Life Interest

skizz_b

Howdy all

You may or may know the answer to this question, but I know you like challenges so here goes...

Intestate passing, rules have been applied as per the law. There is obviously an amount that the deceased's spouse has a life interest in, however this spouse is a foreign national who has now returned home and will not be returning to the UK again (he has dual citizenship, not sure if this is relevant but thought I would add).

The question is, how would the inheritors get access to this money possibly never knowing when the spouse dies as he is abroad?

Let's say for the sake of argument he is not interested in a settlement figure to remove his life interest.

Thoughts?

madbadrob

Thats a hard question but it would depend where he has returned to. I am guessing from your post that the intestate estate is worth more than 250k which is why the life interest has kicked in.

So before we can answer your question we would need to know some more details

Rob

skizz_b

Why would it depend on where he returned to out of interest? It's a country that has no affiliation and reporting line to the UK and as his family are completely separate to us (and he will have no contact once he goes his separate way to us, long long story) I am certain there is no way we would get a message of his passing.

He has said he doesn't want myself and my two sisters to get our share of the estate - he can't do anything about the part we get anyway but I'm sure he wouldn't take any offer of settlement to relinquish his interst, he has said this already.

What other questions can I help by answering?

madbadrob

Because each country have their death registrations and knowing which country I might just be able to tell you what you can do to check the registers.

The fact is if he isnt going to have any contact with you how does he get the life interest? The money cannot leave the country and has to be put in to a trust so the money will always be here. You would have to send him the interest each year

Rob

getmore4less

There will be solution but it will depend on who are the trustees?

As spouse they would have been first in line but then they would need to do the annual tax returns.

skizz_b

Well this is what I'm thinking. He's from Barbados and will be living there, I don't think he's interested in accruing dividends or what have you from the life interest, it's motivated by spite and he has said this.

The trustees (by which I assume you mean those who can access the money once he dies, let me know if I'm wrong) are the children of the deceased. I just wondered if there was any way to get around the fact you would have to wait until he dies to access it given he will have left the country for good. Maybe not filing the tax returns?