Question regarding will

booty40uk

Hi all

My father passed away a few years ago and his estate is split in the following way: 10% each to my nieces and the remaining 80% to myself.
My mother died 30 years ago and my father remarried. He and my stepmum moved to Christchurch and were tenants in common of the house they owned.My stepmum lives there and will do for the rest of her life. The house is the estate and my dads half is valued at around £160,000 at the moment.

My dad stated in his will that his half of the house stays with my stepmum until her death, at which time both estates will be sorted out. I get on great with my stepmum and there are no problems with any of this.

My concern is this. What happens if my stepmum outlives me? Does my share then go to my wife/daughter on her death or does my "share" get split between my nieces?(They are my dads grand daughters)

I have a daughter of my own who was not born when my dad wrote his will and therefore not mentioned.

Any advice on this would be appreciated.

Thank you.

getmore4less

Looks like the will created a life interest trust also know as interest in possession.

With you and your nieces(2) as remaindermen beneficiaries.

Yorkshireman99

booty40uk wrote: »

Hi all

My father passed away a few years ago and his estate is split in the following way: 10% each to my nieces and the remaining 80% to myself.
My mother died 30 years ago and my father remarried. He and my stepmum moved to Christchurch and were tenants in common of the house they owned.My stepmum lives there and will do for the rest of her life. The house is the estate and my dads half is valued at around £160,000 at the moment.

My dad stated in his will that his half of the house stays with my stepmum until her death, at which time both estates will be sorted out. I get on great with my stepmum and there are no problems with any of this.

My concern is this. What happens if my stepmum outlives me? Does my share then go to my wife/daughter on her death or does my "share" get split between my nieces?(They are my dads grand daughters)

I have a daughter of my own who was not born when my dad wrote his will and therefore not mentioned.

Any advice on this would be appreciated.

Thank you.

The only way to be sure is to look at the will. You cannot assume anything and will need paid for professional advice.

Keep_pedalling

Yorkshireman99 wrote: »

The only way to be sure is to look at the will. You cannot assume anything and will need paid for professional advice.

I think what happens to the OPs share is more dependant on what their will says assuming their step mother has simply been left a life interest in the home.

Yorkshireman99

Keep_pedalling wrote: »

I think what happens to the OPs share is more dependant on what their will says assuming their step mother has simply been left a life interest in the home.

Sadly thinking is not enough! That is why the OP must get paid for legal advice.

getmore4less

The issue of interest in possession remaindermen predeceasing the life tenant has come up a few time.

A very common example, spouse gets a life interest and the kids inherit the lot on second death.

what happens when one of the beneficiaries die?

It depends on the wording of the will and the terms of the trust.

A very typical clause will be life interest to my spouse and remaindermen are my children living at at my death.

In that case if one of the remaindermen dies their estate inherits.

A variation on this is where the clause states the remaindermen are those children surviving the my death and the life of the life tenant, in that case just the survivors inherit.

Another variation are clauses that deal with the death of a remainderman to bypass their estate eg grandkids get the share..


Another more recent consideration that also needs expert advice for those dealing with existing trusts, have will that create them or are planning them is the residential nil rate band.

Depending on the wording and beneficiaries it is possible to lose the RNRB benefits.

Margot123

OP, please seek professional legal advice. A few pounds spent now can save an awful lot of wondering and stress.

SevenOfNine

YM99 "get proper professional advice" would be best for you OP, surely worth the cost to put your mind at rest (or not as the case may be). At least you'll know where exactly where you stand without possible inaccurate speculation. That can only really be done properly when the professional has had sight of the Will.

GetMore has given some examples of the complexities/variations which can't be identified properly on a forum.........& for others the need to keep on top of changes which affect existing Wills with trust set ups whilst still alive!

getmore4less

SevenOfNine wrote: »

.........& for others the need to keep on top of changes which affect existing Wills with trust set ups whilst still alive!

The recent introduction of the residential nil rate band will mean that some wills definitely need reviewing as this can easily be lost as it has much stricter conditions a than the regular nil rate band.

SevenOfNine

getmore4less wrote: »

The recent introduction of the residential nil rate band will mean that some wills definitely need reviewing as this can easily be lost as it has much stricter conditions a than the regular nil rate band.

Absolutely no question - ours is without a shadow of a doubt one of them! We have a NRB discretionary trust, though contrary to the popular notion that it was set up to avoid possible care home fees, ours wasn't. Nevertheless, it involves our tenants in common owned home & it's a very bad idea now to have it bouncing into a trust. We need to utilise the RNRB.

A loss in our family has gotten in the way of addressing this sooner & we simply haven't had the heart. But I appreciate seeing a little prod from you GetMore, I'm going to search out suitable solicitors today. :beer:

booty40uk

Thank you all for your input. I will book an appointment with my solicitor.