Bit of advice about a Will please!
Discussion
Advice from GC makes sense.
Fwiw the last will assuming legal ie correctly witnessed etc is the document that takes precedent over the statement of wishes.
Who are the Executors named in the will ?
Their job is to maximise the estate to the benefit of the beneficiaries.
As soon as any estate looks like a potential issue , DIY is not the usual answer.
Fwiw the last will assuming legal ie correctly witnessed etc is the document that takes precedent over the statement of wishes.
Who are the Executors named in the will ?
Their job is to maximise the estate to the benefit of the beneficiaries.
As soon as any estate looks like a potential issue , DIY is not the usual answer.
What is morally and legally right vs what can easily be enforced may be two different matters. I refer you to:
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
From a pragmatic point of view, do the siblings get along and are they on speaking terms? Seems like the easiest solution would be for Sibling 1 to buy the 25% off of Sibling 2. Looks like they will have 75% equity in a house and can afford £500 a month rent, so mortgaging that last 25% shouldn't be difficult?
Whilst 'Jayho' is basically on the right track we do not know the value of the property, therefore the 25% could be several hundred thousand or more. Sibling 1 may decide he doesn't want or can't afford to take on a large mortgage.
Sibling 2 is then in a situation whereby there is little he can do. If he tried to force the situation and it ended up being an ugly legal fight it would rapidly end up being very ugly. A court would be highly likely to support sibling 1 as he is living in the property and the matter could drag on for years costing both parties a great deal in legal feels.
One would like to hope that the siblings get along and can reach a financial agreement that suits both parties.
A start point would be to get a valuation on the property (this may have already been done for probate) which will determine the value of the 25%. Once this is agreed, sibling 2 could choose to accept a lower figure to bring about a simple and speedy resolution.
Sibling 2 is then in a situation whereby there is little he can do. If he tried to force the situation and it ended up being an ugly legal fight it would rapidly end up being very ugly. A court would be highly likely to support sibling 1 as he is living in the property and the matter could drag on for years costing both parties a great deal in legal feels.
One would like to hope that the siblings get along and can reach a financial agreement that suits both parties.
A start point would be to get a valuation on the property (this may have already been done for probate) which will determine the value of the 25%. Once this is agreed, sibling 2 could choose to accept a lower figure to bring about a simple and speedy resolution.
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