Confused about Inheritance letter from Solicitor

gbl1977

I received a letter from the solicitor dealing with my mums estate and I am confused about some of the wording. I'll post the section I'm confused about and would appreciate if anyone can elaborate on it.

"The Will provides you with a life interest in the sum of £10,000 plus the residue of the state. This means that you will receive income from these funds rather than the capital investment".

"I am liasing with the executor about this and will be in touch once I have more details".

Does this mean it's all going in some sort of trust and I get a payment every once in a while?

If it is then it seems rather silly as my mum didn't have a lot of money.

elsien

The life interest generally means that you get the interest/income from the £10,000, but when you die that money has been bequeathed to someone else. 

The Implication being that then your mum has left the capital to someone else. Do you know what the will actually says? 

gbl1977

elsien said:

The life interest generally means that you get the interest/income from the £10,000, but when you die that money has been bequeathed to someone else. 

The Implication being that then your mum has left the capital to someone else. Do you know what the will actually says? 

Thanks for replying.

I am the main beneficiary. Its rather omplicated as I looked after my mother for the remaining years of her life and put everything on hold to so.

One of the executors was my mothers shares accountant who basically passed his duties to the solicitor, the other executor is my mothers power of attorney.

I do not know the exact details of the will but I know the four grand kids got 5k each, my sister got £10k and my mums personal belongings. My mothers biological son got 1k and I am supposed to get £10k and the residue.

In 2016 I know my mum had £75k in total

The accountant did not want me to get anything because I was silly when I was younger and my mum bailed me out of major debt but he has had nothing to do with anything since probate was granted last september..

My mother didn't own any proerties or major assets.

HillStreetBlues

SteM123 said:

elsien said:

The life interest generally means that you get the interest/income from the £10,000, but when you die that money has been bequeathed to someone else. 

The Implication being that then your mum has left the capital to someone else. Do you know what the will actually says? 

Thanks for replying.

I am the main beneficiary. Its rather omplicated as I looked after my mother for the remaining years of her life and put everything on hold to so.

One of the executors was my mothers shares accountant who basically passed his duties to the solicitor, the other executor is my mothers power of attorney.

I do not know the exact details of the will but I know the four grand kids got 5k each, my sister got £10k and my mums personal belongings. My mothers biological son got 1k and I am supposed to get £10k and the residue.

In 2016 I know my mum had £75k in total

The accountant did not want me to get anything because I was silly when I was younger and my mum bailed me out of major debt but he has had nothing to do with anything since probate was granted last september..

My mother didn't own any proerties or major assets.

Do you mean was?  as POA will have ended.

gbl1977

HillStreetBlues said:

SteM123 said:

elsien said:

The life interest generally means that you get the interest/income from the £10,000, but when you die that money has been bequeathed to someone else. 

The Implication being that then your mum has left the capital to someone else. Do you know what the will actually says? 

Thanks for replying.

I am the main beneficiary. Its rather omplicated as I looked after my mother for the remaining years of her life and put everything on hold to so.

One of the executors was my mothers shares accountant who basically passed his duties to the solicitor, the other executor is my mothers power of attorney.

I do not know the exact details of the will but I know the four grand kids got 5k each, my sister got £10k and my mums personal belongings. My mothers biological son got 1k and I am supposed to get £10k and the residue.

In 2016 I know my mum had £75k in total

The accountant did not want me to get anything because I was silly when I was younger and my mum bailed me out of major debt but he has had nothing to do with anything since probate was granted last september..

My mother didn't own any proerties or major assets.

Do you mean was?  as POA will have ended.

yes sorry about that

theoretica

SteM123 said:

"The Will provides you with a life interest in the sum of £10,000 plus the residue of the state. This means that you will receive income from these funds rather than the capital investment".

It seems a key question whether you get a life interest in the residue too - or get that outright.  I agree that getting a copy of the will would be a useful step.

HillStreetBlues

I agree with elsien with that wording you get any interest from the £10k but you do not own it, the rest seems straight forward.
What the accountant wants matters not a jot

gbl1977

Thanks for the replies

I will attempt to get a copy, what I dont understand is who gets the 10k when I die because I know for a fact that there is no one else mentioned in the will.

RAS

It costs £1.50 to download the will from the probate registry. 

Until you do that, no-one can tell you what the situation is. Make sure you use the gov.uk website.

gbl1977

I downloaded the will. I'm either being really thick or im really annoyed. I cant make sense of it. I'll quote the parts relating to me and if someone can let me know what it means in simple terms please

"I give to (Removed by Forum Team) my personal chattels as defined by S55 administration of estates act 1925 not otherwise disposed of by this will or any codicil to it".

"My turstees shall hold the rest of the estate on trust to retain or sell on the following terms".

Pay inheritance tax

Pay the income from the residue to (Removed by Forum Team) during his life time and after his death to pay my residuary estate to my grandchildren.

"My trustees have the power to make loans of capital to (Removed by Forum Team) either interest free or at a rate below market value".

"My Trustees have the power to apply the whole or any part of the capital of my residuary estate to (Removed by Forum Team)".

Am I being thick? because on one hand it says im just getting the interest, then it says I can take a loan against it or that the trustee might say here have it. Now I really am confused.

RAS

You really do need to edit that urgently to remove your name.