Parents spent my inheritance...

moneyistooshorttomention

This does sound like you need to take legal advice.

I am wondering whether you could get a charge registered on your parents house (ie so that when it's sold your money has to be repaid to you first). That way - you would still come after the mortgage company in order of priority to get equity out of the house (assuming your parents still have a mortgage?).

You would, however, come higher priority than your siblings and your parents themselves for this house equity money.

One way or another - it needs to be made clear that you are due for a proportionately bigger share of the money your parents leave than your siblings are (as their money wasn't nicked by your father).

You also need to protect your share of your fathers house from the possibility of getting grabbed for care home fees (should your father have to go into a care home).

I would think a charge on the house (made out in your name) should ensure you come higher priority to get money out of your fathers house than a local Council trying to take it for care home fees. It does need to be made very plain that part of the money in your fathers house is yours - rather than his.

If it is possible to get some sort of arrangement like a charge on your fathers house - then that would have the advantage that you would be free to choose whatever type of relationship you decide on with your father. If it's down to you having to try to claim back your money out of your fathers house when he dies - then you would feel pressured to keep up a relationship with him until that time (whether you want to or no) in order to try and ensure you are still down in his will to inherit your money back from him (and hopefully get some genuine inheritance direct from him as well).

With a charge on his house (if that's possible) - you could just "break the ties" between you and him and go off and get on with your life and know you are definitely due for the inheritance from your gran when he dies/goes into a care home/chooses to move.

If that sort of arrangement is possible - then it might be the best you can do to retrieve your money from him.

I can't think of a way you can get your money back from him now - ie when you need it to buy your own house. So - it does look like even the "best case analysis" of what can be done will involve you having to wait years for your money. Very frustrating - but at least you would get your money at some point (rather than Councils or your siblings getting it or your !!!!less father blowing it).

So - the $64,000 dollar question that needs to be answered to give you a chance of putting a charge on his house = What proof do you have that part of the money tied up currently in your fathers house is your inheritance from your gran?

exiled_red

You need to find out what actually happened as it is unclear if the money was actually left to you and if so what the terms were.

We had an elderly relative who had told a number of family and friends what they were due when he died and what was in his will. Unfortunately he wrote the will himself and it was deemed invalid and most of the people he had promised stuff to got nothing.

AdrianC

It's very simple - if the money was left to you, in trust until your 18th birthday, and a trustee spent it on themselves... then that is definitely a breach of trust.

It makes no difference if they promise faithfully to repay you from their own assets later - although that could be seen to make a difference if it's being viewed as theft (the intent to permanently deprive).

The difficulties you may have come in proving the intent was fraudulent - if not, then there's a six year statute of limitation on bringing any action against the negligent trustee.

http://www.mills-reeve.com/limitation-in-trustee-claims-07-20-2015/

csgohan4

lovely parents you have, even playing favourites and not helping you with Uni too.


Your sister must be a great person too.

Rain_Shadow

sitesafe wrote: »

I guess the only thing you can do is take legal advice. You say your parents took 'a share' of everyone's money so does that mean there was some left? It does sound like you're taken advantage of. I can imagine you being bitter about the uni fees when the money could have been put away for those - or was it a case as the others got theirs paid because they were older and when they went got their fees paid by a grant for some courses, which used to happen but doesn't any more. I think you have stood on your own feet compared to the other from what you say so I can understand you at least wanting an explanation. Good luck.

No. The brother kept his share.

getmore4less

AdrianC wrote: »

It's very simple - if the money was left to you, in trust until your 18th birthday, and a trustee spent it on themselves... then that is definitely a breach of trust.

It makes no difference if they promise faithfully to repay you from their own assets later - although that could be seen to make a difference if it's being viewed as theft (the intent to permanently deprive).

The difficulties you may have come in proving the intent was fraudulent - if not, then there's a six year statute of limitation on bringing any action against the negligent trustee.

http://www.mills-reeve.com/limitation-in-trustee-claims-07-20-2015/

b. would apply, no limitations to recover assets from the trust.


(b) to recover trust property or the proceeds of trust property from the trustee

even if they were not the executor/administrator they could be considered constructive trustees(as they acted as if they were trustees).

hunters

As the OP has £50k saved for a deposit for future house purchase I would suggest they concentrate on the house purchase rather than spend money meantime on legal/court fees unless they have a copy of the will and a good idea of how much was involved in this inheritance.

xylophone

OP, have you read the will? What exactly does it say?

https://www.gov.uk/wills-probate-inheritance/searching-for-probate-records

tlc678910

If your parents are still working or have a reasonable pension income ask them to take out a mortgage to repay you your inheritance.
Tlc

iammumtoone

The main thing here is was this just something you were aware of (your relative and family said would happen) or was it something legal (ie written in a will or a trust fund).

My Nan always told me and my cousins we could treat ourselves to something with her money when she had gone, trouble was she died without leaving a will so we had no right to anything. I don't think she realised the necessity of the will as she had told everyone in the family, she just assumed her children would pass some of the money down to their children ending in the result she wanted. Luckily my dad gave me some as he could afford to and he knew it was her wish but I know at least one of my cousins didn't received anything as their parents kept it all (which to be fair they had every right to) We aren't talking alot of money only a few hundred each but the principles are the same, I don't think my Nan would have done anything different if she had thousands.