Probate and buyout

stevieve

Hi,

First post althouigh a long term and very appreciative lurker. I would be grateful for any advice on this.

I've recentl;y taken on the execitorship of my late father's estate, which should be fairly simple, comprising some bank accounts, shares and a non-mortgaged property. After a few individual bequests, the balance is split equally between myself and my two sisters. The original plan was to sell the property, and wait until 6 months after probate and then distribute the estate accordingly (in case of any potential claim on the estate). Now one of my sisters has decided she would like to buy the property and buy out the other two shares. Does this have to wait until 6 months after probate as it is effectively a distribution of her 1/3rd share of the property.

I am slightly concerned as the property is an area which has a very seasonal property market and if we wait six months and then find out that she cannot finance the buyout or changes her mind, then it will be more difficult to sell the house in the winter. If the house can be effectivly sold to her from the estate before the six months then it would simplify matters.

Thanks for any help with this.

RAS

You need to do the proper probate announcement seeking creditors, as this protects you from debts turning up after the money is dispersed.

paddedjohn

can she buy the whole house now and get her 1/3rd share back in six months?