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Inheritance query

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  • Inheritance query

    Hi,

    My Grandmother asked me to be the executor to her estate when she passes away. She wrote a will 15 years ago - sadly she now has advanced dementia so is unable to make any changes.

    She has been in a care home for about 7 years, her house has been rented out during this time as she wanted to keep the house in the family.

    One son lives nearby and has cared for her for 10 years - she has bequethed her house to him when the time comes.

    There are 2 daughters and another son who live around the UK and visit maybe once or twice a year. She has left these specific amounts of money.

    The residue of the estate was to go to the son who inherits the property.

    However obviously circumstances have changed since the will was written.

    She has paid for her care and the local authority have recently started to put a charge against the house to pay for her care as she is now below the threshold.

    This means that there also is not enough money to fulfill all the specific money bequests.

    Although she has not yet passed away she is not very well, and relations between the 4 siblings are not very good.

    As far as I'm aware other than the charge on the property there are no other debts.

    I'm looking for advice on the following:

    As there is not enough money to pay for the cash bequests does the house have to be sold/the person inheriting the house have to get a loan in order for the bequests to be fulfilled?

    Or does the house go to the person inheriting the house and the cash bequests be reduced?

    If there is a tennant in the property at the time of her death what happens to the rental income - does it belong to the estate and be used towards the cash bequests or to the person inheriting the house.

    Does the charge against the house become the responsibility of the person inheriting the house or is it the responsibility of the estate before anything is distributed?
    Tags: None

  • #2
    Re: Inheritance query

    Hi and welcome.
    What a dilemma you have, and at so sad a time.

    As whatever you do looks as if t might cause dissension within your extended family, have you considered appointing a solicitor to act for you?
    Although this will cost the estate, you will be able in all honesty to say it was not your doing if the family flare ups begin.

    Regarding specific questions you ask, the rental (I believe) goes to the inheritor of the house,but the charge is the responsibility of the executor. The charge will have to be removed before you can pass ownership to the beneficiary, which means in effect the council will have to be paid off. The cost of doing this comes from the property. In effect you will have to sell the house, or use it to raise a mortgage or arrange for the beneficiary of the house to pay the council's outstanding charges.
    The house is a specific bequest and is not sold to make good any shortfall in the monetary bequests. If it is sold (to pay off the council/) the balance is passed to the beneficiary.
    named to inherit the house.
    I suspect you will shortly receive contradictory advice from others on this site.

    You do have a problem, and I can only refer you to my opening advice. To avoid, or at least lessen, family recriminations do take independent legal advice.

    Comment


    • #3
      Re: Inheritance query

      I would love to contradict you Des...
      But I think you are probably correct in your assumptions.
      What is owing the council, will become a debt to the estate.
      So it's the usual procedure.
      Pay for the funeral, pay any taxes owed to the HM Customs & Revenue. then pay debts to the estate.
      Any money over is distributed according to the will, even if it is at a reduced rate.
      That is the job of the executor.
      “The only man who sticks closer to you in adversity more than a friend, is a creditor.”

      Comment


      • #4
        Re: Inheritance query

        Use a Solicitor when the time comes the cost id paid by the estate and the problems hassle and grief especially from those who stand to inherit goes away.

        When the lady passes away you may see all sorts of relations and trouble coming out of the woodwork

        Comment

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