A very long, despairing post

FatVonD

So, have we managed to convince you that you don't need to take less just because your brother wishes to stay in the area to which he has become accustomed? I do hope so!

meritaten

Gingernutty wrote: »

It may not have been Dad's intention, but they have put up a lot of cash not just to do up the flat for renting but Brother 2 has shelled out money for Dad's nursing home fees when Dad's savings ran out.

This is all counted as the estate's debts for inheritance tax purposes and is quite legal.

this is a stickier wicket - unless your dads will mentions reiembursement for those payouts, they would not become debts on the estate as I understand probate law. of course if all three of you decide to reimburse Dads nursing home fees then that is between you three - AFTER the will is probated and you have had your inheritance, same goes for the doing up of the flat.

the thing is hun, it sounds to me like dads will was pretty straightforward - his properties divided equally between his children. But, you are bringing other factors in - things which, if not covered by dads will, have no bearing on the situation.
The solicitor and executor(s) have to administer the estate according to the wording of the will. They are bound by law to do this.

Gingernutty

FatVonD wrote: »

So, have we managed to convince you that you don't need to take less just because your brother wishes to stay in the area to which he has become accustomed? I do hope so!

Tbh, I didn't need convincing but it's Brother 1 who needs the reality check.

I am very isolated socially and physically from my family and I was really hoping not to start some internecine war with Brother 1.

The solicitor doesn't seem to have got through to him and I doubt I'm making a dent either.

Brother 1 is absolutely convinced that he's right.

Roll on September 30th.......

mountainofdebt

why can't brother 1 stay in the flat and then give brother 2 and OP the difference between the probate value and 1/3rd of the total inheritance value?

Gingernutty

Gingernutty wrote: »

It may not have been Dad's intention, but they have put up a lot of cash not just to do up the flat for renting but Brother 2 has shelled out money for Dad's nursing home fees when Dad's savings ran out.

This is all counted as the estate's debts for inheritance tax purposes and is quite legal.

meritaten wrote: »

this is a stickier wicket - unless your dads will mentions reiembursement for those payouts, they would not become debts on the estate as I understand probate law.

Nope, it's all perfectly legal and as the debts tot up, the inheritance tax the estate pays goes down.

meritaten wrote: »

the thing is hun, it sounds to me like dads will was pretty straightforward - his properties divided equally between his children. But, you are bringing other factors in - things which, if not covered by dads will, have no bearing on the situation.

The solicitor and executor(s) have to administer the estate according to the wording of the will. They are bound by law to do this.

Tell that to Brother 1. Seriously, that's what's getting me so worried.

We'll get to September 30th, the interest starts racking up on the Inheritance Tax debt to the Tax Man and Brother 1 has to have legal action taken against him - depleting the estate of more money.

The suspense is killing me.

Gingernutty

mountainofdebt wrote: »

why can't brother 1 stay in the flat and then give brother 2 and OP the difference between the probate value and 1/3rd of the total inheritance value?

Because he has no money, has no way of borrowing that kind of money and certainly doesn't earn the kind of money needed for a mortgage.

meritaten

I see. Brother 1 is the sticking point. Does he know all this? Does his wife? because if Sept 30th passes and certain legal landmarks havent been met - you ALL lose money dont you?

I hate to say this - but if brother is staying in a property which is not legally owned by him or he is not a rent-paying tenant, that makes him a squatter. Is this what you mean by legal action action against him? What a prat he is being!

mountainofdebt

Gingernutty wrote: »

Because he has no money and has no way of borrowing that kind of money.

Then its tough s**t on him then isn't it?

I would love alot of things but on the basis I have no money nor no way of borrowing the money needed to finance those things.

The only other way of doing it is to have all your names on the deeds statin that you own a 1/3rd equally so when it is eventually sold you and brother 2 get your inheritance

zaksmum

Gingernutty wrote: »

It's all the same flat, btw.

I agree. One third of the estate after debts (Brother 1 and Brother 2 are owed a substantial amount of money after all their hard work and the help they've given Dad) and taxes (which still haven't been calculated thanks to our solicitor and the estate agent :mad:) would leave me able to pay off the mortgage, do up my house and still leave me with money to put in ISAs and high interest savings accounts.

Brother 1 would still be able to buy somewhere in London.

Brother 2 would be able to pay off his mortgage too.

How is it your problem what your brothers do? Can't imagine them worrying what you're going to do!

Savvy_Sue

I don't think you've said, who is the executor for your father's will?

If it's you, and you have had enough of the solicitor not getting anywhere, you could engage another. Not to be done lightly, but worth considering.

If it's not you, then let the executor get on with it. If it's this solicitor (although it doesn't sound as if it is), then make a complaint and try to get it speeded up, but leave it to them.

burnoutbabe wrote: »

you can of course agree a deed of variation to split the estate as you wish. If you want Brother 1 to have the place he lives in and he rest of it gets sold and split 50/50 by you and brother 2 thats fine 2.

you may lose out, as you'd probably have to suffer the tax costs between your and brotehr 2s share of the estate but is at least an option to move things forward. Up to you if you fight or not, depends on the values of things.

I can't see any good reason to do this, but it may be what Brother 1 is thinking of. However I don't think he can 'negotiate' over payment of taxes ...