Death of mother & will

robert6968

I am 23 years old and my mum past away unexpectedly a month ago with illness. Six months previously she had given me a copy of her recent drawn up will.

I lived with her and her partner (of 4 years) in our family home of 15 years, I have a sister of 26 who lives at the other end of the country.

I am currently still living in the family home with my mums partner, but want to get the ball rolling with procedures and move on, the following was left ;

My mum stipulated that although her partner of 4 years had paid no funds toward our family home, she wanted to leave him an equal share due to him loosing everything in a previous marriage, and that he is stable.

House £350k (based on bottom valuation, upper valuation @ £425k)
116k for me & sister each
116k for mums partner

All household furniture to be split 50/50 with me and mums partner, unless at the time of death my sister is back in the country (which she is not)

It has been stipulated that the house is to be sold, in the meantime whilst I and my mums partner live here, he is to pay all bills and utilities as I only work part time since finishing university.

personal life policy payout -£90k
30k for me and sister each
30k for mums partner

Business life policy payout - 166k
(no details on this)

Savings - £40k
20k for me and sister each

Business - £250k
30k - 5kea for 6 of her close friends
20k - 1kea for 20 of her employees and friends
5k - 1kea for 5 local charities
195k - Fees, tax and rest split between me & sister

Car - £20k - left to me

I guess that this will all happen automatically ? I believe the will executor is my mums solicitor (also family friend) How much tax will be deducted from the total above ? How will myself and my sister sell the business? Do we keep it open ? its still currently half operational and paying staff.

Is there any organizations that offer advice and guidance to young people like myself who are left in this situation ? I have no idea what to do with what I have been left with and will need to look at buying a flat or something and try and move forward with life, I dont want to make any mistakes.

There is no surviving family on my mums side, and I dont have contact with my dad or his side of the family.

Thank you.

getmore4less

you will need to talk to the solicitor.

if the life policies pay out as trusts they may both be outside the estate.

the business probably needs spcialist advice to avoid as much tax as possible, does it have the cash to pay out?

getmore4less

you may have enough to keep the house if that is something you might want to do.

one priority will be the business to maintain its value. Either for sale or something to keep.

Mojisola

You need professional advice. Just on the valuation of the house, there will be inheritance tax to pay.

madbadrob

The fact the executor is the solicitor you cannot do anything as you do not have the power to do so. You need to speak to the solicitor named as executor. IHT is paid at 40% of monies over the threshold

So sorry for your loss

Rob

nom_de_plume

Sorry for your loss.

I wonder if CRUSE could help or steer you in the right direction?

http://www.cruse.org.uk/

jackyann

So sorry to hear you are in this situation.
I would certainly begin with a wise & trusted family member or old friend. Is there an uncle / aunt who could just guide you whilst you make sense of everything.
This is a big enough estate for you to not worry too much about fees. Have regular meetings with your solicitor so you know what is going on, but I really would let them sort this out for you - save your energy for mourning & moving on with your life.
Make no major decisions for at least 6 months. There really is no hurry, unless you don't like living with your mum's partner. The process of probate can be part of mourning - as each part gets sorted out, another milestone passes; so don't rush or let others rush you.
Talk to your university - taking a semester or year out may be helpful, or not, depending on your personality, course etc. Whatever you decide, you will have access to counselling & advice services should you need them.
Take all useful help that is offered from your mum's friends - don't try to be "grown up" or "strong" - let other people care for you as much as is comfortable. It will help you all.