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Renunciation of Liferent on a property
HI
Basically I am one of 8 dependents who are waiting on a formal renunciation of my aunt's liferent of my late gran's trust.
The lawyer who is dealing with it seems to be mucking us about, or it seems like it. The situation at the moment is the trust (a property) has been left to 8 grandchildren, but my aunt was still living in the property until recently, she is now living in a home, so the lawyer was able to sale the house, how I do not know but he is now saying my aunt isn't granting a renunciation so the money from the sale of the house cannot be shared out yet.
What i reallly want to know is was he able to sell the house if she isn't going to hand the house over anyway??? Or do we have to wait until she dies? bit complicated but wondering if you can shed some light?
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If I understand you right (It's been a long night and I'm a little fuzzy.), your gran left a trust for the 8 grandchildren but your aunt lived in the house. It sounds like while your gran gave the house to the grandchildren, she added something in her will that would allow your aunt to live in the home rent-free (or be provided for) until her death.
If I remember my legalities correctly, the house may be sold but the money from the house is still going to provide for your aunt. Unless she does a formal renunciation of the money from the sale of the house (the trust), the money will be used to provide for her needs until her death. After her death, the remaining money will be split between the grandchildren.
I hope that makes sense.
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