inheritance question

holly_hobby

farkkraf wrote: »

Trust would be needed that I would do the right thing and this is not a problem.

When I have discussed "a Trust" or "Trusts" it doesn't mean you agree to abide, it is in reference to a formal legal document and arrangement, which is administered by Trustees.

Although I don't doubt that you have the upmost intregity with regards to the interets of your siblings and Nephew, a trust is a legal arrangement to ensure adherence to its terms, and indepndent of its beneficiaries.

Hope this helps

Holly

Emmzi

I think dad has to face the reality that he just doesn't have enough cash to do everything he wants.

I think the best person to explain this is a solicitor, not you.

I think you are best staying out of it and just dealing with the will after the sad event. otherwsie you risk causing stress dad doesn't need. Let him talk to the solicitor, and then abide by what os written. but he does need proper advice, it is a complex result he wants to achieve.

Soundgirlrocks

Hi didn't want to read and run, this must be a horrid time for your family but it will help your father if he knows his affairs are sorted it gave my Dad peace of mind. He left his home (and main asset) to my step mother and I in a trust. My step mum has the right to continue living there untill such time as she wishes to move then the property can be sold. What about something similar? I would have thought your father could give you the right to live in the property for a set length of time (to allow your income to increase) and then you could buy the others out. It would also mean the nephew getting the money when he is a bit older, give the "lazy" sibling a chance to turn their live around. As for the sibling who has a disability I wouldn't have thought that their benifits would be affected by inheriting a sum of money as I didn't think that was means tested.

dawyldthing

if i was you i'd pay them a monthly sum for the next x amount of years until they have had their inheritance, as family can give family money so i don't think it will impact their benefits and it won't mean they are then illegable for benefits when having the money i believe

Mojisola

dawyldthing wrote: »

if i was you i'd pay them a monthly sum for the next x amount of years until they have had their inheritance, as family can give family money so i don't think it will impact their benefits and it won't mean they are then illegable for benefits when having the money i believe

If it's a regular payment, it could affect them - it depends which benefits they're on.

Errata

Sorry to hear your dad is seriously ill. He could easily write a will dictating what he wants to happen, and the day after you inherit the house you drop dead without leaving a will or your OH walks out and demands half the assets of the marriage which would include the full value of the the house - leaving all the others dad wants to benefit from the property with zilch.
Talk to a solcitor - they may indicate the best way to attempt to carry out dad's wishes, stuff your dad will be unaware of unless he's legally trained and knowledgeable.

Mojisola

Errata wrote: »

Sorry to hear your dad is seriously ill. He could easily write a will dictating what he wants to happen, and the day after you inherit the house you drop dead without leaving a will or your OH walks out and demands half the assets of the marriage which would include the full value of the the house - leaving all the others dad wants to benefit from the property with zilch.
Talk to a solcitor - they may indicate the best way to attempt to carry out dad's wishes, stuff your dad will be unaware of unless he's legally trained and knowledgeable.

Only if the OH is a spouse. An unmarried partner wouldn't have the same rights.

It would be wise to get your own will made to cover "what ifs".

A solicitor may not be fully aware of the effects on benefits - your siblings now or anything you might need to claim in the near future - so double check the legal advice from a benefit point of view.