Please help me understand my nan's will

Smudgeismydog

It does sound more like a ‘goodwill gesture’ or gift from your grandad, when he mentioned a figure to your sister. This would be completely outside the will, and at a value of £1.5/£2k each, would likely be utilising his annual IHT allowance.

It’s therefore not really relevant whose estate it’s from, it just a very kind gift from your grandad. 

NomadicBrit

Keep_pedalling said:

NomadicBrit said:

Keep_pedalling said:

If you have been left anything the wording you have given for section 8 should read my daughter and my grand daughter not my daughter and my daughter. Is this correct?

Assuming the house was owned by your nan and grandfather, it is not now owned by your mum and your sister, your grandfather is the beneficial owner and legal ownership is between him and the trust created by your nan’s will. If gran was the sole owner then he is still the beneficial owner but the trust is the sole legal owner. 

Amending a will by deed of variation to avoid losing benefits is deliberate deprivation of assets so all that will achieve is losing both benefit and inheritance. 

This makes a lot of sense, thank you

"My daughter" and "my daughter" is correct. My mum and her sister are both my nan's daughters. Didn't want to accidentally doxx them.

You're right about the deed of variation, but i wouldn't put it past my mum to try, sadly. Most people have no idea how cruel the benefits system is.

So because my mum now co-owns the house, because Grandad is living in it, it won't affect her benefits till my grandad passes. Is this correct?

That is correct, she and her sister are what are known as remaindermen and don’t actually inherit until their father dies. You grand mother’s share cannot be used to pay care costs while for him, and it is protected if grand father decides to marry and fails to make a new will. 

Aaah that makes so much sense! I was told back when they split the wills they were ring fencing money to prevent the care costs issue you've outlined.

Thank you so much for your insight!

NomadicBrit

Thanks for all your replies, everyone.

The only real question I have left is that if I'm not entitled to claim anything from my nan's will, then why are me and my sister still going to benefit anyway? From where is that money coming from?

Does this happen often with wills? Is that money coming from a deed of variation so that me and my sister legally benefit? (especially now we're older with our own responsibilities)

NomadicBrit

Smudgeismydog said:

It does sound more like a ‘goodwill gesture’ or gift from your grandad, when he mentioned a figure to your sister. This would be completely outside the will, and at a value of £1.5/£2k each, would likely be utilising his annual IHT allowance.

It’s therefore not really relevant whose estate it’s from, it just a very kind gift from your grandad. 

Aaah I didn't know that existed, thank you so much

Smudgeismydog

With a deed of variation, the original beneficiaries (your mum and aunt), would make the decision not to receive some or all of their inheritance, and vary the terms of the will, so that it is passed to someone else. This would be entirely their decision, and not something you have any influence over.

It sounds as if your grandad simply wants to gift some money to you and your sister. 

swingaloo

NomadicBrit said:

Thanks for all your replies, everyone.

The only real question I have left is that if I'm not entitled to claim anything from my nan's will, then why are me and my sister still going to benefit anyway? From where is that money coming from?

Does this happen often with wills? Is that money coming from a deed of variation so that me and my sister legally benefit? (especially now we're older with our own responsibilities)

You have no claim on nans will. Why do you think you and your sister are going to benefit? What money are you talking about? If your grandad wants to give you a gift before he dies that is for him to do but other than that there is no inheritance for you and your sister.

NomadicBrit

swingaloo said:

NomadicBrit said:

Thanks for all your replies, everyone.

The only real question I have left is that if I'm not entitled to claim anything from my nan's will, then why are me and my sister still going to benefit anyway? From where is that money coming from?

Does this happen often with wills? Is that money coming from a deed of variation so that me and my sister legally benefit? (especially now we're older with our own responsibilities)

You have no claim on nans will. Why do you think you and your sister are going to benefit? What money are you talking about? If your grandad wants to give you a gift before he dies that is for him to do but other than that there is no inheritance for you and your sister.

i already answered both of your questions in the thread.

after seeing other comments above, it's likely a gift, although i had no idea because i hadnt seen my nans will till today, nor did i understand it.

RAS

Your mum hasn't inherited anything and won't until her father dies. At which point if £6k (the limit then) remains after paying any care fees for GF, she has to declare it and lose her benefits.

She will be expected to live fairly simply and then can claim benefits again when the money runs out. If she gives it away or blows it on luxuries, she gets no benefits and no money to live on.

swingaloo

NomadicBrit said:

swingaloo said:

NomadicBrit said:

Thanks for all your replies, everyone.

The only real question I have left is that if I'm not entitled to claim anything from my nan's will, then why are me and my sister still going to benefit anyway? From where is that money coming from?

Does this happen often with wills? Is that money coming from a deed of variation so that me and my sister legally benefit? (especially now we're older with our own responsibilities)

You have no claim on nans will. Why do you think you and your sister are going to benefit? What money are you talking about? If your grandad wants to give you a gift before he dies that is for him to do but other than that there is no inheritance for you and your sister.

i already answered both of your questions in the thread.

after seeing other comments above, it's likely a gift, although i had no idea because i hadnt seen my nans will till today, nor did i understand it.

My questions were in relation to the question you asked just before I posted, nothing to do with earlier posts. You said  'Why are me and my sister still going to benefit anyway?. and 'From where is that money coming from?'  I was asking what money you were talking about.

NomadicBrit

RAS said:

Your mum hasn't inherited anything and won't until her father dies. At which point if £6k (the limit then) remains after paying any care fees for GF, she has to declare it and lose her benefits.

She will be expected to live fairly simply and then can claim benefits again when the money runs out. If she gives it away or blows it on luxuries, she gets no benefits and no money to live on.

Oh okay. Maybe by then the benefits system will be more humane so she doesn't have to waste her inheritance on basic lvinig costs thanks to the DWP's systemic ableism.

As things stand, I don't think she realises exactly the inheritance trap she's going to walk to. considering she and her sister were both with my nan and grandad when they were finalising their wills years ago.

would've been much better to allocate part of her share to me and my sister, given we can work and invest, and she can not.