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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10408
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I 't fully understand section 5 of a will; can you explain

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I don't fully understand section 5 of a will; can you explain the significance of the 98%? The extract follows:5. If my Son the said [name here] shall survive me(a) I DEVISE subject to the payment of Inheritance
Tax 98% of my share and interest in the freehold
property situate and known as [address here] or any
substituted property being my principal place
of residence at the date of my death PROVIDED
That it is owned or partly owned by me (“my Son’s
Share”) to my Son the said [name here]
absolutely AND I DECLARE that if My Wife the said
[NAME HERE] shall survive me and if
she and the other Trustee shall wish to sell
either [address here] aforesaid or any properties
acquired in substitution
therefor such part of my son’s share
(hereinafter referred to as “the Property”) of
the net proceeds of sale as may be needed shall
be reinvested in the acquisition (including any
initial work of repair adaption extension or
irnprovement) of any dwelling which my wife the
said [name here] may wish to purchase
in substitution for the property but this
provision regarding such reinvestrnent shall not
extend to any dwelling subsequently purchased by
her in substitution for the Property as defined
above(b) I GIVE the remaining 2% of my share and interest
in the Property to my wife the said [name here] absolutely
Submitted: 10 months ago.
Category: Property Law
Expert:  Aston Lawyer replied 10 months ago.

Hi,

Thanks for your enquiry.

The clause means that if you were to die before your Wife, your Son is to receive 98% of the value of the property and your Wife the 2%. However, it also states that in effect, your Son can not demand a sale of the property while your Wife is still alive and indeed, if your Wife needs to downsize/move into a different property, she can utilise the full sale monies (ie use your Son's 98% share) to buy this new property, and if so, your Son's 98% share will transfer over onto the new property.

I hope this makes sense and assists you.

Please let me know if you require any further clarification. If not, I would be grateful if you could rate my answer.

Kind Regards

Al

Customer: replied 10 months ago.
Just a little more clarification please (I'm the son; my father has died). Why would 98% be specified rather than, say 50%.
Thanks
Expert:  Aston Lawyer replied 10 months ago.

Hi, thanks for your reply. I really don't know why your Father specified 98%. I can only assume that he wanted to protect the property being swallowed up in Nursing home fees (ie if his wife were to ever need nursing home care, any share she owns in a property will be counted as her capital when assessing if she qualifies for state help- the less you own, the better in these circumstances.

Does this help?

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10408
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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