LPA and donor inheriting money - help needed

MaryGibb

atush wrote: »

Make sure they put it down in writing with independant witnesses. And perhaps instruct a solicitor with some of that cash (ie theirs) so as to keep things tidy/legal.

It seems they have enough to get round deprivation of assets rules, but it does concern me about the relative involved.

when they made the will, did they say within it why they weren't leaving money to their other children and were writing them out? This would help, as would leaving them a token sum instead of 0?

Thanks for your answer again Atush.


The letter does have an independent witness.


They left some money in their will to the other family member but not much, mum wanted him to have nothing, but my husband said to her that's not fair and the family member must get something.

MaryGibb

atush wrote: »

It seems they have enough to get round deprivation of assets rules, but it does concern me about the relative involved.

No deprivation of assets as Dad and Mum are pretty wealthy and have enough to take care of them in care homes and even if they didn't we are willing to take care of them until the time comes :-(
we adore them, and they adore us. We are very close.

xylophone

Remember IHT as it relates to gifts.
http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

You keep saying "left" in relation to your parents' wills - as they are both still living, it would be more appropriate to say "are leaving"?

atush

So it seems you just need to see a solicitor, maybe with your mum to go over everything they have gifted to you etc and make sure you are all ship shape in case there is any dispute later so you can pass any inspection.

Your husband was wise to say they should be left something, but a codicil or attached letter to the will saying why the other relative was getting so little (and to make sure it is recorded that you have had no undue influence) would be helpful.

Mojisola

atush wrote: »

Your husband was wise to say they should be left something, but a codicil or attached letter to the will saying why the other relative was getting so little (and to make sure it is recorded that you have had no undue influence) would be helpful.

My parents did this because they were leaving their estate "unevenly". A will becomes a public document - a letter of explanation kept with the will doesn't so the world doesn't have to learn about family business but there is written evidence if the will gets challenged.

As a relative is already willing to cause trouble, it would be worth the parents being seen by a solicitor (without anyone else present) so that he/she can assess that they have been making their own decisions about giving money away. Notes from this meeting could be used as evidence if the family member keeps raising problems.

MaryGibb

xylophone wrote: »

Remember IHT as it relates to gifts.


You keep saying "left" in relation to your parents' wills - as they are both still living, it would be more appropriate to say "are leaving"?

You right, are leaving is the better option of word. But it was past tense in that they "left it to us in their will" meaning the will is already done. My main concern is not my vocab.

MaryGibb

xylophone wrote: »

Remember IHT as it relates to gifts.

By the way, thanks for links

MaryGibb

atush wrote: »

So it seems you just need to see a solicitor, maybe with your mum to go over everything they have gifted to you etc and make sure you are all ship shape in case there is any dispute later so you can pass any inspection.

Your husband was wise to say they should be left something, but a codicil or attached letter to the will saying why the other relative was getting so little (and to make sure it is recorded that you have had no undue influence) would be helpful.

Atush,


A solicitor did the will and she told us in the meeting she had with them, (we weren't present) my mum told her direct that the other "member" should get nothing and said why. And it was recorded in the minutes of the meeting.

MaryGibb

Mojisola wrote: »

My parents did this because they were leaving their estate "unevenly". A will becomes a public document - a letter of explanation kept with the will doesn't so the world doesn't have to learn about family business but there is written evidence if the will gets challenged.

As a relative is already willing to cause trouble, it would be worth the parents being seen by a solicitor (without anyone else present) so that he/she can assess that they have been making their own decisions about giving money away. Notes from this meeting could be used as evidence if the family member keeps raising problems.

Thanks Mojisola,


Its been a lifetime feud between my husband and his brother. His brother is an alcoholic, doesn't work and expects mummy and daddy to always pay his way, and told me how much he despised his parents, and even in front of me stole out my father's safe. I took the stolen items back to my dad. He's evil !!!!!!! Wish I could elaborate more.

MaryGibb

Hence the reason why we took LPA, as I have "this family member" recorded saying he wanted LPA but before he got it, he wanted to take as much money out the "pot" before registering a LPA!!! And we stopped him, by registering a LPA before him