Strange Clause in Will !

loiner

https://forums.moneysavingexpert.com/discussion/comment/82167385#Comment_82167385

The house is around 25% of the value of the estate.

sgthammer

Six weeks staying with a relative after being in hospital sounds like a red herring as far as his interest in his own property goes.

But it's worth clarifying whether the intent was for Named Sibling to buy the house from the estate before or after division. Even at an uninflated price, NS is still faced with a significant outlay which at least partly offsets the perceived financial advantage of getting the house itself: this is different from a simple "My house I leave to NS" as seen in many wills. If NS declines the option does it just go to open market anyway?

loiner

https://forums.moneysavingexpert.com/discussion/comment/82167348#Comment_82167348

At first they said no to buying the house, now they say they 'might' buy. 'Might' is their favourite word. I'm not sure if they have the financial ability to buy it. They also probably don't realise they would pay Capital Gains Tax on the sale of it. They would definitely sell dad's house rather than sell their own.

Keep_pedalling

Was this a DIY will?. The primary clause is to divide the estate equally between the three of you, so the clause about the house is incomparable with that.

loiner

https://forums.moneysavingexpert.com/discussion/comment/82167517#Comment_82167517

No, it was a proper solicitor Will. A Google search shows me the solicitors in question were struck off ten years ago (and so they should be!!)

loiner

The intent was for the NS to have the option to buy the house before division. If NS declines the option it just goes to open market and the full sale price is hence split 3 ways.

Keep_pedalling

Not a particularly unusual clause with the exception of a set valuation with nothing to correct for inflation.

loiner

https://forums.moneysavingexpert.com/discussion/comment/82167548#Comment_82167548

Exactly that. It's no index linking that makes it strange.

Keep_pedalling

If the sibling insists on taking out this option then you really should take professional advice.

elsien

I was also thinking the same as one of the above posts – was the plan for your dad to return back to his own home at any point because if it was there a strong argument that temporary respite for a month or two doesn’t negate his home still being his home.