Convenient Wills, 16 Thomas Avenue, Newcastle-
Mother W has two children C1 and C2. Child C1 as left home, is happily married, and has a mortgage to pay on his property. Child C2 is still living with his mother.
W intends that her estate should be shared equally between her two children when she dies. This is reflected in her Will.
When W did die the family home was sold and the sale proceeds were shared equally between C1 and C2.
The problem with this however was that C2 ( who had been living with his mother) no longer had a home to live in and was forced to use his inheritance to pay to rent a property. His income was insufficient to qualify for a mortgage. Meanwhile C1 was laughing all the way to the bank; he was able to significantly reduce his mortgage and continue living in his own property.
When Grandfather GF died his Will gave his share in the family property (see ‘Severing the Tenancy can provide estate planning opportunities’ in the menu above) to his daughter D, and not to his surviving wife GM.
His daughter was happily married to her husband H, though there was a tension between D’s husband and GM. Unexpectedly daughter D died and her estate, which included the half share in her own parents property, went to her husband H under the rules of intestacy.
The husband became increasingly desperate for money and eventually demanded that is wife’s mother GM buy him out of her family property. GM could not raise the money and as a consequence had to sell her own home to pay off her son-