Thread: Any Ideas ???

mother-in-law is getting on in years and suffers from Mental Health Problems, she is however able to make decisions and lives independantly.

She is not in good physical health and will in all honesty require nursing or medical assistance in the near future

She has told us that she wants to pass her house over to us, but we are concerned at the implications of this. She has another son who she does not want to leave it to, because he also has mental health problems and has delusions about money and woud just blow the lot on drink and takeaways.

Any ideas on the best way to carry this out ? Do we let her sign it over, do we purchase the house from her for a lower market value and then rent it back to her or is there something else ??

Any ideas would be greatfully appreciated.

PINKPETAL

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there is a way that the house can be signed over to a certain person but leaving tenancy rights to another person.
ie the other person can reside in the property til he/she gives up that right

the solicitor will have to see that your monther is mentally fit to sign anything though

Thanks

Have an appointment to see solicitor, but really trying to find out what ways it can be done before the appointment.....

Any ideas where I could find more information about that method ??

Thanks

it really where your mother signs house to one person and gives tenancy rights to another to reside in the property until he/she sees fit.

need to think carefully about this though, as the property can not be sold during this

You really must go and seek legal advice on this issue. This area is a minefield. You have to be extremely careful what you do now, as it can cause problems up to 7 years later, depending on if she ended up in a nursing home. Unfortunately, in situations like these, you have to think way, way ahead so that you can set up your estate to everyones best advantage. It may be a little late now. It's a bit complicated to explain here in a post so I really recommend you all go and see a solicitor.

I believe that if your mum in law should have to move into residential care Social Services would look at her finances and assess whether she could afford it. Their are regulations in place about, for example giving your house or money away to avoid paying the costs of living in residential care, and I would hazard a guess that would extend to paying lower than the market value.

On the one hand you say that her mental health is not good, and on the other that she is capable of making decisions, which seems almost contradictory. If she is well enough to make decisions as to who she wants to leave her estate to, then she really should make a will or there could be problems when it comes to probate too.

I agree with everyone who says see the solicitor.

She has a diagnosed mental illness which is controlled by medication, however, due to the nature of the illness, she can at any time become very unwell. She is when well able to make informed decisions, but, when ill has no insight into anything.

We have also discussed, pooling our money and buying a house with either an annex for her to live in or the potential to be able to build one for her... any ideas what would happen then ? Would it be a "safer" option.

We are prepared to put some of the money into some sort of trust for her other son, which would have to be looked after by trustees.. any suggestions ??