Money Moral Dilemma: Should my sister-in-law give up her house after her husband's death?

Robinette

My dad's will leaves a lifetime interest in the marital home, which he owns, to my step-mum. Should she wish to downsize, the balance will be invested and she will have access to the interest but not the capital.

I am sure wills can be written in lots of different ways, but the children wouldn't be entitled to the balance at the time of sale in this instance.

pollypenny

Horrid, unsupportive offspring.

Their father had done the right thing and provided security for his wife in her needs and his children in the future.

Sounds as if she won't be able to bequeath it to anyone else, as only has a life interest.

POPPYOSCAR

Robinette wrote: »

My dad's will leaves a lifetime interest in the marital home, which he owns, to my step-mum. Should she wish to downsize, the balance will be invested and she will have access to the interest but not the capital.

I am sure wills can be written in lots of different ways, but the children wouldn't be entitled to the balance at the time of sale in this instance.

Just out of interest what would happen if she went into care?

Can the assets be used for that care?

louisajoyce

Comms69 wrote: »

I'd be inclined to suggest that's not quite true.


It seems likely the property is now hers and they will inherit only what she leaves them.

No, my husband and I have a property trust in our wills that means the house will always go to the children we share between us after our deaths - not to any future children of a new relationship should we split. We are also "tenants in common" (each owning 50% of the house), rather than "shared owners" (each owning 100%) so we can only ever get out and keep (and inheritance "away") 50% of any property value. They'll get the money eventually, they just have to wait.

I always think it's such a shame when young people are possibly struggling and could have their burden eased from money they will get eventually. I am intending to give my children all that I can whilst I am alive to help them build better lives, they won't need to wait until I am dead, and that includes downsizing when the time is right to give them their "inheritance" before I go.

louisajoyce

pollypenny wrote: »

Horrid, unsupportive offspring.

Their father had done the right thing and provided security for his wife in her needs and his children in the future.

Sounds as if she won't be able to bequeath it to anyone else, as only has a life interest.

Hi pollypenny - consider for a moment if it really is a huge house and she is old and rattling around in there, and his children have 4 kids each and are on low income jobs and could really just do with a hand, now, not when she dies, before the creditors move in and they lose their homes ...memories are one thing but how about living flesh and blood that needs help? There isn't any need for her to live in a pile of cash, depending on the circumstances I think she should be open to the suggestion.

Robinette

POPPYOSCAR wrote: »

Just out of interest what would happen if she went into care?

Can the assets be used for that care?

I would think not, as my dad's will creates an interest in possession trust and my step-mum has her own money, but I will certainly find out. Thanks for raising this.

Bellisima

The greed of some people beggars belief.......I assume this woman is elderly? If so, elderly people can find moving home very frightening and daunting - their home is their security blanket. My elderly mum had several falls and her house was not ideal, but she adamantly refused to downsize. It was her choice. If the house is hers, then do equity release and go on a world cruise, sticking two fingers up to the greedy gits on the way.

louisajoyce

POPPYOSCAR wrote: »

Just out of interest what would happen if she went into care?

Can the assets be used for that care?

In the property trust attached to our wills, my husband and I own 50% each of our property. If he dies, his 50% goes to the children, which they'll get when I die. If I live on and on, and have to sell the home to pay for my care, I can only use my 50% - the other 50% would go to the kids upon sale. These videos are great at explaining, the lawyer who drafted our wills sent them to me:
(ah, I can't post links it's national will writers dot co dot uk /the-five-threats)

TokSik

Personally, I'd report them to the police for harassment, i.e. - demanding the house sale money before her death "may" amount to harassment contrary to S.40 Administration of Justice Act 1970 and/or to harassment contrary to SS.2 and 7 Protection from Harassment Act 1997.
Alternately, get mad and do a private criminal prosecution for the same, and then follow up with suing them for compo for the same. Even if she didn't get convictions, the fact that it's all been aired in a public court and likely to get publicity should shut them up. It reminds me of the Menendez brothers attitude.
There's nothing quite like ripping the !!!! out of it if she's a woman scorned.

Pollycat

louisajoyce wrote: »

Hi pollypenny - consider for a moment if it really is a huge house and she is old and rattling around in there, and his children have 4 kids each and are on low income jobs and could really just do with a hand, now, not when she dies, before the creditors move in and they lose their homes ...memories are one thing but how about living flesh and blood that needs help? There isn't any need for her to live in a pile of cash, depending on the circumstances I think she should be open to the suggestion.

We really don't need to consider how big the house is or how many kids the sons have or what standard of living they have or if they need financial help.

Read the original post.
The widow is reluctant to move.
She does not have to move.

As for 'flesh and blood', I think it's probable that the sons are not the widow's flesh and blood but are the product of an earlier marriage.
And if that is the case and they are treating her in this despicable manner now, it's quite possible that they didn't treat her well before their Father died.
She may not have happy memories of these sons.

But everything in my last sentence above is pure conjecture - as is everything in your post.