Renting during probate?

peazz

hi all,

my dad died in october and i inherited a mortage free home, its currentlly sitting there unlived in, my question is, is it possible to rent out the house while probate is going through say if i had all finds sent straight to solicitor?

any help would be great

G_M

Interesting question..! I'm guessing the Executers (I assume there's a will?) have the power to manage the estate until probate and distribution. Obviously they can't ditribute any income till probate, nor could they do anything 'unreasonable' with the assets (No, I doubt if they could buy lottary tickets with dad's savings).

But renting the property to cover running costs and maximise income to the estate (rent would have to be included for Inheritance Tax purposes), I'd guess yes.

Try asking the appropriate Probate Registry for guidance though.

getmore4less

I think you would have to be a named executor in a will to even consider this before probate

If not the named executor you gain the legal rights with the probate.

AIUI the income does not form part of the estate for IHT, it becomes part of the executors accounts for tax purposes.

G_M

getmore4less wrote: »

I think you would have to be a named executor in a will to even consider this before probate

If not the named executor you gain the legal rights with the probate.

AIUI the income does not form part of the estate for IHT, it becomes part of the executors accounts for tax purposes.[/QUOTE]
Is this not what gets declared for..... IHT???