I'm executor of will..help!!

sloughflint

Do you understand Ipri? Did your uncle have enough assets to pay the lump sums without having to sell the house? His intention may have been to safeguard the house.

ipri

Hi..on my current knowledge...he has pledged a number of lump sums to people/charities......these are fixed sums...dont know if these are from his personal savings...I guess they must be...."10% of the the residue of estate.. real & personal"....for debts testamentary...and some charities...90% to be split amongs children.....I suppose I'll get more info on his finances when solicitor gets around to finding out?/ thanks again.

A supplementary Q. If they have a tenants in common arrangement...will Aunts 50%...be used to fund her care?

sloughflint

ipri wrote: »

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A supplementary Q. If they have a tenants in common arrangement...will Aunts 50%...be used to fund her care?

That's the whole point, ipri. If your aunt's 50% is turned to cash then yes. If it is locked in an unsold house then no it won't and will pass to her beneficiaries upon her death.

That's what I suspect your uncle may have been trying to plan for otherwise why bother changing from joint tenancy?

I suppose it all depends on whether the option is there. If there aren't enough savings to cover your uncle's debts then there may be no choice.

SeniorSam

sloughflint wrote: »

That's the whole point, ipri. If your aunt's 50% is turned to cash then yes. If it is locked in an unsold house then no it won't and will pass to her beneficiaries upon her death.

That's what I suspect your uncle may have been trying to plan for otherwise why bother changing from joint tenancy?

I suppose it all depends on whether the option is there. If there aren't enough savings to cover your uncle's debts then there may be no choice.

Not absolutely sure on this but even if the house is not sold, the 50% share owned by the wife may still be liable to the care costs if not met. An account could build up and be payable from her estate when she dies. Get a solicitor to check this out.

Also if the house was changed to tenants in common, was a Discretionary Will Trust also in existance to protect assets up to the nil rate band of the first to die?

Sam

sloughflint

SeniorSam wrote: »

Not absolutely sure on this but even if the house is not sold, the 50% share owned by the wife may still be liable to the care costs if not met.An account could build up and be payable from her estate when she dies.

When the financial assessment would be made, the value of the lady's share would be virtually nil though so I can't see how that could happen.

localhero

SeniorSam wrote:

Not absolutely sure on this but even if the house is not sold, the 50% share owned by the wife may still be liable to the care costs if not met. An account could build up and be payable from her estate when she dies. Get a solicitor to check this out.

Also if the house was changed to tenants in common, was a Discretionary Will Trust also in existance to protect assets up to the nil rate band of the first to die?

The OP is already getting advice on this from a solicitor - and I'm not convinced the solicitor has spotted the potential elephant trap of selling the house.

There are other more practical ways to protect the assets of the first to die than a discretionary trust - and obviously much will depend on the provisions of the Will as to the repurcussions of selling the house. The OP needs to get someone on board fast who knows what they're talking about.