Inheritance advice

Keep_pedalling

Zoekate2 said:

Yes my sister & I are executors, she chose not to be a beneficiary. It was a stipulation in my Mums will that my son would receive his part only when he turned 21. 

It may have stipulated that, but as per my previous post in most cases the legal position is that the beneficiary is entitled to receive it at 18 and not only that they are responsible for income tax and CGT due on the money that is held for them. Money left absolutely to a minor has to be held in a bare trust and bare trusts come under the control of the beneficiary at 18 unless you are in Scotland when it is 16.

What is the exact wording (personal details redacted) used for his bequest? 

sammyjammy

Grumpy_chap said:

Zoekate2 said:
 this inheritance will also give me the financial freedom to leave my Partner so I'll be renting somewhere too

Sorry for your loss.

As well as ending both of your UC claims because of capital, your partner may claim half the inheritance as joint (marital) assets of the relationship.

Good point but OP hasn't said they are married.

Grumpy_chap

sammyjammy said:

Grumpy_chap said:

Zoekate2 said:
 this inheritance will also give me the financial freedom to leave my Partner so I'll be renting somewhere too

Sorry for your loss.

As well as ending both of your UC claims because of capital, your partner may claim half the inheritance as joint (marital) assets of the relationship.

Good point but OP hasn't said they are married.

Absolutely correct.
That does not stop a non-married partner making a claim.  The success of any such claim will depend upon the length / perceived permanence of the relationship.  If the 14 yo son is the OP's with current partner, the claim for a share of assets may be quite strong.  No need for the OP to share that detail to the forum, but very worthwhile the OP being aware of any possibility.

With regard to the OP's mother wishing that the grandson only receives the inheritance at at 21, unless the Will has been drafted very specifically (which is not common), the wish does not overrule the law.
I wish to drive at 100 mph and I am wholly entitled to that wish - my wish will not overrule the law either.

Zoekate2

Grumpy_chap said:

Zoekate2 said:
 this inheritance will also give me the financial freedom to leave my Partner so I'll be renting somewhere too

Sorry for your loss.

As well as ending both of your UC claims because of capital, your partner may claim half the inheritance as joint (marital) assets of the relationship.

We're not married so I assume he has no claim over my inheritance in law?

Grumpy_chap

Zoekate2 said:

We're not married so I assume he has no claim over my inheritance in law?

It might depend on how much permanence there is in the relationship, how much your finances and lives are / were combined, whether the relationship spawned offspring.
Irrespective of the final legal position, he might try to claim some portion of everything regardless.
Hopefully he won't, but you know what he is like far better than we do.

Northern_Wanderer

Grumpy_chap said:

Zoekate2 said:

We're not married so I assume he has no claim over my inheritance in law?

It might depend on how much permanence there is in the relationship, how much your finances and lives are / were combined, whether the relationship spawned offspring.
Irrespective of the final legal position, he might try to claim some portion of everything regardless.
Hopefully he won't, but you know what he is like far better than we do.

Would need to clarify if OP is in Scotland or England. In Scotland, if children are involved it is just about agreeing maintanence when unmarried.

born_again

Grumpy_chap said:

Zoekate2 said:

We're not married so I assume he has no claim over my inheritance in law?

It might depend on how much permanence there is in the relationship, how much your finances and lives are / were combined, whether the relationship spawned offspring.
Irrespective of the final legal position, he might try to claim some portion of everything regardless.
Hopefully he won't, but you know what he is like far better than we do.

Another spanner in the works from OP

Also sadly, this inheritance will also give me the financial freedom to leave my Partner so I'll be renting somewhere too. 

Zoekate2

born_again said:

Grumpy_chap said:

Zoekate2 said:

We're not married so I assume he has no claim over my inheritance in law?

It might depend on how much permanence there is in the relationship, how much your finances and lives are / were combined, whether the relationship spawned offspring.
Irrespective of the final legal position, he might try to claim some portion of everything regardless.
Hopefully he won't, but you know what he is like far better than we do.

Another spanner in the works from OP

Also sadly, this inheritance will also give me the financial freedom to leave my Partner so I'll be renting somewhere too. 

Spanner in the works? Not a very pleasant thing to say is it.