My deceased mothers will/estate
Discussion
My mother passed away just over 3 months ago. I was led to believe that her estate would pass to my step father but be in some sort of Trust for me and my brother, both in our 30’s. They (my mother and step father) have 6 properties worth £800k - £1M. I also believe they have about £300k in cash sitting in bank accounts.
My step father has been dealing with all the finances since mum passed but I’ve not received any correspondence from a solicitor or anything. Is this normal? I’ve never seen a copy of the will either. I’d quite like to, for obvious reasons, but not sure how to broach that conversation with my step father, who I get along well with. Is there a way to view it online or anything like that?
I believe that my mothers 50% of the estate, let’s call it £600k, would stay with my step father until he died but if he ever sold any of the rental properties then 50% would be split 25% each with me and my brother. Does this sound right?
As I’ve said, I get along well with my step father so find these conversations hard to have. I don’t want to seem like I’m snooping or don’t trust him with the finances, but did expect to have at least heard from a solicitor by now saying I’m mentioned in the will and here’s the details.
On a side note, I don’t expect it to happen but of course it could. What’s to stop my step father blowing all the money in the casino, including our 50%, or, more likely maybe, someone of the fairer sex coming along, seeing he’s got plenty of money (he’s only 63), taking him for a ride and swindling the lot?
My step father has been dealing with all the finances since mum passed but I’ve not received any correspondence from a solicitor or anything. Is this normal? I’ve never seen a copy of the will either. I’d quite like to, for obvious reasons, but not sure how to broach that conversation with my step father, who I get along well with. Is there a way to view it online or anything like that?
I believe that my mothers 50% of the estate, let’s call it £600k, would stay with my step father until he died but if he ever sold any of the rental properties then 50% would be split 25% each with me and my brother. Does this sound right?
As I’ve said, I get along well with my step father so find these conversations hard to have. I don’t want to seem like I’m snooping or don’t trust him with the finances, but did expect to have at least heard from a solicitor by now saying I’m mentioned in the will and here’s the details.
On a side note, I don’t expect it to happen but of course it could. What’s to stop my step father blowing all the money in the casino, including our 50%, or, more likely maybe, someone of the fairer sex coming along, seeing he’s got plenty of money (he’s only 63), taking him for a ride and swindling the lot?
It seems a little complicated so may take longer to sort and to gain probate.
Is he executor or is a solicitor doing the necessary? If your step dad is dealing with it all then you simply have to wait until he hands you a cheque. You don’t always need or want a solicitor dealing with it.
Probate can take some time to get, again more so on complicated cases and where IHT is payable. 3 months would be quick on a straightforward case depending on where you are in the country. Complicated cases can easily take a year.
When probate is granted you can view your late mum’s will online for a small fee.
I imagine that he’s being very careful and deliberate in doing whole probate process as there is a legal obligation to adhere to the will’s instructions and can get very legally messy if he strays.
I suppose offering to help with the whole probate process might be a way in? There can be an awful lot of running around to different banks, estate agents and whatnot and he may appreciate the offer of assistance.
Is he executor or is a solicitor doing the necessary? If your step dad is dealing with it all then you simply have to wait until he hands you a cheque. You don’t always need or want a solicitor dealing with it.
Probate can take some time to get, again more so on complicated cases and where IHT is payable. 3 months would be quick on a straightforward case depending on where you are in the country. Complicated cases can easily take a year.
When probate is granted you can view your late mum’s will online for a small fee.
I imagine that he’s being very careful and deliberate in doing whole probate process as there is a legal obligation to adhere to the will’s instructions and can get very legally messy if he strays.
I suppose offering to help with the whole probate process might be a way in? There can be an awful lot of running around to different banks, estate agents and whatnot and he may appreciate the offer of assistance.
We had similar
Both parents had wills that stated their half would be held in a Trust with us as Trustees (and executors)
You need to see her will I think, it sounds like it should be specific in terms of her half of the estate. I set up dads trust with the solicitors (bit of a ball ache tbh) and the assets had to be split legally so his half could be placed in the trust
We couldn't do anything before probate iirc so you may be worrying over nothing - worth a chat with the FIL though (can't hurt can it?)
The usual 'im not a lawyer etc' applies though
Both parents had wills that stated their half would be held in a Trust with us as Trustees (and executors)
You need to see her will I think, it sounds like it should be specific in terms of her half of the estate. I set up dads trust with the solicitors (bit of a ball ache tbh) and the assets had to be split legally so his half could be placed in the trust
We couldn't do anything before probate iirc so you may be worrying over nothing - worth a chat with the FIL though (can't hurt can it?)
The usual 'im not a lawyer etc' applies though
JapanRed said:
but did expect to have at least heard from a solicitor by now saying I’m mentioned in the will and here’s the details
You may not be a beneficiary...Maybe try something casual like 'I'm surprised we haven't heard from the solicitors about mum's Will yet' and see what happens.
valiant said:
I suppose offering to help with the whole probate process might be a way in? There can be an awful lot of running around to different banks, estate agents and whatnot and he may appreciate the offer of assistance.
That sounds like the best idea to me.His wife has recently died, and so he might be finding it hard to do everything quickly. I know when my aunt died, my uncle (who is very competent and capable) found it all a little overwhelming, and needed a lot of help to deal with all the paperwork.
Thanks all. It’s reassuring to know that 3-12 months seems the norm. I’ve had a chat with my step father today who said that the solicitor was hoping not to need probate in order to save money.
Anyone know what that means?
To answer one of the questions above. I believe my step father must be the executor.
Anyone know what that means?
To answer one of the questions above. I believe my step father must be the executor.
JapanRed said:
Thanks all. It’s reassuring to know that 3-12 months seems the norm. I’ve had a chat with my step father today who said that the solicitor was hoping not to need probate in order to save money.
Anyone know what that means?
To answer one of the questions above. I believe my step father must be the executor.
Just going through similarAnyone know what that means?
To answer one of the questions above. I believe my step father must be the executor.
with assets the value you are talking about there is a potential IHT issue. Whilst on theface of it not complicated I would suggest probate is required if nothing else but to draw a line in the sand reagrding the assets, values, IHT and make things easier when your step father goes. Its not an expensive process only if you get a solictor to do it.
JapanRed said:
Thanks all. It’s reassuring to know that 3-12 months seems the norm. I’ve had a chat with my step father today who said that the solicitor was hoping not to need probate in order to save money.
Anyone know what that means?
From: https://www.gov.uk/applying-for-probateAnyone know what that means?
'Check if probate is needed
Contact the financial organisations the person who died used (for example, their bank and mortgage company) to find out if you’ll need probate to get access to their assets. Every organisation has its own rules.
You may not need probate if the person who died:
only had savings
owned shares or money with others - this automatically passes to the surviving owners unless they’ve agreed otherwise
owned land or property as ‘joint tenants’ with others - this automatically passes to the surviving owners'
But I'd have thought 'getting probate' is relatively cheap; the expensive bit will be paying a solicitor to think about it...!
If there is a solicitor dealing with it then that should quell some of your fears, I would worry more if the FIL was dealing with it himself as there is the possibility to mess it up and/or be deceitful about things. The FIL of course could be stringing you along and there is no solicitor involved an he is dealing with it himself for nefarious reasons.
The comment about not needing probate may be a bigger issue as it could mean that most of the assets were held in joint name so will pass outright to the survivor for them to do with as they wish.
To the poster that mentioned the existence of a trust, it may be in the Will only not a lifetime trust so the trust doesn't actually exist until death but you would only know of its existence in the Will by having read it.
The comment about not needing probate may be a bigger issue as it could mean that most of the assets were held in joint name so will pass outright to the survivor for them to do with as they wish.
To the poster that mentioned the existence of a trust, it may be in the Will only not a lifetime trust so the trust doesn't actually exist until death but you would only know of its existence in the Will by having read it.
TR4man said:
AllyM said:
Just ask stepfather, for goodness sake.
This.Anything else and you risk damaging the good relationship you already appear to have with him.
You need to understand who the Executors are and who the Beneficiaries are. Some of the Executors may be Beneficiaries.
He might be struggling with dealing with it, it's better to talk about it - or maybe he's saying he's doing it but doesn't want to. There can be a sizeable amount of paperwork and hoops to jump through, forms to send, etc.. Maybe ask if he needs any help with any of it, tellusonce service etc.. https://www.gov.uk/after-a-death/organisations-you...
Guessing that there is only your step-father and you and your brother - as in he has no other children?
ETA: Sorry I see you've spoken to him.
Not needing Probate.. hmmmm that doesn't sound right. So your step-father and solicitor should be co-executors - there may be others. You can maybe try this handy tool, but of course it's not 100% https://www.co-oplegalservices.co.uk/probate-solic... and see what that flags. I don't think Probate is optional, but IANAL. Maybe he means the 50% moves into the trust without attracting IHT...
Edited by eps on Thursday 22 September 10:47
Update: I’ve got a copy of the Will. I’m an executor and a beneficiary.
I’m going to speak to a solicitor but in the meantime can anyone shed any light on the following.
50% of the property portfolio is to be set into a Trust for me and my brother, my stepfather has rights over all properties whilst ever he is living.
I understand that the properties have been valued since my mother passed. Let’s say for arguments sake the total value of all properties is £600k. £300k goes into the Trust. All ok up to this point.
Now is the bit that I’m unsure on. When my step father passes, do me and my brother get £300k (£150k each) or do we get 50% of the value of the properties when he dies? (Which realistically is likely 30 years away).
Not that I can do anything about it, and wouldn’t want to, but if the value in the Trust is fixed at todays prices it will be worth quite a lot less in 30 years.
As I’ve said. I’ve got to seek professional advice, and I will. Im just waiting for some more documents first.
I’m going to speak to a solicitor but in the meantime can anyone shed any light on the following.
50% of the property portfolio is to be set into a Trust for me and my brother, my stepfather has rights over all properties whilst ever he is living.
I understand that the properties have been valued since my mother passed. Let’s say for arguments sake the total value of all properties is £600k. £300k goes into the Trust. All ok up to this point.
Now is the bit that I’m unsure on. When my step father passes, do me and my brother get £300k (£150k each) or do we get 50% of the value of the properties when he dies? (Which realistically is likely 30 years away).
Not that I can do anything about it, and wouldn’t want to, but if the value in the Trust is fixed at todays prices it will be worth quite a lot less in 30 years.
As I’ve said. I’ve got to seek professional advice, and I will. Im just waiting for some more documents first.
JapanRed said:
Update: I’ve got a copy of the Will. I’m an executor and a beneficiary.
I’m going to speak to a solicitor but in the meantime can anyone shed any light on the following.
50% of the property portfolio is to be set into a Trust for me and my brother, my stepfather has rights over all properties whilst ever he is living.
I understand that the properties have been valued since my mother passed. Let’s say for arguments sake the total value of all properties is £600k. £300k goes into the Trust. All ok up to this point.
Now is the bit that I’m unsure on. When my step father passes, do me and my brother get £300k (£150k each) or do we get 50% of the value of the properties when he dies? (Which realistically is likely 30 years away).
Not that I can do anything about it, and wouldn’t want to, but if the value in the Trust is fixed at todays prices it will be worth quite a lot less in 30 years.
As I’ve said. I’ve got to seek professional advice, and I will. Im just waiting for some more documents first.
No the value isn't fixed at todays prices it will be whatever the properties are worth in the future. You will also need to register the trust with HMRC, the rules changed on this over the last year or so.I’m going to speak to a solicitor but in the meantime can anyone shed any light on the following.
50% of the property portfolio is to be set into a Trust for me and my brother, my stepfather has rights over all properties whilst ever he is living.
I understand that the properties have been valued since my mother passed. Let’s say for arguments sake the total value of all properties is £600k. £300k goes into the Trust. All ok up to this point.
Now is the bit that I’m unsure on. When my step father passes, do me and my brother get £300k (£150k each) or do we get 50% of the value of the properties when he dies? (Which realistically is likely 30 years away).
Not that I can do anything about it, and wouldn’t want to, but if the value in the Trust is fixed at todays prices it will be worth quite a lot less in 30 years.
As I’ve said. I’ve got to seek professional advice, and I will. Im just waiting for some more documents first.
See my earlier post
My dad died - I am an executor and a beneficiary
In his will he requested his half of the family home was put into a trust.
We had the house valued agreed - I set up the trust with the solicitors help.
The house was joint owned - it had to be changed to tenants in kind (something like that I'm not 100% on that)
His half is being transferred into the trust I'm the main trustee
Setting up the trust was a bit time consuming tbh not nothing too OTT
My dad died - I am an executor and a beneficiary
In his will he requested his half of the family home was put into a trust.
We had the house valued agreed - I set up the trust with the solicitors help.
The house was joint owned - it had to be changed to tenants in kind (something like that I'm not 100% on that)
His half is being transferred into the trust I'm the main trustee
Setting up the trust was a bit time consuming tbh not nothing too OTT
JapanRed said:
Thanks both.
If the value received when the Trust becomes available to me is based on the value of the property at that point, why do the properties need to have a value on my mothers death?
Different circumstances for me -my dad requested that for IT reasons and to protect his half if she needed care etcIf the value received when the Trust becomes available to me is based on the value of the property at that point, why do the properties need to have a value on my mothers death?
I think the valuation is a line in the sand when he passed - it remains even if the property value drops in the future
Things have changed since (mum declined to be a trustee - more legal paperwork) but we are obligated to release trust funds to her if needed. Not sure if your FIL is going to be a trustee but you get the idea
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