Parents spent my inheritance...

moneyistooshorttomention

Understandable why the Elderly Generation might think the next generation (ie the 50s/60s) are well "sorted" financially. They watch all the "boomer bashing" going on and see those "boomers" that are okay financially/all "sorted" doing travelling/treats/etc.

But - there are a heck of a lot in that generation that still aren't financially straight yet (many with debts and/or mortgages even). Anyone in that generation that is still working can virtually count on never getting a job again if they get made redundant. That generation are the ones that are often being "carers" for the Elderly Generation - lots of unpaid work freely given to them.

The friend of mine that has just been "bypassed" by her own mother in favour of her children is far from straight - still has a mortgage/still needs work doing on their house/their job prospects aren't good to say the least and she has spent many years being a "carer" to her Elderly Generation mother.

Yet that particular Gran wants the grandchildren (those professionals) to get the lion's share of the inheritance - carefully ignoring her own daughter's plight and many years of having been a "carer" for her.

BJV

I have to say I work hard , very hard and I have been very lucky but who would not want to pay their mortgage off.??? I would love to be able to and often read the threads about it wishing I had the determination.

I don't have a lot but what I have |I have got myself.

That said if my parents needed anything I would rather carry on working and make sure that they where happy and could enjoy their retirement than struggle. I would rather they blow the lot and leave nothing.

I think it is a real shame how a big chunk of money can split families like this. OP I really hope that you can sort it out.

Money is important but not everything.

Jenniefour

And we don't know if OP's parents were also beneficiaries of the will, they may well have been, even if all the proceeds from the sale of the property were divided between the grandchildren.

Executors and trustees must do their job properly, regardless of what they think about the contents of the will.

david1951

AdrianC wrote: »

Gran can leave her money to whoever she flippin' pleases. Gran did nothing wrong at all. As soon as you start to suggest she did, you're tacitly giving the parents permission to view the money as "rightfully" theirs.

Remember this case - http://www.bbc.co.uk/news/uk-england-beds-bucks-herts-33684937

in view of this legislation - http://www.legislation.gov.uk/ukpga/1975/63

You are right in the most part, but you cannot just leave all your money to "the cat" and nothing for your dependents, if they are in need of it.

AdrianC

david1951 wrote: »

Remember this case - http://www.bbc.co.uk/news/uk-england-beds-bucks-herts-33684937

Remember it? It's in the Supreme Court at the moment...

https://www.theguardian.com/law/2016/dec/12/charities-in-supreme-court-battle-to-preserve-womans-inheritance

Mother and daughter fell out in 1978, when daughter aged 17, and never reconciled.
Mother died in 2004, left £486k to RSPB, Blue Cross, RSPCA, £0 to daughter.
Daughter awarded £50k in 2007.
Charities appealed, award revoked.
Daughter appealed, awarded £164k in 2015.
Charities appealing again now.

On the surface, it looks like the only winners are the solicitors - and I can foresee a Jarndyce-style pyrrhic victory for whichever side wins - but for the charities there's much more at stake, because this is going to be a major precedent.

I hope sense prevails and the charities win.

Keep_pedalling

In reality is is nothing short of theft, and you have every right to have your inheritance without further delay.

The parents have failed in there fiduciary duties, in using funds for anyone's benefit other than the beneficiaries of the will, and they now sit in a very precarious position.

If the will confirms what you currently believe then you have to leave them in no doubt that unless they can raise the funds to paid you what you are owed, including compensation for not having access to what was rightfully ours from the age of 18, then you will have no choice but to take legal action to recover your losses which could end up with a forced house sale.

The ideal result would be for the parents to hold their hands up, and pay out to the two siblings who have yet to receive their share. If they don't have the liquid assets then equity release might be the way to go.

Keep_pedalling

AdrianC wrote: »

Remember it? It's in the Supreme Court at the moment...

https://www.theguardian.com/law/2016/dec/12/charities-in-supreme-court-battle-to-preserve-womans-inheritance

Mother and daughter fell out in 1978, when daughter aged 17, and never reconciled.
Mother died in 2004, left £486k to RSPB, Blue Cross, RSPCA, £0 to daughter.
Daughter awarded £50k in 2007.
Charities appealed, award revoked.
Daughter appealed, awarded £164k in 2015.
Charities appealing again now.

On the surface, it looks like the only winners are the daughters - and I can foresee a Jarndyce-style pyrrhic victory for whichever side wins - but for the charities there's much more at stake, because this is going to be a major precedent.

I hope sense prevails and the charities win.

This cases will not set a precedent, because similar cases have happened in the past and each is assessed on its merits. The mother in this case appears to be a very vindictive person who never forgave her daughter for going against her at 17 and the ongoing lack of parental support is likely to have contributed to her current state, so I can see why she has been awarded part of the estate.

AdrianC

Keep_pedalling wrote: »

...and the ongoing lack of parental support is likely to have contributed to her current state...

The estrangement related to the daughter leaving home at 17 to move in with a man, whom she then married and had five kids with.

Keep_pedalling

Mixing trust money into their own assets, might give their executors a bit of a nightmare when it comes down to valuing an estate, and handling any tax issues that might fall out of that.

I think that the parents should get some legal advice themselves, on how to extract themselves from this mess.

xylophone

extradite

Extract?

Unless you're thinking of handing themselves over to a foreign state:eek::eek: