Grieving and inheritance advice

toothfairybuttkicker

Hi All

Long time since i've used the forum but i find myself in a bit of bother and i'm hoping for help.

My father has recently passed away and under his will i am inheriting 50% of the estate with the rest split between his 3 grandchildren.

The original intention was to rent the property out and split the profits between myself and the 3 trusts following tax and costs ect.

Seems a great plan however my husband has asked me to leave.

Where does that leave me? Can i take up residency in my fathers property? would i have to make payments to the trusts in lieu of rental payments?

Would my husband be able to lay claim to my fathers property if divorce happens? Which seems likely at this point.

Any help and advice welcomed. (And yes baseball bat has been considered)

gettingtheresometime

Sorry you're having to face all of this but I know when my parents were separated, yet to settle the financial side of things, my maternal grandmother died and unfortunately my mum's inheritance was considered to be part of the pot.


If you were to live there I would imagine that rental payments would have to be made to the 3 trusts but bare in mind as to when the grandchildren can access their inheritance; would/could they force a sale if you couldn't buy them out when they came of age.

Keep_pedalling

If you moved in you would need to pay rent to the trust. How old are the grandchildren?

In divorce all assets owned by each half are on the table, which includes any property you own and both your pensions. Starting point is. 50/50 split of all assets.

He has asked you to leave, but who owns the property you live in? If you jointly own it you still have as much right to live in it as he does?

Comms69

toothfairybuttkicker wrote: »

Hi All

Long time since i've used the forum but i find myself in a bit of bother and i'm hoping for help.

My father has recently passed away and under his will i am inheriting 50% of the estate with the rest split between his 3 grandchildren. - How much is the estate, any IHT?

The original intention was to rent the property out and split the profits between myself and the 3 trusts following tax and costs ect. - Is it profitable? Will you want to be a LL?

Seems a great plan however my husband has asked me to leave. - You probably don't HAVE to leave.

Where does that leave me? - at the minute no need to leave, unless you want to. Can i take up residency in my fathers property? potentially, how long left to administer the estate? would i have to make payments to the trusts in lieu of rental payments? - are you the executor?

Would my husband be able to lay claim to my fathers property if divorce happens? Which seems likely at this point. - potentially yes, how long have you been married?

Any help and advice welcomed. (And yes baseball bat has been considered)

Don't make threats of physical violence. whilst the timing is horrendous, you cant attack your ex for not wanting to continue a relationship.

Voyager2002

Sad to hear this, and the best advice anyone can give you is to see a solicitor.

Your marital home is also your home, and you should take advice as to whether you should leave it and if so on what financial terms. And yes, if you move into your late father's home then you should be prepared to pay rent for the fifty per cent of it that does not belong to you.

Comms69

Voyager2002 wrote: »

Sad to hear this, and the best advice anyone can give you is to see a solicitor.

Your marital home is also your home, and you should take advice as to whether you should leave it and if so on what financial terms. And yes, if you move into your late father's home then you should be prepared to pay rent for the fifty per cent of it that does not belong to you.

Once the inheritance is finalised the OP wont need to pay rent. Just like any owner occupier.

Keep_pedalling

Comms69 wrote: »

Once the inheritance is finalised the OP wont need to pay rent. Just like any owner occupier.

They will if they own only half the house and are living in it, unless the other owners agree not to charge, which they can’t do if they are minors with the property held for them in trust.

Comms69

Keep_pedalling wrote: »

They will if they own only half the house and are living in it, unless the other owners agree not to charge, which they can’t do if they are minors with the property held for them in trust.

Irrelevant.


Owners have an automatic right to occupy the premises.


Not sure why this is even being debated, it's only relevant whilst the estate is still administered. Thereafter the OP has an absolute right to live there.

Keep_pedalling

Comms69 wrote: »

Irrelevant.


Owners have an automatic right to occupy the premises.


Not sure why this is even being debated, it's only relevant whilst the estate is still administered. Thereafter the OP has an absolute right to live there.

There would only be a absolute right to live there if there was a lifetime trust written in the will, the trustees could force a sale if they believe it was in the best interest of the beneficiaries of the trust.

toothfairybuttkicker

Comms69 wrote: »

Don't make threats of physical violence. whilst the timing is horrendous, you cant attack your ex for not wanting to continue a relationship.

Hi Thanks for your reply.

The estate is just below IHT (luckily)

The property wouldn't be profitable initially, however the property has doubled in value over the last 10 years. The rental can be invested in the children's trusts and my pension pot (i'm 40). Looking at the long term picture.

Being a Landlord wouldn't phase me. I have a little experience of it through work.

- I know i don't have to leave my marital property however the environment is very hostile and i cant take much more. If i'm honest I saw it coming. He said he was going to wait till after the funeral!!

There is 6.5 years left on the mortgage. He would not sell the property as it was the home he grew up in.

I am an executor along with my father's solicitor. The estate could take months to sort.

I would have been married 19 years this year.


I have had a discussion with an IFA this afternoon and he has suggested putting the whole of my dads property into trust as a way of protecting it from my husband. Any thoughts??

Thanks x

toothfairybuttkicker

Keep_pedalling wrote: »

There would only be a absolute right to live there if there was a lifetime trust written in the will, the trustees could force a sale if they believe it was in the best interest of the beneficiaries of the trust.

I am one of the two trustee's.