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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33325
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am separated from my wife and have been for nine months we

Customer Question

I am separated from my wife and have been for nine months we are trying to reach a financial agreement I am a remainder man on a will trust established on my step fathers death 20 years ago with my mother as the lifetime tenant the will was written in 1984 8 years before I married but the trust was created on death a year after I was married it is clearly not known when my mother will die but my question is will my ex have any claim on that inheritance whenever it happens?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How old is your mother and how much is the property worth?
What other assets and debts are there and what income do you each have?
Clare
Customer: replied 2 years ago.
Mum is 75 the total trust value is in the region of 2.1 million but I am one of three remainder men with my step sisters also there is only one nil rate band as it was used in full on my step fathers death so the tax bill will be very large
My wife and I are splitting the only real asset which is our house after the mortgage I have agreed she can take 250000 to buy a house leaving me with roughly 120000
Our children are now 20 and18 and I have agreed to provide for them
My income is roughly 80000 and her about 15000
Thanks Clare
Laurence
Expert:  Clare replied 2 years ago.
Hi
Has your ex actually agreed to this - and does she have legal advice?
Will there be a Clean Break Order sealed by the Court?
Clare
Customer: replied 2 years ago.
Yes she has agreed all of the above and we will be signing a separation agreement reflecting this
Yes she has had advice
My concern is for later when my mother dies
From my point of view once I know what my potential liability may be I may choose to cover it now in the separation agreement based on say a percentage rather than have a nasty surprise down the line
Hence the question
Thanks
Expert:  Clare replied 2 years ago.
Hi
is she aware of your interest in the property?
Clare
Customer: replied 2 years ago.
Yes knows all the details and has mentioned it as we are trying to reach an agreement
Expert:  Clare replied 2 years ago.
Hi
In that case you need have no concern.
If this is a Full and Final Settlement your ex will have no further claim on any of your assets in the future even when your inheritance comes in.
Please ask if you need further details
Clare
Customer: replied 2 years ago.
Thanks a lot my concern is that she will not sign the agreement without it referring to this future asset of mine
That being the case I suppose I have to ask the question that if there was no full and final settlement and she did come back once I've inherited given all the above would she have a claim?
If so and this we're say 20% would I be better to incorporate it into the agreement now frankly to protect any other assets I may build up?
Thanks Clare
Expert:  Clare replied 2 years ago.
Hi
When will you be getting divorced?
Clare
Customer: replied 2 years ago.
As soon as possible I think
Expert:  Clare replied 2 years ago.
Hi
I am a little confused - has the agreement on the financial issues been reached or not?
Clare

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