Will and living in dads house

Keep_pedalling

Ms_Chocaholic wrote: »

OP estimated the value of the house @ £500k and with the cash £20k, that made £520k. I divided that into the 80/20 shares making £416k for OP and £104k for brother; let the brother have the £20k cash leaving £84k to find.

If my calculatons are still out would you mind telling me where I've gone wrong, maths isn't my strong point but I thought this was right.

You are correct, the brother is not being paid off with his own money, the estate needs to be distributed on a 80/20 split from the net estate, and currently all the assets are held by the estate, and won’t be owned by the beneficiaries until they have been distributed.

Cheeky_Monkey

Oooops sorry! You're right :T

I hadn't realised that you had allowed for the brother to have the £20k cash - my bad

Ms_Chocaholic

Cheeky_Monkey wrote: »

Oooops sorry! You're right :T

I hadn't realised that you had allowed for the brother to have the £20k cash - my bad

No worries and thanks Keep Pedalling too; Happy New Year.

Jenniefour

OP can't offer to buy him out until she knows that is going to be possible - she has said she will need to raise the money. I just wonder if that's partly why he's been so difficult - he may have no assurance OP will be able to buy him out, especially if no action has/is being taken to find out whether that is possible. He may simply think she has little intention of dealing with the estate as per the will, and all he might be hearing is that she intends to stay in the house.

Might be worth telling you brother, OP, that whilst you hope you will be able to buy him out you are going to take action to find out if that's possible and, if it's not possible, the house will be sold. The simple way to deal with this is to get an appointment with a mortgage broker. Providing you already know the inheritance tax position.

Has probate already been applied for?

Mojisola

Jeanie_84 wrote: »

My dads funeral hasn't even happened yet, so my head is a real fuzz right now.

Jenniefour wrote: »

OP can't offer to buy him out until she knows that is going to be possible - she has said she will need to raise the money.

I just wonder if that's partly why he's been so difficult - he may have no assurance OP will be able to buy him out, especially if no action has/is being taken to find out whether that is possible.

Most people have the decency to wait until after the funeral before asking about their inheritance.

Keep_pedalling

Jenniefour wrote: »

OP can't offer to buy him out until she knows that is going to be possible - she has said she will need to raise the money. I just wonder if that's partly why he's been so difficult - he may have no assurance OP will be able to buy him out, especially if no action has/is being taken to find out whether that is possible. He may simply think she has little intention of dealing with the estate as per the will, and all he might be hearing is that she intends to stay in the house.

Might be worth telling you brother, OP, that whilst you hope you will be able to buy him out you are going to take action to find out if that's possible and, if it's not possible, the house will be sold. The simple way to deal with this is to get an appointment with a mortgage broker. Providing you already know the inheritance tax position.

Has probate already been applied for?

The OPs father was a widower, so has a combined nil rate band of between £525k and £850k (if he inherited his wife’s entire estate it will be the upper figure) so IHT should not be an issue.

The issue about buying out her brother is the most important thing. The OP needs to review her own financial position very carefully. If buying her brother out leaves her asset rich but cash poor with a mortgage to pay, then she may very well be better off selling and buying something smaller for herself and her son.

Margot123

Mojisola wrote: »

Most people have the decency to wait until after the funeral before asking about their inheritance.

This is more about the OP (and their son) having a roof over their heads. It is perfectly normal to worry about these matters immediately following the bereavement of the homeowner, I would have thought.

Mojisola

Margot123 wrote: »

This is more about the OP (and their son) having a roof over their heads. It is perfectly normal to worry about these matters immediately following the bereavement of the homeowner, I would have thought.

I wasn't talking about the OP - it's the brother who is pushing for his inheritance and making the OP anxious about the house before their father has even been buried.

It's not uncommon for estates to take months to get sorted out and he's putting pressure on her immediately following the death.

Jeanie_84

Margot123 wrote: »

This is more about the OP (and their son) having a roof over their heads. It is perfectly normal to worry about these matters immediately following the bereavement of the homeowner, I would have thought.

Yes it was worrying and would like it sorted asap.

Although legally it's a mute point but my father was dead for less than 10 minutes when I was pushed to get this sorted. Everyone is different but I personally would rather have not had to put this right at the top of the list during that time. But now I have no choice so have to just get on with it.

Jenniefour

Mojisola wrote: »

Most people have the decency to wait until after the funeral before asking about their inheritance.

Sorry, missed that.