Confused about Inheritance letter from Solicitor

gbl1977

cant see an option to edit

gbl1977

RAS said:

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

cant see an edit option

Notepad_Phil

I seem to remember that it takes a while for new posters to have edit permission.

I've sent a report which hopefully mse will quickly pick up and act on.

gbl1977

Notepad_Phil said:

I seem to remember that it takes a while for new posters to have edit permission.

I've sent a report which hopefully mse will quickly pick up and act on.

Yes you are correct.  Thanks. 

Also I've noticed,  this site seems to be geard towards mobile use as when I use my PC there are no scroll bars and I have to reduce the screen size to go through a thread.

RAS

When this is sorted feed that back to the team. I do get scroll bars on the right hand side but they can freeze. And I'm left handed so lose posts etc.

elsien

SteM123 said:

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 A 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 A 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 A 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 A".

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.

I'm not a legal expert but to me that reads as if you get the income from the residue then after your death the full amount goes to the grandchildren.
The rest of it about having the power to make loans or give you the full amount appears to be a discretionary condition giving the trustees the power to do so if they feel there is good reason.
So I think that leaves you with checking the will to see if there is any guidance on when they might want to loan or give you the capital, and if there is nothing asking the trustees in what circumstances they would consider lending or gifting you the capital. 

RAS

Agree with elsien.

You get the interest on the £10k each year, and on your death the money is split between the grandchildren.

Of concern is that at least one executor appears to be a professional who might expect to be paid for administering the trust and the interest might barely to cover their fees?

Are you in receipt of means tested benefits, where having £10k would affect eligibility?

gbl1977

elsien said:

SteM123 said:

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 A 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 A 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 A 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 A".

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.

I'm not a legal expert but to me that reads as if you get the income from the residue then after your death the full amount goes to the grandchildren.
The rest of it about having the power to make loans or give you the full amount appears to be a discretionary condition giving the trustees the power to do so if they feel there is good reason.
So I think that leaves you with checking the will to see if there is any guidance on when they might want to loan or give you the capital, and if there is nothing asking the trustees in what circumstances they would consider lending or gifting you the capital. 

There's nothing else in the will so it looks like I'd have to ask the trustees.  The interest from the money wouldn't be very much I doubt. Seems a bit strange to me. 

Dave_5150

There's nothing else in the will so it looks like I'd have to ask the trustees.  The interest from the money wouldn't be very much I doubt. Seems a bit strange to me. 

The best current rate from the fixed term savings accounts on this website of 6.05% for a 2 year fix would generate £605 of interest per year - https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/ 

But before the cost of living crisis you woud have been lucky to get much more than half of that amount.

Robin9

RAS said:

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

I have asked MSE to do so.  All you need to do is select Report and select the appropriate item