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Could somebody explain what happens if the deceased assets aren't sold how the Inheritance tax is dealt with. Only one member of the family has access to the will so all bar the one are assuming that are not beneficiaries. Otherwise the Executor would have provided a copy of the will when it was requested.
We believe that one member of the family is allowed to continue living in the house but if they move out then it is sold and the money distributed amongst limited members of the family. The tax would be at least £40000. I understand this can be deferred 10 years but has to be paid in installments and accrues interest.
The question is, who pays the installments and interest?
If a loan is raised to cover this can this be indefinite of is this limited to 10 years also. The family can't see how our mother's request can be complied with as the tax as not been considered and I can't see the member who will be living in the house would be in a position to pay the installments. Our concern is that they will live in the house then rent out his wife's house. We don't think that will be fair.
We believe that one member of the family is allowed to continue living in the house but if they move out then it is sold and the money distributed amongst limited members of the family. The tax would be at least £40000. I understand this can be deferred 10 years but has to be paid in installments and accrues interest.
The question is, who pays the installments and interest?
If a loan is raised to cover this can this be indefinite of is this limited to 10 years also. The family can't see how our mother's request can be complied with as the tax as not been considered and I can't see the member who will be living in the house would be in a position to pay the installments. Our concern is that they will live in the house then rent out his wife's house. We don't think that will be fair.
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