Hi Louise yes this is worrying as you say you could get all through the process on one Poa this is what I know she wants and presumably if the solicitor agrees they won’t involve me. Good idea about the bank account ?
Query house sale proceeds with POA
- Thread starter Grancan1313
- Start date
May I play devils advocate and suggest an alternative interpretation?
Many spouses find that they are landed with a property which is too large for their finances to run once the spouse moves into a care home and it is often the case that they then downsize, so that they can then live in a smaller, cheaper to run property once they only have their own income to pay for it all.
When a house is owned as tenets in common, this means that each individual owner can leave their share of the property to whoever they wish - usually the children and this is frequently used when there are children from a first marriage. Please note, that it is only his share of the property that is inherited, not the whole lot as his wifes share of the property belonged to her before his death and will continue to belong to her afterwards. This means that when the more expensive property is sold and the wife downsizes, her portion of the surplus funds has always belonged to her. She cannot sell the property to release funds for herself that would otherwise go to to the children (so long as the solicitor has done his job properly and I have no reason to doubt this). I also doubt that she is keeping his share on the funds as you said that he will now become self -funded - so the fees will have to be paid from somewhere.
The money that you would lose from inheritance is his money which, while he alive should be used for his care.
This sounds quite reasonable, assuming that they owned the house jointly (probably as tenants in common as you seem to imply that the house would be left to his children in his will). The solicitor will know that that money from the sale of the house cannot be transferred to her, the surplus must be shared according to the ownership.
Many spouses find that they are landed with a property which is too large for their finances to run once the spouse moves into a care home and it is often the case that they then downsize, so that they can then live in a smaller, cheaper to run property once they only have their own income to pay for it all.
When a house is owned as tenets in common, this means that each individual owner can leave their share of the property to whoever they wish - usually the children and this is frequently used when there are children from a first marriage. Please note, that it is only his share of the property that is inherited, not the whole lot as his wifes share of the property belonged to her before his death and will continue to belong to her afterwards. This means that when the more expensive property is sold and the wife downsizes, her portion of the surplus funds has always belonged to her. She cannot sell the property to release funds for herself that would otherwise go to to the children (so long as the solicitor has done his job properly and I have no reason to doubt this). I also doubt that she is keeping his share on the funds as you said that he will now become self -funded - so the fees will have to be paid from somewhere.
The money that you would lose from inheritance is his money which, while he alive should be used for his care.
Yes @Grancan1313 it does sound like your step mum is trying to be clever and free up funds. Can you get advice from CAB if the solicitor isn't being helpful? Can you phone the solicitor and ask if your dad will need his own account for half of the surplus from the house sale to be paid into? Would this half share of profits not push your dad over into the threshold for self funding? I would have thought it better for stepmother to stay in the current house , which is disregarded as she lives in it, and not free up cash which his share of would be used to fund care?
I'm not sure about this as wasn't in the same situation as my dad had already been dead for 3 years before we sold the house so his share automatically went through to a new account to be distributed as his will stipulated.
Please get legal advice.
I'm not sure about this as wasn't in the same situation as my dad had already been dead for 3 years before we sold the house so his share automatically went through to a new account to be distributed as his will stipulated.
Please get legal advice.
Hi thanks yes she is. She wouldn’t free up the funds for herself if she stays in the house she gets her share and my dad gets his share after they have purchase a new house. When my dad dies his share goes in to trust for the kids, this is why she does not want to show what is happening with house and his money I think. ....
Hi @Grancan1313 , if your step mother won't talk to you about this and is being secretive, definitely talk/email the solicitor. He/she will want to do the right thing.
Yes definitely I have emailed them once, hopefully they will shed more light eventually thanks
