Receivership / Inheritance

Discussion in 'Legal and financial issues' started by chappers, Sep 11, 2007.

  1. Margaret W

    Margaret W Registered User

    Apr 28, 2007
    3,725
    North Derbyshire
    Hmm, not an expert, but the money is your father in laws for certain. Not your mother in laws. Yes, he might have paid it into a joint account and it could be considered to be 50/50 owned then. Is that what you want? I don't see a problem with that.

    I have forgotten whether you have POA for your father in law. If so, I can't see any reason why he cannot gift the whole amount to his wife, if he so wishes. that takes it out of his capital altogether. I am new to the POA lark, so don't know how valid that would be, but I can't see why not. A person is allowed to transfer assets to whoever they wish, and if you have POA you are entitled to do the same. It is perfectly legal for one spouse to transfer assets to the other to avoid tax, it is not tax evasion, it is tax avoidance.

    You say they have a joint account, fine, but would a substantial inheritance necessarily have been put into the joint account? would they not perhaps have considered alternatives. What sort of figure are we talking of? Not trying to be nosey, but are we saying £50,000,, £500,000? If the latter then I would seriously suggest seeking financial advice. If the former, it's not so vital.

    If you have POA, you can put it where you like. Open a high interest account and bung it in in his name only (you will probably have to if it is a large sum) and then transfer it as required. Go see the bank for advice. I hate to advertise, but we found the Halifax brilliant in organising my mum's money, I'm sure other banks are just as good, and there advice is free if you are a customer already. It's also quite amazing what additional experience they have regarding consequences of investments for social security benefits.

    Keep us posted, it could affect lots of us.

    Regards

    Margaret
     
  2. chappers

    chappers Registered User

    Sep 10, 2007
    12
    My FIL did not make a POA. Hence why we are going down the receivership route.

    With regards to the inheritance, it is just under £20k.

    We all know for definate that my FIL would have wanted his wife to be looked after as well as him, and to be honest if he was well, then it would either have gone into the joint account, or he would have re-invested it, as he has done for the past few years.

    I am going to get a second opinion from another solicitor.
     
  3. Helena

    Helena Registered User

    May 24, 2006
    715
    Your Father Had a duty to and would have wanted to take care of your Mother So sorry the money should go into the Joint accoiunt and be considered 50/50

    its hardly a fortune after all
     
  4. Amy

    Amy Registered User

    Jan 4, 2006
    3,453
    Hiya Chappers,
    Please take legal and financial advice from those who are qualified to give it - TP is not able to give the full information that you need. I would suggest phoning Citizens Advice, Age Concern, a solicitor or the Court of Protection. You could also phone the AS helpline where a legal representative may be able to give you further guidance.

    Anything said on here is only the opinion of those that post and should not be relied upon.

    Helen
     
  5. Brucie

    Brucie Registered User

    Jan 31, 2004
    12,413
    near London
    I agree absolutely with Helen - please seek advice from someone who is competent to do it, and who can learn the whole situation from you.

    While TP members can suggest possible routes to take, none are competent to deal with other than their own finances [and many of us are not even that, if I hold my own hand up!]

    Judgements on duty and value are subjective, and beyond the competency of this forum. Members of course can give their own views, but none should be considered absolute or necessarily correct.
     

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