Does that share remain as a percentage of the value of the house at the time of the death of the benefactor or on the death of the residuary beneficiary?
My BIL has been left a small percentage of the family home in a very unethical will left by his wife. Not the issue here as a solicitor says he will have substantially more and a life interest, if the will is challenged in court.
Solicitor advises mediation and has advised all parties to get good advice and see if they can reach a suitable agreement amongst themselves, and then get a solicitor to draw up a mutually beneficial agreement, to save costs. Obviously everything will be run by the solicitors acting for the parties.
BIL is going to offer extremely good terms insofar as 80% in trust for the beneficiaries payable on his death. If he does this is that 80% of the value of the house now, or on his death. He feels that if he does work on the house and pays all maintenance and upkeep, that any increase in value should go to his own daughter not be given to the existing beneficiaries.
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If a large share of a house is left in trust in a will.......
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Haggertyjane · 12/01/2021 18:16
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