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Taking Forever to Wind up an Estate

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  • Taking Forever to Wind up an Estate

    I've been renting out my sadly missed dads house in Scotland since his passing in May.

    I've been running it as executor and believe that any net income from this is crediting the estate (which I've not had time enough to wind up yet). When I eventually find the time to wind it up the proceeds of this will be divied out equally to brother and sister.

    The question is - how long do I have to wind the estate up?

    Tbh I'm quite happy to let the estate grow through rental for years. It was a small estate and will never hit the inheritance tax limit, but I don't know what I have to do legally and what timeframes are required.
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  • #2
    It sounds like it's only taking forever because you just haven't had the time to finalise things - there's no time limit so if your siblings are the only other beneficiaries and are happy with the house being rented out to cover its running costs and profiting the estate there's no reason that can't continue.

    Have you done everything else and it is just selling / transferring the property remaining ?

    des8
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    • #3
      Thanks for the reply Amethyst

      Yes we've just not been able to find the time yet what with the work needed to keep the rental operations going smoothly - and the fact that I work full time anyway. In fact I ended up taking unpaid leave in order to get to the bottom of everything and still haven't got anywhere really....

      Just on the profits from the rental operations.... If we continue with rental profits crediting the estate then are the profits stuck in the estate until it is officially 'wound up'? My brother lost his job recently and is desperate for cash in the run up to Christmas and I was hoping to forward some cash to him asap. This would obviously come off his final total (and the inheritance tax statement would still include that forwarded cash amount) but I don't understand the legalities of all this tbh

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