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Approx cost of legal document to limit relative's residence in a Willed property..

(4 Posts)
Draylon Mon 09-Feb-15 16:43:40

Basically (and you may have seen me on another thread here!), DM died and her Will splits her Estate into 2/5 me; 2/5 DB: 1/5 grandchildren (i.e. mine). I guess her estate is probably worth £420k, disregarding IHT etc. DB and I are the executors.

There is one issue, and that's that my DB will be living in her house for the time being. He's moving in from a 1 bedroom renter. We have verbally agreed that he will be paying us half of his existing rent (a bleedin' bargain! £300 pcm! grin) and will obvs meet his own bills- the Council Tax might be a bit of a shock!- but mum's cats need looking after (even though they are actually DB's cats! Had to give them up as his new renter doesn't allow animals); the house will be secured; DB is crap with money so lives a bit hand to mouth so if we 'give' him this small leg up, it might mean he will be less 'my problem' down the line. I believe mum would have liked to know and believe that I will sort of 'look after' DB to an extent, like she did! Once the house is sold, I estimate that, before fees/IHT (if payable) he'll get £160k.

DB and I do trust each other but I am thinking, as is DH, that it wouldn't hurt to get something drawn up so that if DH and I die whilst DB is still in the house, our DSs, who are also, as mentioned, beneficiaries of DM's Will won't have to go to court to evict him. I also need to put a time limit on his occupation of the house, as much as anything to make him stand on his own two feet (he is 54!) once he gets his share of mum's Will. He doesn't need to live in a 3 bedroom house on quarter of an acre of land! Though I am making him sound like an idiot, he has already tentatively come up with the bumper idea that he lives in mum's house, rent free til he dies then it goes to my boys...! I pointed out that the boys' share will be paying their uni fees/ flat deposit, in 8-10 year's time; not 30+ years down the line!

As it is I suspect DB won't be able to afford the insurance or any repair bills, either. I would be prepared to pay them but need that to be taken into account when he leaves the house and its value is divvied up. Can I keep an Executors Account open for over a year in order to facilitate this?

So- I assume we go to a solicitor and sort this all out? Have I missed anything? And how much do you think it'd cost?


babybarrister Mon 09-Feb-15 16:53:06

Message withdrawn at poster's request.

poshfrock Mon 16-Feb-15 09:26:11

I am a probate lawyer and have read both your threads with interest. I would add that the rent is income of the estate and will be taxed as such at a flat rate of 20%.. You will need to file tax returns for the estate throughout his period of occupation. This can either be done by an accountant at an extra cost to the estate or by you and DB. You need to see a probate lawyer ASAP.

Draylon Mon 16-Feb-15 18:00:08

The latest is that DB won't be 'moving in' to the house. Obvs this means we need vacant house insurance, but maybe I therefore won't need to hie me to a probate lawyer grin...

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