Combining our share of a will?

[Deleted User]

I have three children; 22, 18 and 15. My mother has decided to split her house between the four of us and has left a will to that effect. My aunt is the executor. The problem is that we'd like to keep the house and rent it out, my son plans to do it up and we will all share the rental income.

We as beneficiaries agree, but my mother will not change her will - she says my aunt (the executor) will be fine about that when the time comes. (We have only broached the subject once.) As far as I know, it's more complex than that, I think we'd have to get a solicitor to help. Has anyone has a similar experience? Thanks in advance for any help. 

xylophone

I have three children; 22, 18 and 15. My mother has decided to split her house between the four of us and has left a will to that effect.

Has she directed that the property should be sold? If not, what would be the problem?

If she has, provided that she does not die before your youngest attains his majority, all four of you could agree to a Deed of Variation?

Flugelhorn

it may be quite wise of your mother  - hopefully she has several years left and any of your children may prefer to have the cash instead at that stage

Keep_pedalling

JaneCubit said:

I have three children; 22, 18 and 15. My mother has decided to split her house between the four of us and has left a will to that effect. My aunt is the executor. The problem is that we'd like to keep the house and rent it out, my son plans to do it up and we will all share the rental income.

We as beneficiaries agree, but my mother will not change her will - she says my aunt (the executor) will be fine about that when the time comes. (We have only broached the subject once.) As far as I know, it's more complex than that, I think we'd have to get a solicitor to help. Has anyone has a similar experience? Thanks in advance for any help. 

Well the third beneficiary cannot agree as they are a minor. Frankly the idea is is fraught with potential problems, and if I was your mother I would state that the house should be sold in the will .

The first big issue is that all your children would lose their first time buyer status lumbering them with an unnecessary tax bill when they buy their first house. Secondly where is the money coming from to do the house up? Thirdly what happens when one wants to sell up and the others don’t?  

Brynsam

JaneCubit said:

I have three children; 22, 18 and 15. My mother has decided to split her house between the four of us and has left a will to that effect. My aunt is the executor. The problem is that we'd like to keep the house and rent it out, my son plans to do it up and we will all share the rental income.

We as beneficiaries agree, but my mother will not change her will - she says my aunt (the executor) will be fine about that when the time comes. (We have only broached the subject once.) As far as I know, it's more complex than that, I think we'd have to get a solicitor to help. Has anyone has a similar experience? Thanks in advance for any help. 

Do you have any idea of the problems you are storing up for yourself if you go this route? When it gets to the point where your current thinking becomes a reality, look very hard at the reasons why it can be an awful idea, some of which have been helpfully summarised:

Keep_pedalling said:

The first big issue is that all your children would lose their first time buyer status lumbering them with an unnecessary tax bill when they buy their first house. Secondly where is the money coming from to do the house up? Thirdly what happens when one wants to sell up and the others don’t?  

Your mother has very sensibly declined to change her will. What might look like a brilliant idea has truly limitless scope for family disharmony...

Grumpy_chap

The four of you will inherit a quarter of the house each (assuming your mother doesn't sell the house in the mean-time and spend the money galivanting around the Carribean beforehand).
Once you each inherited the 25% house, you can decide then whether to sell or establish the rental project you suggest.  That plan may change before the inheritance comes.  Why does this need to bother your mother now?

mark55man

you also need to be honest with yourself as to whether you are doing this for your children or for yourself - mainly they are the same thing, but there are circumstances where they don't align - and then that's a very bad state of affairs

kangoora

The most ridiculous aspect of this plan is that you would be denying all of your children access to the government Lifetime ISA bonuses of £1,000 on every £4,000 saved in a LISA when put towards their first real home purchase.This is because they would all be considered to 'own' a property and therefore not qualify as first time buyers (owners in this case). If the house was sold, they all opened a LISA, paid in the maximum each year of £4k for say 10 years, they would have £50k (plus interest) towards their first home purchase (after only saving £40k).

Added to this are other potential issues already mentioned above.

Middlestitch

JaneCubit said:

The problem is that we'd like to keep the house and rent it out, my son plans to do it up and we will all share the rental income.

We as beneficiaries agree, but my mother will not change her will. 

Why should she change her will? To say what, exactly? Unless she's about to die, who knows what might happen in the months and possibly years ahead?

Marcon

JaneCubit said:

I have three children; 22, 18 and 15. My mother has decided to split her house between the four of us and has left a will to that effect. My aunt is the executor. The problem is that we'd like to keep the house and rent it out, my son plans to do it up and we will all share the rental income.

We as beneficiaries agree, but my mother will not change her will - she says my aunt (the executor) will be fine about that when the time comes. (We have only broached the subject once.) As far as I know, it's more complex than that, I think we'd have to get a solicitor to help. Has anyone has a similar experience? Thanks in advance for any help. 

Is this a real question or just a wind-up?

Mojisola

JaneCubit said:

The problem is that we'd like to keep the house and rent it out, my son plans to do it up and we will all share the rental income.

Who is going to fund the improvements?
Do you all have the cash to fund repairs if you get a bad tenant who damages the property or to pay on-going costs during vacant periods or if a tenant stops paying the rent?