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Remus2004
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2437
Experience:  Over 5 years in practice.
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sirs my wife and myself owned my mother in laws propery since

Customer Question

sirs my wife and myself owned my mother in laws propery since 1990 we had a deed of trust, rather stupidly I reassigned it to my mother in law in june of 2014, I believe I acted stupidly without proper advice fearing massive tax implications. I have made a dreadful mistake. is it possidle to reinstate the deed of trust
Submitted: 1 year ago.
Category: Property Law
Expert:  Aston Lawyer replied 1 year ago.

and thanks Just Answer.

I am Al and am happy to assist you with your enquiry.

Could you please clarify whether the legal ownership of the property has always been in your mother in law's name and you had an "equitable interest" comprised in a Deed of Trust and you agreed to release your interest under the Deed of Trust in 2014?

Thanks

Al

Customer: replied 1 year ago.

the deed of trust was in mine and my wifes name only my mother in law had no financial interest

Expert:  Clare replied 1 year ago.

Thank you question
Who now owns the property and why do you wish to reverse this?
Clare
Customer: replied 1 year ago.

we provided the funds to purchase the property to my in/laws but were protected by the deed of trust, additionally the will of my mother in law protects us whereby its willed to us we have reassigned the property to my mother in law in june 2014, we reassigned it to her as we thought this would be tax beneficial

Expert:  Clare replied 1 year ago.

What made you do that?
Clare
Customer: replied 1 year ago.

thought my tax liabilities would be 40% cgt previous advise from just answer states this is not the case . also my mother in law is in care it was a balancing act as to what would be more expensive cgt or care costs

Expert:  Clare replied 1 year ago.

Does your mother in law still have mental capacity?
Will she agree to the Transfer?
Clare
Customer: replied 1 year ago.

yes

Expert:  Clare replied 1 year ago.

In that case you simply need to have a fresh Declaration drawn up in the same terms and arrange to be signed
Please ask if you need further details
Clare

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