How long do you have to sort out an estate?

Flugelhorn

Superfly74 wrote: »

Thank you for the advice and I will let my wife know.
This needs to be sorted as soon as possible and at least we can apply for the letters of administration and see where we get.
Just one last question re inheritance tax. I've read that it needs to be paid within 6 months or you get fined or have to pay more? Not sure what all that means.
Also is there a time limit before the government claims the estate?
Or are we under any time pressure for anything?

Depends on the value of the estate (house etc) - there are more generous allowances now for parents leaving property to kids,

https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band

also Mother's nil rate band allowance can be used to offset to increase the total nil rate band

Any idea of the value of the house?

Superfly74

Possibly £170-180,000

Flugelhorn

Superfly74 wrote: »

Possibly £170-180,000

Unless there are large bank accounts then there will not be problems with IHT - the allowance for FIL will be £325000 and then if MIL's was not used then that can be used and you will be looking at £650,000 before IHT payable (one less thing to worry about)

Superfly74

That's a relief. As you say one less thing to worry about!

Many thanks

Yorkshireman99

Superfly74 wrote: »

Many thanks for the reply GDB2222 and Flugelhorn.

Just a quick one about the letters of administration - does this need to be agreed by any of the other sisters or is it the first one that applies is given the authority?
I think that is the route she will need to go and fortunately she does speak to a couple of the sisters so she should get some support.
After that who knows what is going to happen!!!
Also one of the sisters is now living in the family house. She moved to come here to Uni about 2 years ago and is renting her own property out. So she is living there for free apart from bills. She has now gone and changed the locks. Surely she has no right to do this and should allow everyone access to the family home?
Many thanks

She has no right to be living there or to have changed the locks. Who is insuring the property? She needs to be told to leave ASAP and if she will not then eveiction should be considered. Legally she is just a squatter.

getmore4less

Find out who the deposit box is registered to.

If it is one of the sisters then Death cert and LOA are useless in getting it opened.

If registered to the father then there may be a process(with just a death certificate and ID) to get it opened(maybe under supervision) to examine the contents for a will.


Who administered the mothers estate was there a will for that one?

Is there another party(uncle/aunt) who could act as a mediator?

GDB2222

Yorkshireman99 wrote: »

She has no right to be living there or to have changed the locks. Who is insuring the property? She needs to be told to leave ASAP and if she will not then eveiction should be considered. Legally she is just a squatter.

Realistically, until the sisters get their act together to administer the estate, they cannot sell or rent out the property. So, the sister living there is not costing anything. Indeed, she's paying the bills, apparently, so whilst she's profiting she's also saving the sisters money.

By the time you divide her profit 9 ways, it comes to flumpence, so why bother about it?

I strongly suggest that they all stop worrying about relatively minor unfairnesses and just get on with things.

I'm sure that, with 9 siblings, there must be plenty of scope for argument, including stuff from many years ago, but they should really try to agree that is not worth bothering about.

Perhaps they could agree not to complain unless any one of them can see they have lost out by over say £5k. That should reduce the complaints to the point where it becomes manageable.


Ahem, I suppose that someone has thought of insuring the house?

Superfly74

We are not sure about the box but it has been mentioned that one of the sisters name is alongside their fathers. I guess it would be a case of going to the bank and enquiring.
Their mothers estate was sorted out by their father and no one got involved. Their father was a private man and kept all that to himself.
And there is an uncle who could act as a mediator but the family got together at the start of the year and it just turned in to a massive argument and slanging match. I think they don't really want to get involved but may be worth asking again.

getmore4less

With 9 sisters it might be too big a job for a sympathetic uncle.

Rather than a group meeting he could poll each for their views to see where the common ground and conflict is.

mapping that onto the legal position may help resolve some of the conflicts.

The starting point without a will will be equal distribution once the assets a liquidated.

if particular assets are wanted then the base point is the sister(s) wanting it buy it off the estate and get a share back.


Not been asked but any deceased siblings?
if they have surviving children then they they will need to be include

Superfly74

No deceased siblings.
The first task is to see if there is a will so I will get the wife together with the couple of sisters she talks with to apply for the LOA.
Then see what happens!!