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Named assets in will
Comments
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Were they liquidated prior to death? The answer is different if they were.I was trying to get the facts on named properties being left to named people when some properties have been liquidated
If I leave my wedding ring to A, my engagement ring to B, and my eternity ring to C, but then sell any or all of them, whatever doesn't exist when I die can't be left.
If I say I leave my rings to A, B and C, they can sort out who gets what according to what they can find!Signature removed for peace of mind0 -
Were they liquidated prior to death? The answer is different if they were.
If I leave my wedding ring to A, my engagement ring to B, and my eternity ring to C, but then sell any or all of them, whatever doesn't exist when I die can't be left.
If I say I leave my rings to A, B and C, they can sort out who gets what according to what they can find!
From the OPs original post it looks like they were sold to pay IHT, but as you say if they were sold pre death then those inheritances fail. It would be even more complicated if the sale had been conducted by a POA who also happened to be the beneficiary who was going to inherit the remaining house.
This all sounds a bit of a mess.0 -
Keep_pedalling wrote: »Are you the executor?
No another family member with a solicitor and now barrister is
VigmanAny information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.0 -
Were they liquidated prior to death? The answer is different if they were.
If I leave my wedding ring to A, my engagement ring to B, and my eternity ring to C, but then sell any or all of them, whatever doesn't exist when I die can't be left.
If I say I leave my rings to A, B and C, they can sort out who gets what according to what they can find!
Yes one named property was sold to pay for a nursing home. More are being sold to pay IHT
VigmanAny information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.0 -
I think we can with pretty high certainty say that the only people who will benefit from this shambles are m'learned friends.0
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I was trying to get the facts on named properties being left to named people when some properties have been liquidated
The actual facts are stranger than my example
The facts in your example are pretty simple. If sold prior to death B and C's inheritances fail. But if we're talking about after death, the executor can't simply stiff two beneficiaries with the IHT bill and not the other.
Can we have the actual facts?0 -
Yes one named property was sold to pay for a nursing home.
Vigman
Then that bequest fails. If you are left a named object in the will and that named object no longer belongs to the deceased at the point of death, the bequest fails, and you are not entitled to any compensation for that (assuming the will is valid, the disposal of the asset is not voidable, etc, etc). This is why wills which leave large assets by name to distinct beneficiaries are an incredibly bad idea for everyone other than lawyers.0 -
Having read a couple of the OP's other threads I withdraw my question.
This is clearly a situation which is not going to be sorted out by asking a few exam-type questions of the form "if A left X to B and Y to C but C already died intestate having adopted D" on the Internet.
My only question now is where the OP stands in all of this. Is he A, B or C? If none of the above then why is he getting involved in this mess?0 -
securityguy wrote: »Then that bequest fails. If you are left a named object in the will and that named object no longer belongs to the deceased at the point of death, the bequest fails, and you are not entitled to any compensation for that (assuming the will is valid, the disposal of the asset is not voidable, etc, etc). This is why wills which leave large assets by name to distinct beneficiaries are an incredibly bad idea for everyone other than lawyers.
Although those disinherited would likely challenge the decision to sell their particular property to the benefit of someone else, which probably explains the involvement of very expensive barristers. Shades of Jarndyce v Jarndyce hang over this one.
If the 3 siblings had any sense they would sort this out fairly with a deed of variation, and cut out what could be a 6 figure legal bill.0 -
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