Adjusting for inflation

[bainbridge]

Hi all, I'm hoping that the hive mind of GD can help with this.

A relative died, a family member is querying the will, saying they should get a larger share than the will says because they lived in a property which is part of the estate for a few years, and paid the mortgage for that time.

Please can I get some help with adjusting the figures below to reflect what the amounts would be worth today?

£61 per month paid between August 1995 and August 1996.

What would that year's worth of payments be worth now?

£61 per month paid between August 1996 and August 1997.

What would that year's worth of payments be worth now?

£61 per month paid between August 1997 and August 1998.

What would that year's worth of payments be worth now?

£61 per month paid between August 1998 and August 1999.

What would that year's worth of payments be worth now?

£61 per month paid between August 1999 and August 2000.

What would that year's worth of payments be worth now?

£61 per month paid between August 2000 and August 2001.

What would that year's worth of payments be worth now?

£61 per month paid between August 2001 and February 2002.

What would that year's worth of payments be worth now?

If I get the above figures, and add them up, I should have the total, adjusted for inflation.

I think.

Many thanks.

 

[danlightbulb]

Try this calculator:

Inflation calculator

Use our inflation calculator to check how prices in the UK have changed over time, from 1209 to now.

www.bankofengland.co.uk

 

[pepp77]

Inflation calculator

Use our inflation calculator to check how prices in the UK have changed over time, from 1209 to now.

www.bankofengland.co.uk

 

[krooton]

Roughly £9,827 in today's money

 

[throwaway4372]

Approx 9k

 

[Quartz]

A relative died, a family member is querying the will, saying they should get a larger share than the will says because they lived in a property which is part of the estate for a few years, and paid the mortgage for that time.

You need proper legal advice.

 

[VincentHanna]

£9,000 to shut them up doesn't sound like a huge amount though...

 

[Richie]

Deaths and Wills are where you usually get to see the relatives real character and motivations.... Just ask @413x (apologies if that's out of order, but I know you have been quite open about this subject on here a bit)

 

[UTmaniac]

I would argue that £61pcm won't even cover their share of monthly utility bills and tell them to jog on!

 

[Diddums x]

Try this calculator:

Inflation calculator

Use our inflation calculator to check how prices in the UK have changed over time, from 1209 to now.

www.bankofengland.co.uk

Inflation calculator

Use our inflation calculator to check how prices in the UK have changed over time, from 1209 to now.

www.bankofengland.co.uk

Inflation calculator

Use our inflation calculator to check how prices in the UK have changed over time, from 1209 to now.

www.bankofengland.co.uk

 

[Steeps]

Don't forget to take off how much it would be to rent a similar size room in a similar property as they were benefiting from living at said premises and using all of the facilities available. I could understand wanting an additional payment to balance out if they were paying it and not living there, but they had a benefit from using the property they were paying for and not having to pay for their own accommodation like all the other people involved in the will.

 

[jpaul]

but this is real M&S housing price inflation/returns that should be applied to those mortgage payments,
especially if they were living there in lieu of investment in there own property, high percentage of capital payed of in those final years.

 

[booyaka]

A will deals with the total assets of the deceased individual (after debts have been cleared) - it has nothing to do with what someone paid in/didn't pay for mortgages etc.

If the will states for example that 4 people (say in this case) a non married partner and 3 children of the deceased receive 25% of the total estate each. What someone did or didn't pay towards a mortgage makes zero difference.

Each will receive 25% of the estate value when it's wound up.

I don't see how anyone can "query" an estate based on what they paid towards a mortgage 30 years ago... Wouldn't even be entertained.

 

[Kenai]

"Yes you paid the mortgage but you also saved money on rent/another mortgage at the time by living there, so get ****ed and be grateful for what you're getting"

 

[bigmike20vt]

i thought the will was the will.
so long as the person was in sound mind when it was made then i would tell the money grubbers demanding more to do one.

which does not help answer the OPs question however it does my head in. i know someone - being deliberately vague as they may see this post - who got their nickers in a twist when a relative left all the money in the sale of their property split equally between 5 grandkids.

it was 3 families 2 with 2 kids and one with 1 kid. it was the simplest of wills no drama right?

wrong!. the family with only 1 child said it was not fair and that their child should get 1/3 of the sale of the property and the other 2/3 split between the other 4 kids. its like some people feel an inheritance is some kind of right, rather than a gift from the person who has passed away.

 

[413x]

Deaths and Wills are where you usually get to see the relatives real character and motivations.... Just ask @413x (apologies if that's out of order, but I know you have been quite open about this subject on here a bit)

Ha yes.
That still isn't resolved by the way. It's unbelievable. I don't even want to think of the amount of money, mental effort and mental health that's been wasted on fighting over money.

Dread to think what happens when my parents or anyone of my mums siblings passes as I don't know how things will be handled then.

 

[Pudney]

£9,000 to shut them up doesn't sound like a huge amount though...

Presumably the executors don’t want to have that liability though.

 

[Terminal_Boy]

"Yes you paid the mortgage but you also saved money on rent/another mortgage at the time by living there, so get ****ed and be grateful for what you're getting"

Did you study law at Pentonville? You might know my old mucker Big Ronnie.

 

[UTmaniac]

They were living there at costs below the extra expenditure for the deceased, if anything that inflationary adjusted figure should come off their will share, as they cost the deceased money which is now not available to distribute in the will.

 

[Richie]

Did you study law at Pentonville? You might know my old mucker Big Ronnie.