed it still had a mortgage left on it.

If it's not paid for ..... it should NEVER be left to anyone.