Hi all.
I have a lady who wishes to leave her estate to her 2 sons equally ( they do not live with her). She wishes for there to be a clause in the will for one of the sons to buy the other sons share of the property ( mortgage free) on her death should he wish to do so. Would anyone have a clause for this. Also, would this be a GROB?
Thank you
A GROB only applies to a lifetime transfer not a gift by will. I have access to several precedent books or services, Practical Law online, Practical Will Precedents loose-leaf, Williams on Wills, expensive but very reasonably priced instead are Parkers and also Wildy’s Practitioner’s Guide to Wills. A good draft is going to be at least a page long dealing with grant, exercise, timetable, price or valuation and its mode of determination, payment and delay interest, nomination of standard/special contractual terms in default of agreement by the parties, satisfaction of mortgage or alternative arrangement to secure it.
The Forum is not the place to reproduce a clause in its entirety. If you do not have access to precedents should you be doing the drafting? Some tax clients of mine had instructed a solicitor who was taking some time to respond and told me that she was awaiting a requested precedent book from the local library. I still can’t really believe it.
Jack Harper
That’s great thanks. I will get one from Practical Law
Kind regards