Terminology in a will...?

GotToChange

I wonder if - and am sure - someone knows more and can help with what is/should be quite simple but is in fact part of a much bigger problem.

First to say, the primary person affected by this is not me - but a dear friend who turns to me for support and advice and to be a sounding board.

The circumstances are not at all straightforward but I shall try to be succinct (for once in my life).

He has recently (yesterday actually) had sight of his father's newly written will (along with his younger brother...). As they didn't have much chance to look closely, it has raised more questions than it answers, the main one being concerned with their father's new lady-friend.

From the way I understand it, their father's estate (which will not be small) is to be left to the two sons - BUT - this new lady-friend (who their father has known for two months and whom he intends to marry when her divorce is finalised) will have "an interest" - as will father's sister and neice.

So - everything else aside (and there is a lot to consider that I know for sure is none of my business but it is IYKWIM) - what does that term mean? An "interest"? He said that there wasn't a figure attached to it (that he saw) and my thought is that it is something like a charge that an ex-partner would have, he and his brother inherit the estate but it will probably have to be liquidated in order to pay these "interest" - ed parties?

Am I anything like correct? Does anyone know more and can shed light on it?

His father is not a young man (well over 70) and of course he is free to do what he wants with his property - BUT (as I said, there is a lot to this story) - my friend wants to know what the implications are so that he can take action himself rather than be suckered any longer and/or put into a premature grave himself as his mother was.

*deep breath*

Can anyone please help me? It may sound crazy but I am actually losing sleep over this (FMs who have read my retired horse saga may know why....)

Artytarty

Im not a legal bod but it could be he has granted her a life interest in the house, ie she can live there until she dies and then it will revert to the two sons.
Im certain someone with more specialist knowledge will be along shortly!
Arty.
Oh Hi! now I understand a bit more!

GotToChange

Thank you - do you know, I hadn't thought of that...

But that's one of the things that makes it complicated; his eldest son lives in the house, his father has now started to spend many many nights (and days and virtually all the time really) 1.5 hours drive away with his lady-friend.

(She lives in the family home as her father is now in a "home" and this house will be split between her and two siblings upon his death. She will also have a property to sort out when divorce goes through. I don't think that the plan will be for them when married or her if widowed to live in the father's house/son's home. She has only been down this way once as she has to be driven everywhere as banned for DUI.)

I really would not give a monkey's about the old goat's love life if it didn't impact on my friend who is worrying himself stupid and working himself to death looking after what his father has virtually abandoned and - of course - the horses who still need looking after every day and now an addition of 5 new liveries and attendant owners and hangers on.

again - *breathe*

Artytarty

Ermmm. thats thrown my idea out then.
Rather more worrying for your friend but perhaps it relates to a financial stake in the business, given that it is more than just a house.He may leave her his share of the livery income .
Sorry Got to, Im just guessing here and probably only causing more worry for you!

GotToChange

Artytarty wrote: »

Ermmm. thats thrown my idea out then.
Rather more worrying for your friend but perhaps it relates to a financial stake in the business, given that it is more than just a house.He may leave her his share of the livery income .
Sorry Got to, Im just guessing here and probably only causing more worry for you!

No - no worries, I am grateful for rational input.

For what it's worth, he so should not leave her any of the livery income; it is very very new, hardly profitable and should go to his son (if anyone, personally, if the father isn't here, he should not be offering livery of a DIY [virtually impossible] or any other kind) who has the day to day hassle, worry and potential outlay. As it is the £££s he is getting are going straight into the tank of his new vehicle for all the motoring up and down the A1.

I know you are just speculating and oops! off I go again, so please excuse me; it just infuraties me that this is happening and there is a severe ripple effect for everyone/thing else. And not in a good way.

Artytarty

Any chance your friend could ask the old sod what his plans are?

GotToChange

Artytarty wrote: »

Any chance your friend could ask the old sod what his plans are?

You'd think wouldn't you...?

The old sod has to be met to be believed (again, if you have read the retired horse saga, you may have some idea of how he and I (don't) get on). When the sons were scanning the will yesterday, he came back into the house all of a flurry looking for "a letter" that he had misplaced. He would have a hysterical hissy-fit if he thought/knew that they had read it.

A few weeks ago - before his love life perked up - the sons wanted to have a meeting to discuss the future (and sadly, what would happen "when") but of course now everything has changed and not only are they both being kept in the dark, serious p*** is being taken and the property itself being virtually dismembered around us (horses included/mainly).

I think the younger son (a bit more bolshy and certainly less patient) may have something to say. Especially as he can sometimes be a bit guilty of having fruit machine eyeballs.

sharonace

I believe that if you make a will then marry or divorce the orignal will becomes invalid and that could change the order of who inherits what.

Artytarty

Good point, I was assuming that this will was being drafted to come into being for after the impending marriage Got To referred to in her original post.

GotToChange

I totally understand and agree that priorities may and will change subject to marriage etc. What the puzzle is is this expression ~
"an interest in".....

As before, there is a lot more to this (in my friend's eyes and certainly in mine having known this family for so long...) than I should go into here but, as my title says, I am ignorant of will terminology - and likely to stay that way even on my own behalf (but that's another story altogether :rolleyes:).

Any more advice or definitions or thoughts would be very very welcome.

x

SmlSave

He would have a hysterical hissy-fit if he thought/knew that they had read it.

Don't beat me - and I'm not sure if I could have resisted looking - but this sounds like the reason he didn't want anyone reading his will as it is a confidential and very personal thing to make.

I agree that an interest could mean that she has the right to live in his house or even that any interest accrued on bank accounts could go to her. Without the whole context of the Will its very hard to say what it means.

In the end though its up to the maker of Will where everything goes and tough luck to everyone else.