Hypothetical inheritance question regarding buying in-laws house
My husband died last year suddenly and unexpectedly. His parents have said for years that their Wills leave everything to the surviving spouse and then their estate would be split evenly between my husband and his sibling. They also mentioned that they have a clause that if one (or both) of their children predeceased them, the share of inheritance from that child would go to their grandchildren. They own a house that is worth well over a million and have substantial amounts in investments too.
My husband and I had two children together, so unless they change their Wills, when they die my husband's share will go to our children. My in-laws are advanced in age and assuming they have a clause in their Wills that states that the children have to reach their majorities before they have access to their inheritance, I assume their share would be held in trust until they become of age. My children are very young and its likely that my in-laws will die before my children turn 18 (or whatever later age they've stipulated). I don't know who they have named as trustees under this clause but I assume it is my brother in law in our situation. Obviously I don't want to ask any prying questions and they were always really standoffish whenever my husband tried to talk to them about the 7 year rule and other schemes that could reduce IHT etc. Their attitude being that they built up their empire so their children could too - typical boomer attitudes.
My husband and I dreamed for years about living in the family home. We had always hoped that when the time came, his brother would be happy to be bought out of his share of the house so that we could move into it with our children and make it our forever home. The expectation was that after IHT, the investments left to my husband and our own money would be sufficient to buy out his brother if his brother was amenable to the idea. Depending on how much the rest of the estate is worth it might have involved us selling any property we owned at the time too. We really never knew how much they have in liquid assets.
My question is, if the inevitable happens to my in-laws before our children reach their respective majorities, what are the chances of me requesting from my brother in law (or whoever the trustee is) that I buy out my brother in law's share of the house so that I can live in it with the children and basically make it our forever home? I currently have enough in my own estate to but half the house if that makes a difference in any way.
What may be a stumbling block is that relationship between my husband and his brother have always been at best frosty, and since my husband died, I have not even had a phone call from my brother in law to offer condolences. Again, assuming that following the death of my husband, and in the event of the death of his elderly parents, the brother in law is named as trustee for our children.
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