Estate, what need to be done?

Boniespook

We are in Scotland. My father in law passed away a couple of months ago, leaving his house to his 3 sons, with one having the right to remain living there rent free. He was his carer and also his executor. What needs to be done in practical terms? So far the executor has closed the bank accounts and wants to divide the money left over between them (it's not huge sums). My husband is asking him to contact the solicitor for advice about if we need to change deeds, draw up agreements or anything else to do with the estate we''ve missed out and needs to be paid for first. At the moment he is dragging his feet, he is grieving badly. I know it's not really been long but knowing him the longer it's left the less likely it will be to get done! Are we being overcautious or do we need to get these things sorted out? As my husband is on the will can he speak to the solicitor or does it have to be the executor? We are in no way contesting or wanting to sell up, just would rather not get hit by a big bill or run into problems later on.

Yorkshireman99

Boniespook wrote: »

We are in Scotland. My father in law passed away a couple of months ago, leaving his house to his 3 sons, with one having the right to remain living there rent free. He was his carer and also his executor. What needs to be done in practical terms? So far the executor has closed the bank accounts and wants to divide the money left over between them (it's not huge sums). My husband is asking him to contact the solicitor for advice about if we need to change deeds, draw up agreements or anything else to do with the estate we''ve missed out and needs to be paid for first. At the moment he is dragging his feet, he is grieving badly. I know it's not really been long but knowing him the longer it's left the less likely it will be to get done! Are we being overcautious or do we need to get these things sorted out? As my husband is on the will can he speak to the solicitor or does it have to be the executor? We are in no way contesting or wanting to sell up, just would rather not get hit by a big bill or run into problems later on.

It depends on the exact terms of the will. Who is responsible for maintenance and insurance for example? Insurance should be in the names of the three owners as they all have an interest. The executor is the one who needs to have this explained to him.

eddyinfreehold

One important thing to be certain of is that your late father in law's total estate does not exceed the Inheritance Tax threshold. As property is involved and the marital status of your father in law at death is not stated, it is worth checking the total value of the Estate including everything....the property, chattels, valuables, cash, savings shares, bonds etc etc.

In time the property will have to be transferred to the ownership of the 3 brothers. Whilst the Estate is in administration, services, rates, insurance etc are the responsibility of the Executor but are paid by the Estate. As the property is occupied there will be no period of grace from paying Council Tax.

Boniespook

Thank you very much for your time. As we thought it's not quite as straight forward as just going to the bank (however nice they were!). He was a widower so apart from the 3 boys there is only one grandson surviving. We wouldn't anticipate being above inheritance tax rate going by recent selling prices of similar properties. My husband has a week annual leave coming up so we will try to prise his brother out, or else my husband can just go see CAB or our solicitor for advice himself or with his other brother.

Boniespook

The will doesn't have much information. Just names the 3 of them as beneficiary with the one son to remain in the property rent free and in no way can the others force a sale. I was expecting it to be more detailed but that's it. Everything else is to be left between them.