Rights at inheritance

thorsoak

I do believe that solicitors have a duty of care to keep things like this in archive for quite a long period of time - would be worth approaching them....

*Louise*

^^Just what I was thinking

I'm sure archives of that sort of importance go back much further than standard paperwork.

floss2

thorsoak wrote: »

I do believe that solicitors have a duty of care to keep things like this in archive for quite a long period of time - would be worth approaching them....

Might have to be quick - my divorce & financial settlement papers were only kept for 5 years...

lincsdan86

still wanting for the will to be delivered, anyone any ideas on how long this takes?

jackieglasgow

No idea, but I was just thinking, that if it's waited this long, what difference does another week or two take? Try and put it out of your mind until it happens, otherwise it will drive you nuts - if it hasn't already

lincsdan86

I would take offence at that statement if it wasnt true jackieglasgow, just be nice to have an end to it, either way, i dont like thinking my parents would do that but i wud like to no what they are capable of.

whitfreak

Until you see the will there is not alot you can do.

Remember the trust could have a large eliment of choice. So bad investment choices over the years could have degraded value.

Or they could have had the option to use it to your benefit before you inherited. Educational clauses are common, its what allowed my parents to send me to a school with a specialist unit to help me.

But it all comes down to the will and its interpretation.

lincsdan86

Hi all, now recieved a copy of the will details below, I have contacted the solicitor that dealt with the probate but he wont realise the estate accounts without informing the executors, does he have to do this? also highlighted a paragraph in the will does this mean that mother could use money to purchase house but would have to reply it at the age of 18???? any guidance would be great.
This is the last will and testament of (My Grandfather) of #######

1. I hereby revoke all former wills and testamentary dispositions made by me and declare this to be my last will.
2. I appoint my daughter (My mother) of ####### and my son (my uncle) of ###### (hereinafter called ‘my trustees’ which expression shall include the trustee or trustees for the time being hereof) to be the executors and trustees of this my will.
3. I desire that my body be buried and the expense thereof shall be a first charge on my estate and it is my wish that I be buried with my wife (my grandmother) at ##### in ######
4. I give the following free of inheritance tax:
a. Ten thousand pounds to my daughter (my mother)
b. Ten thousand pounds to my son (my uncle)
5. I give devise and bequeath the remainder of all my real and personal property of whatsoever nature and wheresoever situate (including any property over which I may have a general power of appointment or disposition by Will) to my trustees upon trust to sell call in and convert the same into money with full power in their absolute and uncontrolled discretion to postpone such sale calling in and conversation for so long a period as they shall think fit without being responsible for loss.
5.1 My trustees shall hold the net proceeds of such sale calling in and conversion together with my ready money and any property for the time being remaining unconverted upon the following trusts:-
5.2 Upon trust to pay there out all my just debts funeral and testamentary expenses and subject thereto:
5.3 upon trust absolutely for the following beneficiaries as shall survive me and attain the age of eighteen in the shares specified:-
(1) To my grandchildren (my brother) (me) (my little brother) all of ##### a share of Fifty per cent in equal shares or to the survivor absolutely
(2) To my grandchildren (cousin) (cousin) (cousin) all of #### a share of Fifty per cent in equal shares or to the survivor absolutely
6. In addition to the powers conferred on my trustees by this will I declare that where appropriate my trustees shall have the following powers:
(a) My trustees may acquire wasting assets and assets which yield little or no income for investment or any other purpose and may pay taxes and other expenses out of income although they would otherwise be paid out of capital and may apply accumulated income as if it were income arising in the current year
(b) My trustees may lend money held by them on trust to a beneficiary to whom income from the trust fund is payable without security and on such terms as they think fit
(c) My trustees may charge property held by them on trust as security for debts or obligations of any beneficiary hereunder or pay any trust money to any such beneficiary as his or her income for the purpose of augmenting his or her income
(d)my trustees may borrow money for investment or any other purpose and money so borrowed shall be treated in the same way as money held in trust
(e) My trustees may delegate in writing any of their functions to any person or persons or body and I declare that my trustees shall not be liable or responsible for the default of any such person or persons or body provided that my trustees took reasonable care in their choice and supervision
(f) My trustees may deposit any documents or securities (including bearer securities) with any person or body
(g) My trustees my vest any property or asset held by them on trust in any person or body as nominee and may place any such property or asset in the possession or control of any person or body
(h) My trustees may carry on the administration of any trusts declared by this will outside of the United Kingdom if it is necessary and expedient so to do and may pay liabilities of any trust declared by this will even though such liabilities may not be enforceable against them
(I) my trustees may indemnify any person or body for any liability properly chargeable against any property or asset held by them upon trust and may charge such property or assets as security for any liability properly incurred by them, as trustees
(j) my trustees may do anything which is incidental or conducive to the exercise of their functions and may be deed release any of their powers wholly or in part so as to bind future trustees and may accept any disclaimer from a beneficiary hereunder who has any interest in any trust property or asset
(k) any trustee shall not be liable for any loss unless that loss was caused by fraud or negligence of that trustee and shall be at full liberty to enter into any transaction whatsoever concerning the management and administration of my estate and may exercise and fiduciary power or discretion notwithstanding that my trustees may be in any way personally interest therein.
7. Without intending to derogate form the statutory powers of maintenance and advancement conferred by sections 31 and 32 of the Trustee Act 1925 I declare that m y trustees may at any time or times in their absolute discretion apply any part or parts of the capital (up to the whole extent) of a share or interest in my residuary estate of a beneficiary hereunder for the maintenance education advancement and benefit or advantage in any such way as my trustee shall think fit of such beneficiary and I declare that in all other respects sections 31 and 32 of the Trustee Act 1925 shall apply to this will save that the Proviso of section 31(1) shall be deleted and the words one half in section 32(1) (A) shall be deleted.
8. I declare that any money liable to be or required to be invested under this my will may be invested in the purchase or at interest upon the security of such stocks funds shares securities or other investments of whatsoever nature wheresoever situate and whether involving liability or not upon such personal credit with or without security as my trustees shall have the same full and unrestricted powers of investing and transposing investments in all respects as if they were absolutely entitled thereto beneficially.
9. I declare that my trustees may apply any trust money at any time and from time to time in the purchase (upon trust for sale but with full power to postpone sale) and in the repair maintenance improvement or development of any freehold or leasehold dwelling house within the UK on their own or jointly with others and to permit any such dwelling house to be used as residence by any beneficiary under this will and upon such terms and conditions as in their absolute discretion my trustees may from time to time think fit to require
10 I declare that my trustees may exercise the power of appropriation conferred by section 41 of the administration of estate act 1925 without obtaining any of the consents required by that section and even though he she or they may be beneficially interest in the property appropriated
11. I declare that in any case where my trustees have an obligation or a discretion under the provisions of my will or under the general law to pay or apply income or capital to a minor for his or her benefit my trustees may discharge that obligation or exercise that discretion if they desire by paying the same to any parent or guardian of the minor and their respective receipts shall be sufficient discharge to my trustees who shall not be obligated to see to the application of the income or capital paid
12. I declare that my trustees shall have power to insure against loss or damage by fire or from any other risk any property for the time being comprised in my estate to any amount and even though a person may be absolutely entitled to the property and to pay the insurance premium out of the income or capital of my estate or the property itself and any money received by my trustees under such policy shall be treated as if it were the proceeds of sale of the property insured.
13 I declare that the statutory and equitable rules or apportionment shall not apply to my will and all dividends and other payment in the nature of income received by my trustees shall be treated as income at the date of receipt irrespective of the period for which the dividend or other income is payable.
14. Every person who would otherwise benefit under this my will but who fails to survive me for 28 clear days shall be treated for all purposes hereof and for the purposes of the devolution of my estate as having predeceased me and my estate and the intermediate income thereof shall devolve accordingly to the intent that no person shall be entitled to any intermediate income from my estate or any of it if he or she dies within that period or acquires therein or in any part thereof a vested interest (or a vested interest subject to defeasance) before the end of it.

*Louise*

^^Did you get a note of any other figures involved? What the final bequeathed amounts were to the grandchildren etc?

lincsdan86

*Louise* wrote: »

^^Did you get a note of any other figures involved? What the final bequeathed amounts were to the grandchildren etc?

At the minute I am only aware of the house which was sold for £95k, which is why I have requested a copy of the estate accounts to get a definative amounts but 95 less the 20 bequeathed to son and daughter leaves 75, 5 for estate agents n probate? leaves 70 split between 6 is £11.5k approx which means that there is at least £6.5k by my math.