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Any legal/probate/financial experts who can help me with life interest rules??

(2 Posts)
babypringle Sat 06-Jun-09 23:34:06

I am administering my dad's estate. he died intestate sad. I understand that the first £125,000 goes to my mum (he died prior to the rules changing in Feb 09), and then my mother has a 'life interest' in 50% of the other half which will be held by myself and my 2 sisters.

What legally do we do with the life interest part? Is it sufficient to put the money in a savings account and pay her the interest, or do we need to set up a special trust account and legal arrangement? Could the three of us use the same account for the life interest inheritance or do we need three seperate accounts?

Sorry for the slightly rambled explanation, I'd be really greatful if anyone can help ... thanks!!

babypringle Mon 08-Jun-09 08:34:42

anyone??

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