Family home

grassmarket

This seems a very odd thread! It’s your father’s estate, so whatever he puts in his Will is what the executor(s) must legally do. Why not just ask him what he wants to happen with his property & who the executors are? All the rest is pure speculation. If what he wants to happen is different from what his Will says, he needs to update it. If he doesn’t want you to become effectively homeless when he dies - he needs to do something about it now. 

tooldle

grassmarket said:

This seems a very odd thread! It’s your father’s estate, so whatever he puts in his Will is what the executor(s) must legally do. Why not just ask him what he wants to happen with his property & who the executors are? All the rest is pure speculation. If what he wants to happen is different from what his Will says, he needs to update it. If he doesn’t want you to become effectively homeless when he dies - he needs to do something about it now. 

I agree. OP does not appear to have sight of the will and, the precise wording of its clauses is important. For example an equal share of the estate does not necessarily mean any property passes into ownership of the three beneficiaries. The exact wording of the clause is important.

Sea_Shell

Another thought, parent could decide to do equity release on the property, if they needed a large chunk of cash for repairs etc.

That would have to be settled, somehow, at part of dealing with the estate.

Discountark91

That actually sounds like a really thoughtful approach. A short-term life interest trust could give the OP some stability and space to grieve without feeling rushed out of their home, while still ensuring the other siblings aren’t waiting years for their inheritance. It strikes a good balance between compassion and practicality, and it might make the whole process a lot less stressful for everyone involved.

noviceSon

maman said:

From what you've said @noviceSon, your sibling that has paid off their mortgage might be in a position to buy the rest of you out especially as they particularly like the house.

As you've mentioned IHT, I'm assuming that it's a substantial house so would your share be sufficient for you to invest in a small property for yourself. 🤔

It's possible she might be able to if she sold her existing property. 

But it depends on her intentions. However I do know is she is keen to maintain the family home.

I am not sure if my share would be sufficent or not - I tend to think it's doubttful.

But I am hoping some sort of arrangement with my other sibling may be possible - however he is attracted to the prospect of living here too. It's complex however because he has other property interests too.

I have no understanding of property prices, but am not sure I could do it alone. 

noviceSon

Blue_Butterfly said:

Is it possible to write a short term life interest trust into a will, say 1 or 2 years? This could give OP security of tenure whilst dealing with grief and sorting out the estate, but not delay the other siblings inheritance long term. It would also give OP more time to make decisions on future housing, than possibly being pressured to move out quickly by siblings.

Thanks for the suggestion.

I will try to research into it to understand what it means.

But is it effectively a guarantee of residency ? Or a lump sum that can help sustain me ?

Also as joint owner, don't I have the right to remain anyway ?

Before the house is sold I mean ?

Or do you just mean they may be keen to realise their share ?

noviceSon

Misha96 said:

Is the OP in any way the dependent of the parent with whom they currently live? If this is the case, Inheritance Act 1975 might be a way forward when the parent dies.

Yes I am. 

And I appreciate the suggestion thankyou. I will look into that too. 

One thing we are doing is looking at joint account status (for ease of maintaining the property after).

However even though I would be legally entitled to the joint account money, the estate would still be divided equally,

noviceSon

grassmarket said:

This seems a very odd thread! It’s your father’s estate, so whatever he puts in his Will is what the executor(s) must legally do. Why not just ask him what he wants to happen with his property & who the executors are? All the rest is pure speculation. If what he wants to happen is different from what his Will says, he needs to update it. If he doesn’t want you to become effectively homeless when he dies - he needs to do something about it now. 

I appreciate the points thanks.

Much of what you've said I've conidered too.

I have not spoken with him recently, but his attitude has been it will be up to us all to reach agreement.

I think he imagines we will be sharing the property, and who knows, he may be right..

But yes, points taken thankyou - I will keep them in mind and act accordingly.

noviceSon

tooldle said:

I agree. OP does not appear to have sight of the will and, the precise wording of its clauses is important. For example an equal share of the estate does not necessarily mean any property passes into ownership of the three beneficiaries. The exact wording of the clause is important.

Thanks for the advice !

I will see if it's possible to avail myself of the relevant details and report back soon as I can. 

noviceSon

Sea_Shell said:

Another thought, parent could decide to do equity release on the property, if they needed a large chunk of cash for repairs etc.

That would have to be settled, somehow, at part of dealing with the estate.

Parent is fine for money.

However I may be the one who requires it if I do stay after his passing.

That's why I was wondering what the equity realease rules may be for myself in / or joint owenership.

Otherwise if the house is sold as part of the estate, I will have my lump sum to be able to move forward.

You last line confuses me a little however - am I missing something ?

Appreciate the suggestion !