FOAK - Builders, legal eagles etc

Discussion in 'UK Motorcycles' started by mike. buckley, Feb 2, 2009.

  1. OK, complicated one - a "friend" has become executor for the will of his
    Grandma. A fellow executor (the Grandmas son-in-law) is dealing with
    most of the will legal stuff, so no problems there, except...

    Grandma made a will a few months before she died, leaving an equal
    amount of her estate to her three daughters. This comprises a nice nest
    egg and a house (owned from new since 1920 something).

    Complicating factor - one of the daughters has learning difficulties and
    cannot live on her own, so social services are in play finding her a
    place in a suitable home, she can live under supervision, so had no
    problems living with blind Grandma with the odd visit from health
    visitors etc. So, with the will leaving the house to all three it's
    fairly obvious where most of one daughters money will end up - in the
    hands of a care home. While the estate is being sorted out (probate not
    yet been granted) will the social take notice of this, or is it only
    when the estate is closed that this becomes relevant?

    The nest egg can't be messed with too much, but there is the possibility
    of delaying the sale of the house, or possibly developing it and renting
    it. The house currently has double glazing and central heating, but
    will otherwise need gutting and modernising - rewiring, new floors, new
    plastering etc, might be worth it for a steady rental income rather than
    chucking a third of it to the care home. House is probably worth about
    70k (3 bed semi in Doncaster), and neighbouring properties in top order
    are fetching around 140k, so there is some scope as the nest egg could
    cover the redevelopment. Will social services care that the executors
    are delaying and the other two daughters want to rent[1]? Have they any
    power to force the sale of a joint owned house?

    Bit of a cockup by the other executor really, although it made for a
    simple will, leaving the majority of the estate to the more capable
    daughters would have made more sense.

    Social interview on 12th where most of this will be answered, but
    forewarned is whatchamacallit.



    In an unrelated note, this "friend" has found out that his Grandad did
    Lands End to John O'Groats a few months[1] before Champ set his record.
    I have a picture and I'll be posting a "for fun" identify the bike and
    location tomorrow. Same Grandad that did the R101 trip which I posted a
    pic of a couple of weeks ago.




    [1] No issues with the family, they'll go for whatever the executors
    recommend as nobody in the family is in need of the cash.
    [2] Somewhere around 1930
     
    mike. buckley, Feb 2, 2009
    #1
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  2. mike. buckley

    Colin Irvine Guest

    IIRC a will can be varied within two years of the death, providing all
    the beneficiaries agree.
     
    Colin Irvine, Feb 2, 2009
    #2
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  3. mike. buckley

    Krusty Guest

    You should have mail.

    --
    Krusty

    '03 Tiger 955i
    '02 MV Senna (for sale) '96 Tiger (for sale)
    '79 Fantic Hiro 250 (for sale) '81 Corvette (for sale)
     
    Krusty, Feb 2, 2009
    #3
  4. <googles>

    Wow, that looks very useful, thanks!
     
    mike. buckley, Feb 2, 2009
    #4
  5. mike. buckley

    ginge Guest

    Is there any reason that the 2 daughters don't want to take on the
    responsibility for their sister's care? That would probably be the
    easiest way to remove social services from the equation.
     
    ginge, Feb 2, 2009
    #5
  6. Not possible, they are both still married and don't want the
    responsibility. 'Friends' mother is still recovering from a months stay
    in ITU following a smoking related disease, so isn't best placed anyway.
    Current "sharing" of the differently abled daughter has proved this.
    Even some of the Grandkids are proving a bit reluctant to help with
    sorting things out[1].


    Would you take on your wifes disabled Sister? Well, moot point in your
    case, but given she's likely to have a longer lifespan than "the wife"
    it's a big call for a brother in law.


    [1] <fumes>
     
    mike. buckley, Feb 2, 2009
    #6
  7. mike. buckley

    Colin Irvine Guest

    Perhaps I'm suffering from early-morning dimness, but why?
     
    Colin Irvine, Feb 3, 2009
    #7
  8. mike. buckley

    Eddie Guest

    Eddie, Feb 3, 2009
    #8
  9. mike. buckley

    Eddie Guest

    Eddie, Feb 3, 2009
    #9
  10. mike. buckley

    Colin Irvine Guest

    What's a minute between friends?

    That article is out of date, as there are now no tax advantages
    between the two tenancies.

    According to a more recent Telegraph <spit> article

    URL:http://www.telegraph.co.uk/finance/...o-beat-the-means-test-and-keep-your-home.html

    for means-test purposes "the house will automatically be ignored if a
    surviving spouse or partner lives there" whichever the tenancy. And to
    gain full advantage of the tenancy-in-common protection, each partner
    must bequeath his/her share to someone other than their partner.

    Thanks for pointing out the "care" implications. It's worth
    considering, but it doesn't seem to me to be an automatic no-brainer.
     
    Colin Irvine, Feb 3, 2009
    #10
  11. mike. buckley

    Eddie Guest

    What? You want accurate research? I suspect you're in the wrong place.
     
    Eddie, Feb 3, 2009
    #11
  12. mike. buckley

    Colin Irvine Guest

    Fair point. Give me credit, though, for conceding you were the first
    not to provide it ...
     
    Colin Irvine, Feb 3, 2009
    #12
  13. mike. buckley

    Eddie Guest

    Quick, or accurate; choose one.
     
    Eddie, Feb 3, 2009
    #13
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