Savings for Niece - Apologies for the long story

ca7csu

Hi
Sorry for the long story here....
I am currently in the process of selling my parents house. I have two brothers who both have children.
My fathers wish was for my middle brothers part of the house money to be given to his daughter, which I felt was unfair.
I have decided to split that share into two and put 1/2 into an account for his daughter that wont be touched until she is 25 (she is 19 now)
What would be the best option for that money?


Any advice is greatly appreciated as this is a sensitive subject in the family at present.

Keep_pedalling

If your father left a will you have absolutely no right to do this. You also have no right to keep an enheritance back until someone is 25 unless that is stipulated in the will.

If your father died intestate, then it needs to be split evenly between his children.

missbiggles1

Even if your father didn't leave a will, if he made his wishes clear to you, you should follow them.

ca7csu

Keep_pedalling wrote: »

If your father left a will you have absolutely no right to do this. You also have no right to keep an enheritance back until someone is 25 unless that is stipulated in the will.

If your father died intestate, then it needs to be split evenly between his children.

Sorry should of been clear.
There was no Will, the house was a former council home I bought for a reduced fee.


Nothing legal in place to say how its broken down.


I just need advice on where to keep a chunk of cash for a Niece until she's old enough to be sensible with it.


Thank you

PasturesNew

Can you confirm you are saying the following?
You paid cash for your father's Right to Buy council house.
When he died he owned the house, but left no will.

If the above is true, then you don't get to decide what happens to the money. That is set in law. The law says that you and your brothers inherit equally.

What your father wished can be known to all parties, but you can't arbitrarily choose and decide who gets what or why.

There are laws you must follow, it is illegal to act differently.

If the middle brother has died, then his would be split equally between his children. This is, again, set in law.

You really need to brush up on what's the law, what you can do, what you can't etc.... else it'll come back and bite you.

ca7csu

missbiggles1 wrote: »

Even if your father didn't leave a will, if he made his wishes clear to you, you should follow them.

yes this is my problem.
My mother wanted it split three ways, she passed away several years ago. My father decided differently.


It's not a pleasant situation to be in.

ca7csu

PasturesNew wrote: »

Can you confirm you are saying the following?
You paid cash for your father's Right to Buy council house.
When he died he owned the house, but left no will.

If the above is true, then you don't get to decide what happens to the money. That is set in law. The law says that you and your brothers inherit equally.

What your father wished can be known to all parties, but you can't arbitrarily choose and decide who gets what or why.

There are laws you must follow, it is illegal to act differently.

I paid cash for the house when I was living there at the time. So it was a Joint ownership.
I was a name on the land registry with both parents, both parents were taken of the land registry after they passed away.
I am now the sole name on it.
Is there something I should be doing here that's a legal obligation?

xylophone

Did you and your parents own this house as joint tenants or as tenants in common?

Keep_pedalling

missbiggles1 wrote: »

Even if your father didn't leave a will, if he made his wishes clear to you, you should follow them.

No sorry that is not possible. If he died intestate then those rules have to be followed. Assuming the father was nor married at the time of his death then each child should receive a pan equal share of the estate. They can then if they wish to pass their share to,their own children. The OP cannot disinherit one of his brothers in favour of that brothers children.

The other option if the OPs sibling agrees is to do a deed of variation to pass the inheritance to next generation.

Jamiesmum

Split it equally and seeing as your niece is effectively an adult now anyway I'm not sure where you would stand telling her she can't actually have it.

What about the other people in the family? I'd split it between you and your brothers and they should then distribute their parts to their families should they wish too..

There is nothing to say she can't handle money now and nothing saying she will handle it any better in 6 years. If there is no will I really don't understand how you can keep it from her if she's 19.

Keep_pedalling

So what we are actually looking at here is you gifting part of an asset you own outright, so nothing to do with inheritance, in which case you can do as you like, but don't forget you may be liable to CGT on sale of the property.