Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Safeguarding inheritance

103 replies

Stratusinium · 25/04/2023 21:01

Posting for traffic - TLDR; relates to inheritance and a parent living with a partner (not married) and wanting to ensure kids inherit.

So, as brief as poss! My DF lives in the house he and my DM bought in the 90s. DM died in the 90s and DF has been with current partner for just under 8 years. She moved from her XH’s to my DF’s home and has lived there since.

DF has purposely not married and has initiated conversation with me about inheritance, saying he has spoken to solicitor and has had will (re-)written to ensure his estate goes to DSis and I rather than his partner.

Partner is quite controlling and we anticipate that if she were to survive him, she will try to claim any inheritance/estate for herself. She has tried to encourage him to sell up house and re-buy with her and for e.g. has also spent money on decoration and refurbishment of the house (fairly superficial - not loft conversions or anything). She is very aware of this and has actually mentioned that she has invested in house - am sure she is aware of the implications in terms of potentially claiming a share of equity.

DF is currently in good health and sharp as ever, however another concern is if he were to become frail in any way she might try and do something like claim power of attorney or engineer that they get married.

For those that know about that sort of thing, what does he (and we) need to be aware of in terms of safeguarding him and what he wishes to pass on to us?

Should also add, I don’t automatically feel I’m entitled to anything - it’s his life and money and he can do what he wishes with it. However he has expressed his wishes to me and she is a very controlling person (hence he has no intention of them getting married and has sought legal advice). (Sadly he has also described her as abusive, however it does not seem he has plans to leave or end the relationship.) Hopefully it’s a long way off, but it worries me already that should this situation come to pass it will be upsetting and there will be an unpleasant battle with her to see his wishes respected.

Any advice appreciated.

OP posts:
ElizaMulvil · 26/04/2023 11:29

@tonyele

In the UK you can set up a trust, with the eventual beneficiaries, in this case the OP and sister, and a solicitor as the three trustees.
........................................................................................

There is no need to have a solicitor as a trustee either for a Trust like this or for a will. They will charge the estate for their services.

If they delay in dealing with it or prove to be incompetent there will be nothing you can easily do as the person who appointed them is now dead. The main beneficiaries should be the Executors / Trustees of a will as they will have an incentive to act quickly.

If subsequently you do need legal advice you can appoint your own solicitor to help you - one you have control over.

tonyele · 26/04/2023 13:51

Even if you don't have a solicitor as a trustee, I would strongly advise any will or trust to be drawn up and witnessed by a solicitor, yes it costs some cash, but it will be done correctly, and if they mess it up their professional insurance takes over.
They can set it up and then take a back seat. I use an old fashioned country firm of solicitors, cost about £1500 all in to set up 3 wills, 9 powers of attorney and a trust. They sit as a trustee, but make no annual fees unless their services are required.
They are not involved in the wills or POA again, other than they hold certified copies in case of any dispute.

denpark · 26/04/2023 13:54

Ensure you and your sister
have power of attorney asap

New posts on this thread. Refresh page