Dad gifting money to sons

eskbanker

To cut another long story short (and to backtrack slightly), the reason my dad wanted to gift his money to me and my brother in the first place, is because he thinks my mother has more than enough money in her account, and 50+ years ago, the house was mortgaged solely in here name, even though the vast majority of the mortgage was paid off with his money. He feels throughout his life he has provided more than enough to my mother.

Basically they don't get on and he doesn't want my mother to have any of his cash! This is why I told him a will would be his best bet.

Just to clarify, are your parents still married?

I also mentioned to him the lasting power of attorney which he fully understands, but he is reluctant to pay for something when he assumes he will be mentally sound and make decisions for the rest of his life, and which will become void on him passing away.

It's an entirely separate issue from the fate of his money after his death, but assuming being mentally sound (or even physically capable of getting to branches, etc) right to the end seems rash!

badger09

https://forums.moneysavingexpert.com/discussion/comment/81856410#Comment_81856410

LPAs now cost £92 each online (since November) but are straightforward to DIY. I posted my forms 19/11. OPG wrote 22/12 to say they had notified relevant people & need to wait 4 weeks, so I’m expecting them back soon

Brie

Getting a PoA will take some time so if in the short term he just wants some help to look after his finances then you might get third party authority on his accounts. This means you could get cash out, pay bills, keep an eye on things online all completely legitimately.

The other thing to consider if he doesn't want your mom to get her hands on his money is for you and your brother to go joint on his accounts. That way when he dies it's your money and not part of his estate. (as I understand it).

If he and mom are still married, even if they haven't lived together for decades and there is no will the most likely scenario is that she will get everything in the estate.

Hope he's out and about soon, it must be worrying for all of you for him to be in hospital.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81856405#Comment_81856405

I think that would maybe depend on how the arrangement was made.

For sure if there was a binding written agreement that the money would be returned if needed, then it would be a Gift with reservation.

However if it was an informal verbal agreement, that was non binding ( in other words they could refuse to hand the money back) then I would think that is still a straightforward gift ?

sheramber

You say the mortgage was in his wife’s name.

Does she have sole ownership on the title deeds?