Hi just wanted advice.My mum is 80 years old- she is frail but well although noticed she is forgetting minor things like appointment times.She lives with my sister who is 57 years old/ no children /has complex health problems .The house belongs to my mum. I feel me and my siblings need to plan ahead as my mum gets older - at the moment they look after each other if one of them is unwell.My sister may or may not outlive my mum.Not sure where to start with this really.I have power of attorney for my mum financial and health.My sister - has appointed myself for POA for health.My parents pur a clause in their will that when they die the house cannot be sold unless if my sister agrees- I worry how this will work as she is on benefits not working and could not afford all the bills.What if she has dementia or is unable to agree? I need advice on what is best to safeguard her future.Myself and 2 other siblings could help her with household costs initially.Any advice appreciated
Planning for future
- Thread starter Roziii
- Start date
You need to take informed legal advice.
Who inherits the property? They, or a trust, will be landlord.
Will any sort of trust be set up in the terms of the will?
A common arrangement is that people in your sisters position have a life time right of residency which also ceases if they are admitted to full time care.
If your mum has testamentary capacity, and the current wording in the will is likely to prove difficult, consider her rewriting the will so that your sister has right of residency whilst she needs it.
Also check on any tax problems when the property finally has to be sold.
As said, you need expert help.
Who inherits the property? They, or a trust, will be landlord.
Will any sort of trust be set up in the terms of the will?
A common arrangement is that people in your sisters position have a life time right of residency which also ceases if they are admitted to full time care.
If your mum has testamentary capacity, and the current wording in the will is likely to prove difficult, consider her rewriting the will so that your sister has right of residency whilst she needs it.
Also check on any tax problems when the property finally has to be sold.
As said, you need expert help.
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If a solicitor drafted the will ask them.
Failing that try a member of SOLLA (society of later life advisers)
Phone a few before you decide
Failing that try a member of SOLLA (society of later life advisers)
The Society of Later Life Advisers (SOLLA)
SOLLA helps people and their families in finding trusted accredited financial advisers who understand financial needs in later life. A well-qualified financial adviser who is also somebody who understands the plans you need to make for your retirement years.
societyoflaterlifeadvisers.co.uk
SOLLA Find An Adviser
SOLLA Find-An-Adviser directory helps you stay better informed about the financial issues of later life and you can find a fully accredited adviser quickly and easily having the Trust and Confidence in the advice you receive. All financial advisers listed on the webite directory have voluntarily...
societyoflaterlifeadvisers.co.uk
Phone a few before you decide
