Advance on inheritance, whats it worth

poet123

To be frank, I cannot understand why you have allowed this situation to develop, you should have had a family meeting and agreed a strategy which involved selling the house for market value, and if your sister couldn't afford that she couldn't buy it.

I had a similar situation with my mothers home, it was left jointly to myself and my brother, and he asked for a reduction to make it affordable to his daughter. I had to refuse to protect the inheritance for my children.

I don't think this is a fair or equitable solution, nor does it abide by the terms of your fathers will. It wouldnt be something I would go along with, even at this stage. You have either been manipulated, or remiss in not realising the consequences of the actions your sister was taking.

I would question whether the house can be legally sold, and take it fom there.

XAN

poet123 wrote: »

To be frank, I cannot understand why you have allowed this situation to develop, you should have had a family meeting and agreed a strategy which involved selling the house for market value, and if your sister couldn't afford that she couldn't buy it.

.I would question whether the house can be legally sold, and take it fom there.

Thanks

Yes I know it should of all been presented on the table but after my fathers death my sister who had never spent much time at the house was their with her children pre school children all the time . I was busy at work full timeand running round my teenagers. Every time we tried to go over my siters kids would of broken smething or their dog bitten my lads football it was just so upsetting and my big boys always got upset and sometimes cried, they felt pushed out. Eveything was agreed before we were told including my sisters house was under offer.

It was then months before we got a meeting with the executors and some idea of what was going on it has changed several times since thenn and at my last meeting, I got a distinct feeling my sister who is now living with my mother has not been passing on information as the executor we met with seemed surprised there was stuff we just didnt know and we were asking about stuff he thought we had been made aware of.

Basically if the executor is communicating with one family member who they think is passing everything on and they are not, that family member is then giving yes, no and the executor thinks they speak for everyone what are you to do if you dont know this is going on. Now we know more facts we can fight but we still have not seen the Will !

poet123

I would get a meeting set up with all parties, and explain to the Executor that you feel you have been kept in the dark (or to avoid a family row, that you need to get things straight in your mind and fully understand the implications for your family before you go any further)

You need sight of the will, and probably to engage the services of a solicitor to protect your interest.

nzmegs

There is also no guarantee that you mother's new home will be worth half a million when she dies. you could be left with much less.

XAN

nzmegs wrote: »

There is also no guarantee that you mother's new home will be worth half a million when she dies. you could be left with much less.

I know

her new house is pristeen
her old house is old but so much potential for adding value that is many times what you would have to put in.

Errata

Get a copy of the will from probate office, it's a public document.

RAS

Hi

Who are the executors because they are not doing a very good job. In fact they appear to be grossly negligent.

Sorry but if your mother loses the house she wants to move into tough luck. Actually, given the state of the current market, I bet it will still be there is buy after the family home is sold.

Please note that your family and the executors can only fleece you IF you agree.

Get yourself a solicitor urgently.

onlyroz

I didn't think that you could sell a property for less than it's market value. It's called deliberately depreciating your assets, or something, and will certainly have tax implications.

XAN

Errata wrote: »

Get a copy of the will from probate office, it's a public document.

:T

I have ordered a copy of the will on line today from an agency, it would of been a bit helish getting into the probate office and the extra I pay for getting the copy on line is easily made up in saved train fare and holiday not taken from work.

I think this is the first really positive step at least we will know where we stand when we know exactly the terms of the will.

tuggy

a) When your mother gets old she may well have to sell her house to pay for nursing home fees, leaving you with nothing
b) When your mother dies it may be smack in the middle of a housing market crash and the house be worth less
c) Get a solicitor, if the big house is left in trust for you and your sister, your mother cant sell it to one of you (its already yours?!)
d) I dont think you can sell a house for less than market rate, as it deprives the gov't of some stamp duty and they dont like that!