Advice on Executing a Will
Discussion
My Father passed away 18 months ago, he left a will, but it hasn't been executed the company he appointed as executors no longer exist.
Is it too late to now carry out his wishes.
Does anyone know what the following exert implies
I understood from my father that upon his death he wished for the outstanding Mortgage to be repayed, and that under no circumstances should my mother then be able to write her own will leaving the house to anyone else, is this implied within the terms of his will.
Thanks to any of you who can shed some light.
>>> Edited by FrenchTVR on Monday 13th December 08:10
Is it too late to now carry out his wishes.
Does anyone know what the following exert implies
will said:
I leave my residuary estate to my wife absolutely. Subject to all other dispositions which I have made of my residuary estate I give so much (if any) of my residuary estate as I shall not have otherwise disposed of in the events which happen to my trustees upon trust to treat the same as being divided into 100 shares of equal value and to hold such shares upon trust as to 50 shares for (name)as to 25 shares (name) as to 25 shares (name)absolutely.
I understood from my father that upon his death he wished for the outstanding Mortgage to be repayed, and that under no circumstances should my mother then be able to write her own will leaving the house to anyone else, is this implied within the terms of his will.
Thanks to any of you who can shed some light.
>>> Edited by FrenchTVR on Monday 13th December 08:10
I don't think it matters what his will says. If it's not executed then it's not a valid will end of story. IMO that means his wife will inherit the majority of his estate under the laws of intestacy. I can't remember the exact figures but i think a surviving spouse inherits something like the first £200k and the rest is split between children etc. in equal shares. The surviving spouse takes free of inheritance tax but the remainder of the estate will be liable if the figures are high enough. This will all depend on what assets form the estate and who owns those assets ie is his wife joint owner of the property.
You need to get advice on this ASAP. I'm surprised you haven't dealt with this before, i think there is a requirement to submit accounts to ascertain any inheritance tax burden within a set period.
Have a look at www.courtservice.gov.uk/cms/wills.htm some of the requirements vary based on the value of the estate.
You need to get advice on this ASAP. I'm surprised you haven't dealt with this before, i think there is a requirement to submit accounts to ascertain any inheritance tax burden within a set period.
Have a look at www.courtservice.gov.uk/cms/wills.htm some of the requirements vary based on the value of the estate.
Ahh it's just occured to me that I don't think you mean the will hasn't been executed.
I think that you mean the estate hasn't been dealt with don't you? Your wording that the will hasn't been executed indicates that the will hasn't been signed and is therefore not valid hence my answer.
Can you clarify what you mean?
I think that you mean the estate hasn't been dealt with don't you? Your wording that the will hasn't been executed indicates that the will hasn't been signed and is therefore not valid hence my answer.
Can you clarify what you mean?
Sorry, to confirm, the will has been signed but since his death not actioned, but my sister and I are not really sure what the paragraph quoted means.
Did he want the monies he leftto be used to clear his mortgage? I am the gaurantor on this debt and when he died Mum had sufficient funds to both clear it and leave her a sizeable amount, but in the last 18months most of the monies have disappeared.
To my knowledge ther has been no application for probate, does this have to take place?
>> Edited by FrenchTVR on Sunday 12th December 12:48
Did he want the monies he leftto be used to clear his mortgage? I am the gaurantor on this debt and when he died Mum had sufficient funds to both clear it and leave her a sizeable amount, but in the last 18months most of the monies have disappeared.
To my knowledge ther has been no application for probate, does this have to take place?
>> Edited by FrenchTVR on Sunday 12th December 12:48
The paragraph is confusing and it may need to be read in the context of the entire will.
It first says that the residuary estate goes to his wife but then talks about the residuary after "events" have occured. It may be that there are contingencies in the will that may have taken place.
If he intended your mum not to be able to alter their joint wishes re the property they need to have made mutual wills and the working at the start of the will should indicate that it is a mutual will.
That paragraph doesn't indicate that the mortgage has to be paid, however if it was a mortgage soley in his name the morgage co would usually want it repaid on his death and indeed any life assurance he had may have been assigned to the mortgage - do they know about his death? The mortgage is a debt against his estate and as such may have to be repaid upon his death which may help your position. In view of your role as Guarantor you need to get good advice ASAP. If you don't know who to go to talk to the Law Society and they will put you in touch with someone.
I'm sorry that you've lost your dad and now have to deal with this kind of shite. Get youself some advice and get it sorted ASAP won't you?
It first says that the residuary estate goes to his wife but then talks about the residuary after "events" have occured. It may be that there are contingencies in the will that may have taken place.
If he intended your mum not to be able to alter their joint wishes re the property they need to have made mutual wills and the working at the start of the will should indicate that it is a mutual will.
That paragraph doesn't indicate that the mortgage has to be paid, however if it was a mortgage soley in his name the morgage co would usually want it repaid on his death and indeed any life assurance he had may have been assigned to the mortgage - do they know about his death? The mortgage is a debt against his estate and as such may have to be repaid upon his death which may help your position. In view of your role as Guarantor you need to get good advice ASAP. If you don't know who to go to talk to the Law Society and they will put you in touch with someone.
I'm sorry that you've lost your dad and now have to deal with this kind of shite. Get youself some advice and get it sorted ASAP won't you?
Piglet's right. It isn't clear from this excerpt what the intentions were re the mortgage or sale of the house and the rest of the will would need to be read to determine whether this was covered. A small, local solicitor shouldn't charge you too much for interpreting this and telling you how best to proceed (i.e. couple of hundred at most I imagine).
Thanks Nevin, I have tracked down the company where the will is held and spoken to them. My mother has an almost identical will, just a couple of personal items that she has listed specifically.
According to them as the mortgage was in joint names it would be mothers decision as to whether it was paid off or she would continue with it.
Doesn't help me out any as the guarantor and is certainly not in line with Dad's addage of "pay your debts off first" and what he told my sister before he died.
Will have to make an appointment and see a local solicitor.
Cheers again. Mick
According to them as the mortgage was in joint names it would be mothers decision as to whether it was paid off or she would continue with it.
Doesn't help me out any as the guarantor and is certainly not in line with Dad's addage of "pay your debts off first" and what he told my sister before he died.
Will have to make an appointment and see a local solicitor.
Cheers again. Mick
Hi Tonker,
As you may have gathered this is all related to my "Mortgage Advice" thread of last week.
Unfortunately although when they took the mortgage out it stated at the botttom of the offer that the "borrower" required life insurance they never took out any. When dad passed away his life policy paid out £3k, most of which went on his funeral etc.
The endowment covering the mortgage was taken out by me as the guarantor! This is doing as well as most endowments these days and is supposedly almost £10k short. this is on a £24k mortgage (we're not exactly talking high finance here
)
Dad always had a about £30k in the bank that he had inherited and told my sister that Mum was well catered for and the house was covered.
The way things have gone of late I think he must be spinning in his box.
As you may have gathered this is all related to my "Mortgage Advice" thread of last week.
Unfortunately although when they took the mortgage out it stated at the botttom of the offer that the "borrower" required life insurance they never took out any. When dad passed away his life policy paid out £3k, most of which went on his funeral etc.
The endowment covering the mortgage was taken out by me as the guarantor! This is doing as well as most endowments these days and is supposedly almost £10k short. this is on a £24k mortgage (we're not exactly talking high finance here
) Dad always had a about £30k in the bank that he had inherited and told my sister that Mum was well catered for and the house was covered.
The way things have gone of late I think he must be spinning in his box.
Tonker,we believe your cynical head has got it spot on.The other party is also trying to get her to alter her will to increase their provision.
She has made many statements which would suggest she is no longer fully aware of what is happening, and seems to have forgotten how much money she has in the bank.
She has made many statements which would suggest she is no longer fully aware of what is happening, and seems to have forgotten how much money she has in the bank.
I was told by an advisor that "the revenue" (read thieving b@astards) will only consider market value of any property that is part of an estate. I was also told that unlike years ago when you could get it valued by an estate agent mate, they now look at it very closely.
If you sold a house to someone for £25k and they later sold it for more they would be liable for CGT on the profit.
If you sold a house to someone for £25k and they later sold it for more they would be liable for CGT on the profit.
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