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Will query(13 Posts)
I just wondered if anyone knew if you could stipulate a clause in a will that says you have to keep the house you are left to rent it out?
Do you mean that "you" (the Testator making the will), owns a house, and wishes to stipulate that it is not sold, but rented out instead?
I always word that clause to say that the trustees hold the estate on trust to "retain or sell". Therefore, if it's more appropriate to hold on to an asset than sell it straight away, for example because the market bombs and the trustees don't want to sell for a low price, they can delay the sale.
You could also specifically state that a property is not sold for a certain time. For example, sometimes I write wills stating that the family home isn't sold whilst any of the testator's children are under 21. That way, they don't have to find new accommodation whilst they're in the middle of A levels/starting Uni etc.
Could you be a bit more specific about your situation and what you would like to achieve and I'll advise further.
Hi, sorry thank you.
It's basically my mil has started talking about leaving her house to my son (so bypassing my dh - her son - completely). Not sure why she maybe doesn't want to leave it to dh, as contact is good and regular etc, but it is her decision and hers to give to whomever she chooses. We do know that.
However she thinks it would be great to leave it to ds so it can be rented out and he could then earn an income from it. He's 7 atm. I am worried that she could say it has to be rented out in her will. I don't think she has thought through all the implications for us if she did this. For example I don't think she realises the income would be subject to tax, who would pay for any initial costs or solicitors fees/trust fees or agency fees as dh and I won't be able to afford those. The house is the asset so no other money to be left to anyone else.
There would be no one else living in the house after she has died.
Someone she knows is a landlord and I think this is making her think that anyone can be a landlord. But forgetting that they don't work, so that's there only job and income etc. I have personal issues with a child being left a house, if she dies in 20 years he would be 27 and hopefully be in a position to made good decisions, if she dies whilst ds is still a child - that's a lot to inherit at 18.
I also know that one of her siblings recently passed who had 3 adult children, one of which still lived in the family house. They cannot afford to buy out the other 2 (house was left to all 3) so she is upset that the house will have to be sold and they will have to move out.
She is prone to thinking out loud and can be quite opinionated on what she "thinks is right". It maybe me worrying over nothing.
Thank you, sorry, that was an essay!
Who does she think will oversee the rental, the maintenance, the cleaning before a new tenant lives in it, etc? It's hard work at times being a landlord - does she really think someone will move in and stay there until your son's in his twenties, with no work needed by anyone?
FWIW I think it's awful to leave to a grandson in favour of her own son, given contact is regular and presumably he's not going to drink or gamble it away. And what if you have further children? Would they share the inheritance?
Well, technically she can leave the house in trust for her grandson, to become absolutely entitled at 18/21/25, and that would be on the basis that the trustees are responsible for the upkeep, maintenance, insurance and of course taxes payable out of rental income.
That leaves the problem of what happens in void periods.
When she goes to see a will writer or solicitor, they will raise all of these points with her.
If she was coming to me, I'd be strongly recommending that she rethinks this, and instead simply says that all of her estate goes to the grandson, so that the trustees can, if renting the house out doesn't work, can sell it and invest the cash in other ways.
This is why I'm hoping that it's thinking out loud rather than an actual plan. I have no idea why it wouldn't be left to dh - there is no reason at all that I can think of. She just seems to have come up with the idea that ds needs an income if he goes to uni etc - but it is not a well thought out plan at all. Like I said, it would be fine if this happens in 20 yrs time.
Thank you for all your input. She is nowhere near her last legs (although elderly) but I realise a will can be changed at any point.
I want to raise it with her, just to get across my concerns for her potential plan.
ImperialBlether these are all my concerns as well. The irony being that without anything in the will for dh we couldn't afford any of the costs involved.
In comparison, my parents will bequeath (sp?) everything to me as they trust me to do the best by ds.
I think she is way out on its rental potential as well.
To be honest, I think I'd have to ask her how she wanted to be remembered by her son. To leave him out of her Will (with her house, I mean) would make most children feel unwanted and unloved. Does she want to be remembered in that way?
Unless my children were on drugs (in which case I'd make sure any inheritance was left secure in case/until they were clean) I couldn't think of any reason for disinheriting them. I know I would love their children as much as I love them, but everything I own will go to my children. It's up to them to leave things to their own children.
The costs would come out of her estate/the rentals. Does she realise that?
I'm not really sure she does. I agree on the skipping dh part, i think it's weird.
One possible reason is that she thinks you and DH will separate and that you would get half of the property. Could that be her thought?
It's a possibility I suppose, I'm not sure she's 100% about liking me but dh and I have been together for 12 yrs, so I'm a pretty permanent fixture!
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