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Inheritance Act Nightmare
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Sea_Shell said:Was it drawn up by solicitors?
Regardless of any claim under the act, it sounds like the residual estate could just be eroded away, with these allowable costs.
How much is in the RE? Enough to cover, say £2000 a year for X years?
The RE is not of a particularly huge value, but there's enough to look after general maintenance and repairs for a while into the future if used sensibly.1 -
Just seem to be so many problems here.
If:left his estate to me with his widow (my step-mother) given the right to live in the property and it be maintained and insured from the residuary funds from the estate.How do you differentiate what has been left to you and if you cannot quantify this what are the residuary funds?
And if it's residual where would it go? Once you have been allocated your portion does it just stay in the trust accounts? Who manages it and covers the cost of managing it?
Also how long does a residual estate last? Two months, six months, 10 years? What happens when it has run out before the step mother dies?
Who is the gatekeeper for justified expenditure?
And on the other hand when the step mother dies, and the house is sold where does the remnants of the RE go?
Perhaps my understanding is awry somewhere but it all seems impracticable.3 -
Where an inheritance act clai is mae by a widow or widower, one of the factors a court onsiders is what the outcome would have been had the marriage ended as a result of a divorce rather than death.
In a divorce after a 30 years marriage, the starting point would have been a 50/50 split of the total assets.(so including assets in her sole name)
It may be worth making an offer along those lines - perhaps for the hosueto be sold (or transferred to the Wife if she can afford it, either by pffsetting the rmaining half againt other assets, or if she is in a positon to obtain a lifetime mrtfage ) - the advantage of that approach would be that you could have a clean break now, and she would be able to leave her share ofthe estate as she wishes
You could also look at a proposal along those lines but on the basis that she is entitled to occupy the property during her lifetimesubject to being respnsble for the maintenace / 50% of the meaintence costs .
Iagree with your solicitor that on the face of it, she would appear to have a fiarly strong cae as it doesn't sound as though your father made reasonable provison for her given the legth of the marraige etcAll posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)1 -
BikingBud said:Just seem to be so many problems here.
If:left his estate to me with his widow (my step-mother) given the right to live in the property and it be maintained and insured from the residuary funds from the estate.How do you differentiate what has been left to you and if you cannot quantify this what are the residuary funds?
And if it's residual where would it go? Once you have been allocated your portion does it just stay in the trust accounts? Who manages it and covers the cost of managing it?
Also how long does a residual estate last? Two months, six months, 10 years? What happens when it has run out before the step mother dies?
Who is the gatekeeper for justified expenditure?
And on the other hand when the step mother dies, and the house is sold where does the remnants of the RE go?
Perhaps my understanding is awry somewhere but it all seems impracticable.0 -
TBagpuss said:Where an inheritance act clai is mae by a widow or widower, one of the factors a court onsiders is what the outcome would have been had the marriage ended as a result of a divorce rather than death.
In a divorce after a 30 years marriage, the starting point would have been a 50/50 split of the total assets.(so including assets in her sole name)
It may be worth making an offer along those lines - perhaps for the hosueto be sold (or transferred to the Wife if she can afford it, either by pffsetting the rmaining half againt other assets, or if she is in a positon to obtain a lifetime mrtfage ) - the advantage of that approach would be that you could have a clean break now, and she would be able to leave her share ofthe estate as she wishes
You could also look at a proposal along those lines but on the basis that she is entitled to occupy the property during her lifetimesubject to being respnsble for the maintenace / 50% of the meaintence costs .
Iagree with your solicitor that on the face of it, she would appear to have a fiarly strong cae as it doesn't sound as though your father made reasonable provison for her given the legth of the marraige etc0 -
Urban_Tangleweed said:1
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Urban_Tangleweed said:TBagpuss said:Where an inheritance act clai is mae by a widow or widower, one of the factors a court onsiders is what the outcome would have been had the marriage ended as a result of a divorce rather than death.
In a divorce after a 30 years marriage, the starting point would have been a 50/50 split of the total assets.(so including assets in her sole name)1 -
Flugelhorn said:Urban_Tangleweed said:1
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mattojgb said:Urban_Tangleweed said:TBagpuss said:Where an inheritance act clai is mae by a widow or widower, one of the factors a court onsiders is what the outcome would have been had the marriage ended as a result of a divorce rather than death.
In a divorce after a 30 years marriage, the starting point would have been a 50/50 split of the total assets.(so including assets in her sole name)0 -
Urban_Tangleweed said:Flugelhorn said:Urban_Tangleweed said:1
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