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.

 

[bainbridge]

Thanks everyone for responding, and for the inflation calculator x3

I agree with much of the sentiment in this thread, but of course family relationships can be complicated. I'm just trying to look at the big picture, about life after the funds are distributed and how this might impact the remaining relatives.

As far as the will is concerned I know that the case manager intends to split the estate as per the will unless they get written instructions from all beneficiaries agreeing otherwise.

So by doing nothing, I will end up with an equal share as per the will. However, the relative in question did live in the property after the deceased went into care. Had they moved out, the property would have been sold to put towards those care costs. They also paid for some maintenance costs.

My stance (not boxing) is that while I acknowledge the above, I don't agree in principle with what the relative proposes, which is that because they paid into 7 years of a 25 year mortgage, a third of the current value should go to them, to take into account what they paid in mortgage payments and maintenance costs. Then, whatever is left of the property value is split evenly, including them.

I'm willing to consider an informal agreement to give them a slightly larger share, but it was not their property to invest in, therefore they should not benefit from a straight share of the current value.

The ball is firmly in my court on this, whatever beneficial interest they think they might have.

Thanks again folks, it's something to think about.

 

[bainbridge]

More good points raised, thanks.

A key point raised here is that the will is a gift, not a right.

Also, once the mortgage was paid off in 2003 the relative lived there since, so has benefitted massively in that respect with no rent or mortgage of their own to pay for over 20 years.

Thae way I see it, if they want to factor in costs incurred, they must factor in benefits too.

Using the inflation calculator I've worked out that in today's money they paid in £8,176.

I just need to look at the in hard maintenance they are claiming now, and explain that while this undoubtedly helped with the current value of the property, again they have benefitted.

I might suggest they contact British gas to ask about a refund on the gas they used

 

[bainbridge]

Update:

The relative has changed their mind and no longer wants more than the will says.

I think that they just needed to digest the facts. I didn't need to raise a dispute, so fingers crossed that's the end of it.