Should my 78 year old mum buy a flat?

zzzLazyDaisy

OP your mum was a dependent of your step-dad, so if no provision was made for her in the will, or if the provision is considered inadequate, the will can be challenged. The problem is that such court proceedings can be lengthy (running into years), very expensive and very stressful. At your mum's age this may not be the best route for her to take from the point of view of her personal well being, regardless of the legalities of the situation. Do see a solicitor first who can advise you, not only about the likelihood of success in a claim, but what this is likely to mean in practical terms, for your mum.

p0d

I (or my solicitor) would do it on her behalf. I don't mind how long it takes, or how expensive or stressful it is, as it is preferable to her running out of money.

Mojisola

The solicitor who is acting as executor will know that she has a right to challenge the will and might suggest to the beneficiaries that an offer is made. It will cost the estate money to defend the will and that will reduce the amount they inherit. Worth thinking about what she would be willing to accept.

Arthurian

When someone dies, they (hopefully) leave a will which deals with where they want their assets to go. Someone has to contact insurance companies, banks, etc., and tell them about the death, and what should now happen to the bank accounts, etc. The 'someone' is named in the will as an executor. That person, the executor, has to apply for a grant of probate which is an official document which gives them authority to direct the banks, insurance companies, etc., with instructions on where to send the money. An executor can be an individual trusted by the deceased, or can share the responsibility with a solicitor (who will charge for his time), or the will might name solicitors only.

http://www.direct.gov.uk/en/Governmentcitizensandrights/Death/Preparation/DG_10029799

zzzLazyDaisy

The point is that the legal costs can eat up any benefit, and while the court battle is going on the proceeds of the sale of the house are likely to be frozen, pending the resolution of the dispute. Which would mean that she would still lose her home, but would not get any money under the will until the dispute is concluded. If she loses the case, the money that she would have inherited could well be lost, as she would have to pay her own legal fees, and also the fees of the other beneficiaries. Even if she wins her claim, at her age, she could conceivably pass away without ever having access to her inheritance. This is why it is important to discuss all aspects, including timescales and costs with the solicitor.

zzzLazyDaisy

Mojisola wrote: »

The solicitor who is acting as executor will know that she has a right to challenge the will and might suggest to the beneficiaries that an offer is made. It will cost the estate money to defend the will and that will reduce the amount they inherit. Worth thinking about what she would be willing to accept.

This is certainly a good solution if it can be achieved and can be done by way of a variation to the will, provided all beneficiaries agree.

slopemaster

Richard_Webster wrote: »

If she is considering a retirement flat, please note that 20 year old second hand ones can sometimes be obtained for half the price of brand new ones!

In many areas, when you search on Rightmove, all the cheapest properties are reftiorement flats. Even in my expensive area of the SE, there are many for under £100 000. HOWEVER I think the thing to watch out for is charges - often of the order of £160/month, and can go up at any time!
(Also I've noticed many have standard baths, which seems silly when a lot of older people have trouble getting in and out - a walk-in shower would seem better?)

ColU_FC

Might she enjoy Abbeyfield sheltered accommodation? Abbeyfield are a national charity. My Mum spent the last 4 years of her life in an Abbeyfield house just 3 miles away from where I live and loved it. She had the best of all worlds, the company of others when she wanted it, privacy when she wanted it, and a son and daughter in law to visit/go out with when she wanted to.

namecheck

IMO, buying a retirement flat would be the way to go.
Renting does have its advantages, however the people suggesting this are (probably) not aged nearly 80. It could be a nightmare for your mother if she was renting and was obliged to move again when she is, say, 85 - especially as you live 200 miles away.

zzzLazyDaisy

namecheck wrote: »

IMO, buying a retirement flat would be the way to go.
Renting does have its advantages, however the people suggesting this are (probably) not aged nearly 80. It could be a nightmare for your mother if she was renting and was obliged to move again when she is, say, 85 - especially as you live 200 miles away.

That is exactly why housing association retirement places or sheltered housing is worth considering. It avoids tying up her money when it could be used to make her life more comfortable while at the same time giving her security of tenure.