Parents spent my inheritance...

moneyistooshorttomention

xylophone wrote: »

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

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

Errrm...put in English - I've just translated that into = being able to literally read the Will.

Is that correct?

teddysmum

tlc678910 wrote: »

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

It's unlikely that someone mean enough to snatch a minor's inheritance (unless it is somehow ensured) would agree to that, unless it was legally enforceable.

moneyistooshorttomention

Also - re the possible parents taking out a mortgage idea - is we don't know how old the parents are.

I came up against the fact of not being allowed the standard 25 year mortgage term when I swopped house recently (down to being late 50s at the time I was contemplating this). Hence I reached 60 and moved across country instead....so that I didnt need a mortgage to get a better house.

I don't really understand the logic of it. What would it have mattered if a 60 year old had a 25 year mortgage? She would probably live long enough to pay it back and, if not = so what? as the house equity would pay it back....

TBagpuss

OP, the first thing you need to do is to read a copy of the will ( you can get a copy (https://www.gov.uk/search-will-probate)

If your relative left something directly to you (as oppsoed to leaving it to your parents with request that you get some ultimately) then your next step would be to work out what you want.

Quite apart from whether or not they are in breach of their obligations as trustees under the will ( which will depend on how much freedom the will gave them about how to invest your money) by investing £x of your money in their home, they have effectively created a Trust - you would almost certainly be entitled to a beneficial interest in their property, based on the % of the value of the house which your inheritance represented at the time it was invested (e.g if your relative left you £10,000, and your parents home was worth £200,000 at the time that they used it to reduce the mortgage, then you would have a 5% interest in the house and so would now be entitled to 5% of it's current value)

What do you want?

Options would be:

1: Your money now
2: A formal declaration of trust setting out what percentage of the value of the property you are entitled to and the circumstances in which you can withdraw it from the property. This can then be registered at the Land Registry to protect your interests, but may have tax implications
3: a combination of the two, or some other arrangements such as repayment by installments, or within a set period of time (e.g. give them (say) 12 months to extract your money and pay you back)

One you have decided what you want, approach your parents about it.
Point out that they are not entitled to your money and that you would prefer to resolve the issue without having to involve lawyers.

You might find it helpful to read up about their responsibilities as trustees first so you are familiar with what they should have done.

And while legally they are (assuming the money was specifically left to you) in the wrong, there is of course the issue with your relationship, and how your taking this action is likely to impact on that.

lincroft1710

moneyistooshorttomention wrote: »

I don't really understand the logic of it. What would it have mattered if a 60 year old had a 25 year mortgage? She would probably live long enough to pay it back and, if not = so what? as the house equity would pay it back....

I believe the thinking of the lenders is that someone aged 60 may well still have a good salary, but come 66/67 that salary would probably be replaced by their pension, so they may struggle to repay the mortgage.

moneyistooshorttomention

lincroft1710 wrote: »

I believe the thinking of the lenders is that someone aged 60 may well still have a good salary, but come 66/67 that salary would probably be replaced by their pension, so they may struggle to repay the mortgage.

I followed the logic of that - but peoples personal positions on that will vary.

My own was that I retired at my retirement age (ie 60) and there was then a gap of a couple of years before I reached my Revised State Pension Age. During that time - my income was appalling personally - but I had plenty of savings (that pension lump sum) and was planning on using a bit of it to make the mortgage payments until I'd got through that gap.

After that point - well my income now is pretty much the same as it was in salary before Retirement Age. So - no problem.

Peoples individual circumstances are obviously going to vary in that respect.

Another option would have been to lie and state I was going to carry on working until that Revised State Pension Age - but personally I didnt want to go down that road - though it would have been justified in the circumstances (ie that revised SPA not being my choice/my fault).

glasgowdan

moneyistooshorttomention wrote: »

After that point - well my income now is pretty much the same as it was in salary before Retirement Age. So - no problem.

How many people in their 30s, 40s and 50s now do you think will be on a pension similar to their salary? Not now that the system has been drained by a certain generation.

pollyannaL

thanks everyone for your comments...really appreciate your advice and time to post.

First things first, i need to get a copy of the will. I've never seen it. I know it was written that grandkids had a share of the deceased's house sale.
I would love to answer all your Qs, but i really don't know enough (yes, that is my fault). Wish I came on this site during the time it happened.
my parents have now closed the conversation, and do not allow me to speak about it. think they are embarrassed and uncomfortable. Doesn't help me though! When I approach it, they just go quiet or role their eyes like I am their greedy/ selfish child! Sister doesn't get my frustrations, she also has her house and is settled. I am trying to get her to see the importance of us getting our money back, whenever that is.
I know there is a bit of mortgage left and they should pay it off in a handful of years. They both have a pension too. I know my dad has enough income to pay me back in installments each month, but he hasn't offered.

I will encourage mum to visit solicitors if can't pay me back now...at least it will be a formal agreement then.

Thanks again. Really helpful....

Also, to reply to the first comment....yes i have, and will continue to stand on my own 2 feet. Feel very satisfied i have saved for my house deposit on my own, regardless of this current issue i've posted about.

marksoton

pollyannaL wrote: »

Also, to reply to the first comment....yes i have, and will continue to stand on my own 2 feet. Feel very satisfied i have saved for my house deposit on my own, regardless of this current issue i've posted about.

My point, whilst overly abrupt in retrospect is that you need to weigh up how much disruption to YOUR life you want this to create.

If you've been denied part of the estate you were genuinely entitled to i'm in no way condoning your parents behaviour.

moneyistooshorttomention

Ignore your parents attitude of "Do not allow me to speak about it". Blimmin' cheek!

They are trying to psych you out of raising the topic again. I am not surprised:cool:. This whole episode is not to their credit.

No wonder they don't want you raising the topic!

So:

- start by getting that will and seeing exactly what is down there in writing

- then work out exactly what you are supposed to have and when you are supposed (ahem....were supposed...:cool:) to have it

- Having done that and established the facts quite clearly - then go right ahead and discuss this fully with your parents and absolutely refuse to be "put off the case" by any eye-rolling/silences/whatever tactics they come up with. It is YOUR money (not theirs) and they ought to be ashamed of themselves frankly for trying to hang onto it. You would be perfectly entitled to receive interest on the "inadvertent loan" you have made to them frankly.

I do know what you mean by "silences/eye rolling" because that's a tactic I've encountered recently myself by someone that is trying to make out their own personal opinions are Objective Facts. They aren't.....they are just Their Personal Opinions.

Stay strong.

My sympathies that it's your own parents that have put you in this position:mad: