Nice people thread part 4 - sugar and spice and all things

LydiaJ

neverdespairgirl wrote: »

I appoint kids as executrices and trustees.... you and siblings are in charge, but can pay a solicitor out of the estate to help you. I give to my trustees all my estate and interest in my property it's all yours [you and siblings'] .... upon trust to sell the same and hold the proceeds thereof and the net income until sale for my wife .. for her life provided she survives me by 30 days and she may occupy the property for use as a residence as long as she shall desire 30 days after your father's death, you hold the money in the estate, and the proceeds of the house, for your mother's benefit ... my trustees shall not exercise the power of sale ... you can't sell the house unless and until your mother agrees my trustees shall have the power from the net proceeds of sale of the property to purchase or contribute to the purchase retain and improve any freehold or leasehold house or other dwelling for use as a residence for my wife for her life if you sell up, you are allowed to buy her another place to live out of the money, and improve it and maintain it for the rest of her life

Am I right in thinking that Pastures and her siblings can't use the money for their own purposes while their mother is alive? And what about Pastures's original question: once her mum has spent the proceeds of her own share of the house, does the fact that her kids hold a whole lot of money in trust for her mean that they will have to spend that on her care home fees before the local authority will pay for her?

PS Thanks for your lovely comments about my kids - and thanks to everyone else who's said nice things about them too.

PasturesNew

LydiaJ wrote: »

Am I right in thinking that Pastures and her siblings can't use the money for their own purposes while their mother is alive? And what about Pastures's original question: once her mum has spent the proceeds of her own share of the house, does the fact that her kids hold a whole lot of money in trust for her mean that they will have to spend that on her care home fees before the local authority will pay for her?

I wanted to ask this, but it was an Aspie moment .... if I ask a question and some of it's answered, I find it difficult to then ask the other bits that were omitted as it feels like I'm whining or something

neverdespairgirl

Sounds like they hold the capital on trust to be used for their mother's benefit while she's alive. But you'd need to read the whole thing to be sure.

PasturesNew

I nearly met LIR once... but then Mr LIR decided that people on the Internet were nutters so she couldn't come

silvercar

neverdespairgirl wrote: »

I give to my trustees all my estate and interest in my property[/I][/COLOR] it's all yours [you and siblings'] .... ...... my trustees shall have the power from the net proceeds of sale of the property to purchase or contribute to the purchase retain and improve any freehold or leasehold house or other dwelling for use as a residence for my wife for her life if you sell up, you are allowed to buy her another place to live out of the money, and improve it and maintain it for the rest of her life

So can the siblings and PN sell up and choose not to buy a property for mother? and do they then have to use the money for a care home?

neverdespairgirl

PasturesNew wrote: »

I wanted to ask this, but it was an Aspie moment .... if I ask a question and some of it's answered, I find it difficult to then ask the other bits that were omitted as it feels like I'm whining or something

Sorry PN, didn't mean to be unclear.

silvercar

PasturesNew wrote: »

I nearly met LIR once... but then Mr LIR decided that people on the Internet were nutters so she couldn't come

I have a problem with drumming into my kids that they must never meet strangers off the internet and then going off and doing same myself.

Even though I reckon you lot are not any more nutty than me, its a bit hypocritical and a really bad example. Plus they would tease me forever more.

neverdespairgirl

silvercar wrote: »

So can the siblings and PN sell up and choose not to buy a property for mother? and do they then have to use the money for a care home?

It sounds from that extract as if the money's held on trust for the mother - what isn't clear is whether the capital could be spent or only the interest.

Rinoa

LydiaJ wrote: »

Am I right in thinking that Pastures and her siblings can't use the money for their own purposes while their mother is alive?

Yes. the money can only be used for the benefit of her mother.

LydiaJ wrote: »

And what about Pastures's original question: once her mum has spent the proceeds of her own share of the house, does the fact that her kids hold a whole lot of money in trust for her mean that they will have to spend that on her care home fees before the local authority will pay for her?

No, that's why the trust is there. At least half the house is saved for the eventual benefit of the children. The Local authority will pay when mother's share of the house and her savings are lower than £23,500.

tomterm8

Is it just me, or do other people find that the more they read pasturesnews will, the more confusing it is?

The wording is not at all clear to me. I think a solicitor needs to read the entire thing, and give an opinion on PasturesNew's questions, personally.

It's the wording around the section forming the trust that especially confuses me, as it is not clear what happens to the money in the trust after PN's mother dies.

It's fairly clear that the trustees can use the entire proceeds from the sale to purchase or rent a house or flat etc, but it doesn't appear they can use it to defray normal living expenses.