Need urgent advice re messy inheritance problem

michelle89

Help!! (Apologies if this isn't the right thread. I'm new to all this.)

I've got a bit of a dilema concerning my grandmother's estate. My db grandmother died in June. My great-uncle and uncle are named as her executor's. My 3 siblings and I are have inherited 1/8th of my grandmother's estate and my uncle has inherited the other half. My great uncle is dealing with the probate at the moment. My uncle (with the approval of my great-uncle as the other executor) is determined that my grandmother's house should be rented out until the housing market picks up. He's been approached by the relatives of my grandmother's neighbour who, for very complicated reasons, cannot afford to buy the house right now but may be able to afford it in a 12 to 18 months time. My uncle feels sorry for these people because they've fed him a real sob story and we feel he's being taken for a ride. He has even discussed rent with them and is asking well below the current rental value! My siblings and I are really unhappy about this situation. We are all in difficult financial situations and could do with the money now, we'd much rather the house was sold. None of us want the responsibility of being landlords either. Apparently, my grandmother has given my uncle "final say" should there be any disputes regarding the estate. We've never been given the chance to see copy of her will so we don't know if that's true or not. We don't know what to do now. Solicitors cost money and we can't afford to pay one. (Having said that - I'm not sure we can afford not to!) Am I right in thinking that once probate is sorted that house will have to be put in all our names and that as joint owners we'd be able to stop the renting business by refusing to sign the rental agreement? Can my uncle rent the house out now before probate has gone through without our agreement? I'm pretty sure this mess is not what my grandmother wanted. I'm sure she would rather her immediate family benefitted from the proceeds of her will rather that some people she'd never met! If I've learnt one thing from all this it's that we'll make sure that the instructions in our will make it VERY clear what we want done in the event of our deaths!!!

debbie42

My understanding (not a lawyer etc.) is that if your uncle wanted to keep the house but the other beneficiaries didn't, then he'd have to buy you out. He couldn't simply rent it out without your approval.

There is a helpful forum on TMF on Wills and Probate: it may be worth asking the question there? http://boards.fool.co.uk/Messages.asp?bid=51094

ed123_2

..I'm no lawyer but the executor has sole power to enact the will and distribute the proceeds according to you granmothers wishs. That said he also has a responsibility to maximise the proceeds ie not rent out the property at below market rent, however he may feel by waiting to sell the property may increase in value in twelve months time, that is his judgement as excutor and you/your family would have no say in that matter. I think everyone concerned should have a right to a copy of the will-I think its the Probate Office should have this...I could be wrong. Once the will is executed I think then you could challenge the distrubution if you are not happy.
All the above is my opinion only, I am not a lawyer. You could go to the Citizens Advice Bureaux or Legal Centre for more advice or some Lawyers give you a free inital advice consultation you could ring a few up....

chinbergs

Hmm, that does sound messy. Do you not get on with your uncle well enough to be able to discuss it?

I also feel like I've stepped into your uncle's shoes (as your grandmother's son, right?) - if my mum had left most of the estate to me, and my brother's kids didn't like the decisions I was making, I would be thinking "tough, she was my mum, not yours".

Obviously I don't know your family situation, but it was the first thing that came to my mind while reading.

Etccarmageddon

you need to go and see a solicitor even if it costs you £100 to £200 for an hours advice it'll be well worth it with the kind of money at stake.

I suspect delaying the house sale would have a downside - if the housing market picks up then the house will be subject to capital gains tax based on the market value registered on the probate and the price it is sold at! and realisitically you will have to wait 2 to 3 years or longer for the market to pick up. does your uncle fancy renting out the house for the next 2, 3, 4 or 5 years?!