Advice on dealing with estate

Tom99

[FONT=Verdana, sans-serif]With a child beneficiary I believe the inheritance has to be held in trust for them until age 18.[/FONT]

[FONT=Verdana, sans-serif]Whether the mother can just step up as trustee may be something you need expert advice on.[/FONT]

[FONT=Verdana, sans-serif]The fact you have a child beneficiary, who you were not previously aware of and therefore presumably is not part of your family, makes it even more important that the documentation supporting the property value is watertight.[/FONT]
[FONT=Verdana, sans-serif]
[/FONT][FONT=Verdana, sans-serif]Re moving into the property, since you have already transferred the legal interest to you and you already have a 33.3% beneficial interest, I can't see why any of the others would object. The house will no longer be empty, which is a risk, and you would be taking over all of the bills sooner rather than later. Maybe mention it to the others just to check they have no objection.[/FONT]
[FONT=Verdana, sans-serif]How far down the road is your fiance's house sale?[/FONT]

Chez2402

He's just getting it ready now as had some flooring replaced and just needs a bit of decorating which should only be a few weeks then it's going straight on sale. His motgage is mostly paid off so there should be about 70 to 80 thousand left to pay out to the others.
The minor beneficiary is a child from an affair he had before he passed away. My other brother knows more about her and her family so I'd have to see if he believes her mother could be trusted.

Tom99

[FONT=Verdana, sans-serif]So you won't be paying the others any money for probably at least 3 or 4 months. If you move in maybe you should pay them rent during that time?[/FONT]

Chez2402

Yes we could look at doing that. I just need to get my head around dealing with the share for the minor and how to deal with that.

Yorkshireman99

Chez2402 wrote: »

Yes we could look at doing that. I just need to get my head around dealing with the share for the minor and how to deal with that.

The money has to be held in trust until they are 18. At present the administrators are the trustees. The child’s parent or guardian can take on the role but they need to understand that it has to be invested separately in a suitable place and can.t normally be spent until the child is 18. The trustee needs to take advice as to where a suitable investment is.

Chez2402

So in theory I could put the money from her share into some sort of savings account for her to access when she is 18 myself? Would this be enough to assure she wouldn't into the future try to claim a beneficial interest in the property?

nom_de_plume

Chez2402 wrote: »

So in theory I could put the money from her share into some sort of savings account for her to access when she is 18 myself? Would this be enough to assure she wouldn't into the future try to claim a beneficial interest in the property?

You eventually owning the property is no different to selling it to a third party. What is crucial is being able to demonsrate the estate was dealt with correctly and that would ideally entail an accurate third party valuation of the property as evidence of nothing untoward having taken place.

Red-Squirrel_2

Are you worried that the true valuation is higher than 100K and you won't be able to afford the house?

Chez2402

Red-Sqirrel no not at all. I just need advice on distributing the money. And nom de plume I have been made fully aware I need to get an accurate valuation done I need help with how to keep the minors share safe whilst also making sure she can't then go on to try to get more money at a later date.

Yorkshireman99

Chez2402 wrote: »

Red-Sqirrel no not at all. I just need advice on distributing the money. And nom de plume I have been made fully aware I need to get an accurate valuation done I need help with how to keep the minors share safe whilst also making sure she can't then go on to try to get more money at a later date.

As has been said before you and your brother need to get paid for professional advice and a profressional valuation of the property at the DOD. I really can.t pout it more clearly. The sooner you do so the better. The solicitor will also be able to advise on the minor''s share.Just get on with it is my advice.