Is a Larke vs Nugus worth the £1500 + VAT if not contesting the contents of the will??

Spendless

Zimara25 said:

Keep_pedalling said:

Are you on good terms with your children? Are they adults?

If the answer to both those questions is yes then hopefully they would agree to make a deed of variation to give you a life interest. If they do that you can take the solicitors out of the loop.

This may also be in their best interests because what he has done is not the most sensible approach as it is likely to leave them with a CGT liability when the house is eventually sold, and if they are not already home owners is going to lose them their first time buyer status. They the only way they could cash in when the trust is wound up without your agreement is through a court order which would be expensive with a strong chance of the application failing.

One child is 18 and the other is 14 and both are in agreement that i have a life interest. As one is not an adult i'm told i would need permission from the court. Could the executors give permission?

CGT?? County court judgement - didn't think of that.

No Capital Gains Tax. 

What a headache your late husband has left you regardless of whether you were officially together at the point he died. 

I agree with the comment about not leaving adequate provision for you.  

BooJewels

DoV = Deed of Variation
Beneficiaries of an estate can do one to change the outcome, but only where they are the party losing out.   Has to be done within 2 years of death.

CGT = Capital Gains Tax
If your children are deemed to inherit the house now and sell it in 10 years, they could have to pay tax on how much the value has increased in that time.

Zimara25

BooJewels said:

DoV = Deed of Variation
Beneficiaries of an estate can do one to change the outcome, but only where they are the party losing out.   Has to be done within 2 years of death.

CGT = Capital Gains Tax
If your children are deemed to inherit the house now and sell it in 10 years, they could have to pay tax on how much the value has increased in that time.

Thank you for clarifying.

Spendless

Zimara25 said:

Hi All,

I have instructed a solicitor with regards to my late husbands will. He didn't have a previous will and made his will 4 day before he passed of stomach cancer. The executors refused to send me a copy of the will so my solicitor sent them a letter and we received the will. My husband left everything to our two children for reason which i understand but we owned a property together (tenancy in common). The children's 50% is to go a trust fund set up for when they reach 25 years of age. I would like to apply for a life interest in the asset as one of the executors suggested that when they do reach 25 years i would need to mortgage to give them the money.
My solicitor has requested the will notes from my husbands solicitor but have refused and have suggested sending them a Larke and Nugus letter for £1500. 

Given i don't wish to contest the wishes of the will i do want peace of mind that I won't have to mortgage at the age of 55 in 7 years time, i just want peace of mind that i can stay in the family home with no potential awkward conversations with my kids later (not that i think they would)??

Thank you in advance.

What are will notes?

Zimara25

Spendless said:

Zimara25 said:

Keep_pedalling said:

Are you on good terms with your children? Are they adults?

If the answer to both those questions is yes then hopefully they would agree to make a deed of variation to give you a life interest. If they do that you can take the solicitors out of the loop.

This may also be in their best interests because what he has done is not the most sensible approach as it is likely to leave them with a CGT liability when the house is eventually sold, and if they are not already home owners is going to lose them their first time buyer status. They the only way they could cash in when the trust is wound up without your agreement is through a court order which would be expensive with a strong chance of the application failing.

One child is 18 and the other is 14 and both are in agreement that i have a life interest. As one is not an adult i'm told i would need permission from the court. Could the executors give permission?

CGT?? County court judgement - didn't think of that.

No Capital Gains Tax. 

What a headache your late husband has left you regardless of whether you were officially together at the point he died. 

I agree with the comment about not leaving adequate provision for you.  

Just slightly! Though i do understanding his reason however they were not thought through, which is hard to do when you are end of life medication and knowing you only have days.

I just want peace of mind and my kids are happy to do that (at this time), I just not convinced the executors have the capaicity to see what is best for the kids and have no regard for me. 

Zimara25

Spendless said:

Zimara25 said:

Hi All,

I have instructed a solicitor with regards to my late husbands will. He didn't have a previous will and made his will 4 day before he passed of stomach cancer. The executors refused to send me a copy of the will so my solicitor sent them a letter and we received the will. My husband left everything to our two children for reason which i understand but we owned a property together (tenancy in common). The children's 50% is to go a trust fund set up for when they reach 25 years of age. I would like to apply for a life interest in the asset as one of the executors suggested that when they do reach 25 years i would need to mortgage to give them the money.
My solicitor has requested the will notes from my husbands solicitor but have refused and have suggested sending them a Larke and Nugus letter for £1500. 

Given i don't wish to contest the wishes of the will i do want peace of mind that I won't have to mortgage at the age of 55 in 7 years time, i just want peace of mind that i can stay in the family home with no potential awkward conversations with my kids later (not that i think they would)??

Thank you in advance.

What are will notes?

I'm not a legal professional but my understanding of will notes as per google is:

What does a Larke v Nugus request include?

• A copy of the solicitors Will file including documents such as attendance notes with the testator and details of who made the appointments.
• A number of questions regarding the initial appointments, how instructions were given and how the testator executed the Will, whether it be at home or in the solicitor’s office.
• Detail as to whether anyone else was in attendance with the testator when each step was undertaken.

My husbands solicitor has refused mine a copy of the will file as it is privileged information. More legal action, hence more cost...

Spendless

Zimara25 said:

Spendless said:

Zimara25 said:

Keep_pedalling said:

Are you on good terms with your children? Are they adults?

If the answer to both those questions is yes then hopefully they would agree to make a deed of variation to give you a life interest. If they do that you can take the solicitors out of the loop.

This may also be in their best interests because what he has done is not the most sensible approach as it is likely to leave them with a CGT liability when the house is eventually sold, and if they are not already home owners is going to lose them their first time buyer status. They the only way they could cash in when the trust is wound up without your agreement is through a court order which would be expensive with a strong chance of the application failing.

One child is 18 and the other is 14 and both are in agreement that i have a life interest. As one is not an adult i'm told i would need permission from the court. Could the executors give permission?

CGT?? County court judgement - didn't think of that.

No Capital Gains Tax. 

What a headache your late husband has left you regardless of whether you were officially together at the point he died. 

I agree with the comment about not leaving adequate provision for you.  

Just slightly! Though i do understanding his reason however they were not thought through, which is hard to do when you are end of life medication and knowing you only have days.

I just want peace of mind and my kids are happy to do that (at this time), I just not convinced the executors have the capaicity to see what is best for the kids and have no regard for me. 

Agreed and I do wonder if that is enough along with you haven't been left adequate provision is enough to dispute the will. What's your solicitor said? 

Sarahspangles

BooJewels said:

DoV = Deed of Variation
Beneficiaries of an estate can do one to change the outcome, but only where they are the party losing out.   Has to be done within 2 years of death.

CGT = Capital Gains Tax
If your children are deemed to inherit the house now and sell it in 10 years, they could have to pay tax on how much the value has increased in that time.

As one of the children is currently 14 then it looks like the DoV won’t be possible.

I think so long as the children are likely to be (mostly) living at home during that period then CGT won’t apply? But perhaps it will affect their First Time Buyer status. Depending on how the Trust is written.

Looked at objectively, your husband may have been trying to protect the children’s interests. Had you gone on to divorce when you separated, rather than him falling ill, then there may have been a 50/50 division of assets at that point. So you might have been faced with having to sell and rehouse yourself as soon as the youngest turned 18, or whatever the Court agreed was fair.

Instead, the Will tries to pass his 50% (which sounds like it’s mostly the house) to his children but not until they’re through the Uni and getting ready to fly the nest stage. Which implies he thinks you’re the best person to raise them.

Had he died intestate (or if the Will is set aside and this is how his estate is distributed) and you inherited more or all of the property then the risk (to your sons) is that you could marry someone else and leave more or all of the property to them, either deliberately or through the intestacy route.

Maybe you are best just facing this when your children are older. And although I’m sure it’s all too raw to contemplate now, maybe you will meet someone else by then.

Zimara25

Spendless said:

Zimara25 said:

Spendless said:

Zimara25 said:

Keep_pedalling said:

Are you on good terms with your children? Are they adults?

If the answer to both those questions is yes then hopefully they would agree to make a deed of variation to give you a life interest. If they do that you can take the solicitors out of the loop.

This may also be in their best interests because what he has done is not the most sensible approach as it is likely to leave them with a CGT liability when the house is eventually sold, and if they are not already home owners is going to lose them their first time buyer status. They the only way they could cash in when the trust is wound up without your agreement is through a court order which would be expensive with a strong chance of the application failing.

One child is 18 and the other is 14 and both are in agreement that i have a life interest. As one is not an adult i'm told i would need permission from the court. Could the executors give permission?

CGT?? County court judgement - didn't think of that.

No Capital Gains Tax. 

What a headache your late husband has left you regardless of whether you were officially together at the point he died. 

I agree with the comment about not leaving adequate provision for you.  

Just slightly! Though i do understanding his reason however they were not thought through, which is hard to do when you are end of life medication and knowing you only have days.

I just want peace of mind and my kids are happy to do that (at this time), I just not convinced the executors have the capaicity to see what is best for the kids and have no regard for me. 

Agreed and I do wonder if that is enough along with you haven't been left adequate provision is enough to dispute the will. What's your solicitor said? 

It is enough to dispute the will but I don't want to as firstly it wouldn't sit right with me and secondly I don't have the fund for a potential legal claim. Aside from the house my husband had £8k in cash and it cost £4k for the funeral.

Sarahspangles

Zimara25 said:

It is enough to dispute the will but I don't want to as firstly it wouldn't sit right with me and secondly I don't have the fund for a potential legal claim. Aside from the house my husband had £8k in cash and it cost £4k for the funeral.

Did he contribute to a pension with death or survivor benefits or have any insurances?