Any help gratefully received

getmore4less

To clarify why I ask.


The joint account will legally be owned by the survivor.
The beneficial interest may be the just the funder so belong to the estate.

If that is the only asset then that needs to be distributed according to the will.

Probate will not be required.

A IHT return might still be needed but if no IHT HMRC won't care.

jackyann

Please don't be rushed.
You will find information about gifts / inheritance at gov.uk.
Personally I trust Yorkshireman's advice, but if it puts your mind at rest, and makes you feel more secure in dealing with your sisters then seeking legal advice is a good idea.
Executors are only bound to deal with the estate in a timely manner, and taking time to be sure about any issues around gifts makes sense. Do not tell 1 & 2 the details - just say that there are a few loose ends with some of the bank accounts and that you will keep them informed.

Forgive the question, but I wonder if your youngest sister is vulnerable in some way? If you feel that she is, then you my wish to mention this when seeking legal advice.
If however, she is a perfectly competent adult, then you really have to let her make her own decisions. As I suggested, you can facilitate this by being kind to her, giving her time and so on (as you have done by suggesting she gets her own advice). In the end, if she is better able to go forward in her life by giving some of her money to her other sisters, then you simply have to step back.

Although my own situation was significantly different, I did see inherited money used in a way that the deceased would not have wished. I dealt with it by thinking 'deceased would have been upset to see X using the money she was left in this way - but he would have been even more upset if we fell out over it'.

I do wish you all the best, this is one of those situations where everyone ends up a bit unhappy, but once the 'gift' issue is sorted, then you are clear.

mrschaucer

Thanks for the info about probate, getmore4less. I've learned something useful today!

Linton

mrschaucer wrote: »

I'm no expert, but I think you would be wise to initiate probate - whilst the house is indeed outside the estate as far as the will goes, it still forms part of your father's estate for IHT purposes as it was a "gift with reservation" (he still lived there after giving it to you). It would need to be declared. Applying for probate also means that you are seen clearly to be doing things exactly by the book. Have the funeral expenses been paid out of the estate?

Probate is required if a house (or other formally documented property such as shares) forms part of the estate because the executor has to prove that he/she has the authority to transfer them from the deceased's ownership to the beneficiaries. That is what probate does. In the OP's case that requirement does not apply.

YoungBlueEyes

Yes the account was funded by dad, I think he put my name on it to make things easier when he died.
There are no funeral expenses as such, there's no funeral. Dad donated his body to medical science so there's a charge for transportation. They only collected him on thursday so I've not go that bill yet. His wallet had some money in it so I've been paying for things like death certificates etc out of that, which 1+2 are aware of.
4 is quite vulnerable. In the sense that she's not had a lot of experience of the big bad world, so she's soft/trusting/naive/easily led. She is mentally competent. I'm trying to keep her straight but she's dead-set on being "morally fair" to 1+2 even at her own expense. I'm a little more cynical so I'm struggling less with this than 4 is.
I've told her my position (not paying 1+2 but I'll buy you out, do NOT want to go to court but won't back down if it comes to it). In the end she'll have to sort herself out and I just hope she doesn't get too overpowered by 1+2.

Mojisola

YoungBlueEyes wrote: »

Our father recently died.

a bank account containing a few thousand that is to be split between the four of us after funeral expenses have been paid

YoungBlueEyes wrote: »

Is there a time limit on the dispersal of the money?

As jackyann said - please don't be rushed. Many estates take months (and even more than a year) to sort out.

Your father's estate is so straightforward that it could be sorted quickly except for the challenges against it.

Don't hand over any money while this is happening.

If 1 & 2 want a legal fight, the money in that account will be needed for legal advice.

iammumtoone

Does 4 want to sell her half of the house? or is she just doing this to satisfy 1 +2? She needs her own advise on what is best for her, where will she live? Will her half share in the house enable her to buy or put a deposit down of her own?

One big consideration for her is if she is going to be giving away her money, what if she loses her job? She will not qualify for any help as will be assessed on still having that money and I doubt 1 or 2 will give it back if she needs it.

YoungBlueEyes

Yep I'm not doing anything now except researching. They're coming up on Wednesday so we'll see what transpires.

Thanks everyone for your replies, they should rename this places Fountains of Knowledge!

iammumtoone

I second everyones advise on do not pay anything out yet.

This is the best help you can give your sister, you are in charge of giving her the time she needs to grieve first and then decide what shes want to do with her share of the money.

Jenniefour

OP - be very careful indeed with the meeting on Wednesday. Remember that the obligations of the executors, about which there is no discretion whatsoever, as YM as already said, are to pay off any debts and to distribute the remaining assets exactly as the will states.

It wouldn't go amiss to remind everyone of this on Wednesday. Don't allow matters to "transpire". Yes, some are unhappy with the will however it must not be deviated from in the least. You must not allow any side arrangements being made to get in the way, or alter, how the executors deal with their legal obligations.