Ask Me Help Desk - Meaning of will

Can anyone tell me if you had a agreement with your father and mother, to buy a business for them after his death for so much money and that money was supposed to be given so much to mom so much to the other members of the family in the agreement (I know this is a run on sentence). In my case this is the way it was to be that I had 5 years to purchase the business or rent it from mom and the rest of the family for so much money. If I wanted to buy the business x amount would go to mom and x amount would go to each of my 3 sisters. 5 months hasn't ever went past and my mom died. The will that mom and dad made was presented to me now and in one sentence it states " In the event that my spouse predeceases me, then her share of the rents/purchase price shall lapse." would any one know what this legelly means ? My dad passed away first than I went to the bank to see if I could get a loan approved and it was based on the agreement price. The checks were going to be made out according to the agreement so there would have been four diffenent checks given out at the closing. So then I went down to have the papers drawn up now mom died unexpectly and everything has changed now since there can only be 3 checks made . What do you think that sentence means "In the event that my spouse predeceases me' means as opposed to the money that was to go to mom ? Does this x amount have to be spilt equally between the 3 sisters or would I have to pay it. I just wondering if anyone has any thoughts on this. I will have to present this will now to the bank anyway and see what they say since all the paperwork will have to be drawn up diffenent know

Quote:

Originally Posted by skychief

Can anyone tell me if you had a agreement with your father and mother, to buy a business for them after his death for so much money and that money was supposed to be given so much to mom so much to the other members of the family in the agreement (I know this is a run on sentence). In my case this is the way it was to be that I had 5 years to purchase the business or rent it from mom and the rest of the family for so much money. If I wanted to buy the business x amount would go to mom and x amount would go to each of my 3 sisters. 5 months hasn't ever went past and my mom died. The will that mom and dad made was presented to me now and in one sentence it states " In the event that my spouse predeceases me, then her share of the rents/purchase price shall lapse." would any one know what this legelly means ? My dad passed away first than I went to the bank to see if I could get a loan approved and it was based on the agreement price. The checks were going to be made out according to the agreement so there would have been four diffenent checks given out at the closing. So then I went down to have the papers drawn up now mom died unexpectly and everything has changed now since there can only be 3 checks made . what do you think that sentence means "In the event that my spouse predeceases me' means as opposed to the money that was to go to mom ? Does this x amount have to be spilt equally between the 3 sisters or would I have to pay it. I just wondering if anyone has any thoughts on this. I will have to present this will now to the bank anyways and see what they say since all the paperwork will have to be drawn up diffenent know

Where are you? US or perhaps UK?

You need to contact the attorney who drew up the will. They will be able to interpert the wording for you. There should be an indication at the bottom of the last page of the will as to who prepared the will, the name of the firm and the address and sometimes the phone number. That's your best bet.

Your father has already passed, and now your mom has too? Since he died first she did not predecease him and she would own the entire business.

What you have here is a portion of the business that you need to account for. Your moms share. Since there are 4 of you it should be equally divided into 1/4. If your still purchasing under the original agreement then your sisters would get 1/4 of what your mom would have gotten. So any " checks " made out to them should reflect that amount. Formula : Original agreement for the sisters plus 1/4 moms share of the business.