Intestate - does family home HAVE to be sold?

Yorkshireman99

DreamweaverB wrote: »

Thanks, this is the answer they were looking for. They will absolutely be taking professional advice but wanted to discuss among themselves on who would be administrator with eyes wide open - the hope was that there were set rules and therefore less arguments on the order in which things were sold but que sera sera.





Yes, thanks, this seems to be the only way to keep the property in the family if the wife wants to sell.





I'd be interested in hearing why you both think IHT shouldn't be due - it would be nice to pass on a glimmer of good news to the family at what is quite a sad and emotionally charged period right now.

The choice of administrator is very important and needs to be someone who will be trustworthy and will not allow themselves to be pressured by the various beneficiaries. They need to be prepared to do the work in a timely manner. Given the potential tax and IHT issues legal advice should PRECEDE that choice. If someone starts dealing with the estate without the authority of The LOA they risk doing what is known as intermeddling and being personally liable for any mistakes they make. Running an existing business, paying debtors etc. May instinctively seem right but could be problematic. Please read the stickies at the start of this forum.

As far as IHT is concerned assuming the farm is eligible for agricultural relief then no IHT on it. Also the late husbands IHT relief may be transferable which others have said there may be no IHT to pay. One thing does need to be done at once is to notify banks and building societies of the death.