Executor of Will , gift of real estate left / sale help

[Sameeel]

I with my sibling are executors/ trustees to my late father's will. He left a property to 4 of his grandkids one still a minor. its not worth very much at all in fact £50k was its valuation at the start of probate. 1 grandchild wants cash share, the others bar 1 have said for it to be sold. The bar 1 is now saying the others will lose tax rebates on buy to let isa if the property gets transferred into their names, so offering to buy them out but about £7k. less than if it was sold privately. As executor can I not just sell when probate granted and gift the 4 in equal shares the sales proceeds?
The wording of the will is as follows.. gift of real estate to A, B, C , D free of all tax and death duties. the address and then says " and if more than one in equal shares but if any of them fail to obtain a vested interest leaving issue who survive me then such issue shall take in equal shares per stripes but that no issue shall take who's parent is alive and capable of taking".

Definition of Estate in will states :
My estate shall mean all my property of every kind wherever situated.
All property of every kind wherever situation that I have general power of appointment.
The money investments and property from time to time representing all such property.

Administration of my estate
My trustees shall hold my estate upon trust to retain postpone sale or sell it and will:
pay any debts, funeral and testamentary expenses
satisfy all gifts of specified property referred to in will
pay all gifts of money

Another question if the property is to be transferred into ABCD names, can i buy out D share before its transferred as they are a minor.
The property also has a tenant in situ.

[atticus]

I would take (a) great care and (b) professional advice. As executor you have fiduciary duties, which include not taking unfair advantage of a minor beneficiary. You may feel that you are doing nothing wrong, but others may disagree - including the minor some years after he/she attains majority.

[Sameeel]

Thank you for your reply, of course would take legal advice, pay the market value and I'm the parent of the minor.
My main question though is can the property be sold without transferring into the 4 names by myself as executor? I understand from reading other similar posts before posting myself that this would depend on the wording of the will which I have included for clarity on my post above.

[Pezza54]

IMO
the will states trustees can sell the property if they so wish, and if you and your sibling decide to do this, there is no need to transfer ownership into the names of the beneficiaries before sale
The proceeds of the sale, after deduction of fees and expenses, should be split into 4 equal shares for the grandchildren
A minor is not permitted to inherit until they reach the age of 18 so the trustees should put the minor's share in trust, selecting a secure savings account opened as trustees that pays a competitive interest rate
When the minor reaches the age of 18 they should be told about this account and given the chance to become sole holder of the account

[Sameeel]

IMO
the will states trustees can sell the property if they so wish, and if you and your sibling decide to do this, there is no need to transfer ownership into the names of the beneficiaries before sale
The proceeds of the sale, after deduction of fees and expenses, should be split into 4 equal shares for the grandchildren
A minor is not permitted to inherit until they reach the age of 18 so the trustees should put the minor's share in trust, selecting a secure savings account opened as trustees that pays a competitive interest rate
When the minor reaches the age of 18 they should be told about this account and given the chance to become sole holder of the account

This is how it reads to me also , the issue 3 of the beneficiaries will lose first time buyer benefits as currently stand but this wouldn't be so if as executer/ trustee can over see the sale without the need to transfer into ABCD names. One of the beneficiaries, has offered to buy out 2 of them siting the loss of FTB benefits/ deals at a massively reduced price.. I understand it is the role of exec/trustee to see that no beneficiary benefits more favourably and others disadvantaged.

[Pezza54]

Yes you are right. Executors must take the best interests of all beneficiaries into account.
In my opinion, as executor, the safest way to avoid the possibility of any future dispute, is to sell the property and distribute the net proceeds as the will states

[Sameeel]

Yes you are right. Executors must take the best interests of all beneficiaries into account.
In my opinion, as executor, the safest way to avoid the possibility of any future dispute, is to sell the property and distribute the net proceeds as the will states

So allowing one beneficiary to "buy out " the others shares at a greatly reduced cost is not imo acting in their best interests, nor do any need to lose FTB benefits/ ISA benefits etc as the property can be sold without the need to transfer into the 4 ( well 3 at mo ) names. I can sell it at market value then proceed to split 4 ways .

[Pezza54]

Yes
There is an informative article titled "Your child's received an inheritance. Now what?" at fidelity.co.uk
The article covers the case where a parent is named as trustee for their child's inheritance. Junior Isa gets a mention