Advice on dealing with estate

getmore4less

Tom99 wrote: »

[FONT=Verdana, sans-serif]The estate has not sold the house, all that has happened is that the two executors have transferred the legal interest to one of themselves for no consideration.[/FONT]
[FONT=Verdana, sans-serif]At the moment there is no cash in the estate to distribute.[/FONT]

The estate paper trail will be house sold at market value.
Cash distributed as per will/intestate.

The timing of the cash flow does not change that.

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?

Chez2402 wrote: »

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.

Your question asked if putting money in a savings account was enough. My response was to indicate that that alone was not enough.



In answer to the savings account question, I would look at opening a bank or building society investment account in the child's name with the best rate of interest you can find. As the child is 14 a cash savings account is probably the best option rather than stocks, shares, etc.

Yorkshireman99

nom_de_plume wrote: »

Your question asked if putting money in a savings account was enough. My response was to indicate that that alone was not enough.



In answer to the savings account question, I would look at opening a bank or building society investment account in the child's name with the best rate of interest you can find. As the child is 14 a cash savings account is probably the best option rather than stocks, shares, etc.

There are some good child JISAs around. But this not the priority. Professional advice is.

Dymphna60

I know you want advice here that will
replace proper legal advice from solicitor.
I just wanted to say that you are being given the best advice. It’s a complicated situation.
However I was also worrying about the money from your mothers bank account.
Was there anything left after paying funeral costs ect ? that you have already shared out ? Cause this child will be due share also. Even if no money left make sure you have kept really good accounts so nothing comes back to bite you in the future.

Mojisola

getmore4less wrote: »

The estate paper trail will be house sold at market value.

The OP doesn't have any evidence that the house was bought by her from the estate at market value.

It was never on sale on the open market and there was no professional valuation done.

getmore4less

Mojisola wrote: »

The OP doesn't have any evidence that the house was bought by her from the estate at market value.

It was never on sale on the open market and there was no professional valuation done.

They need to fix that but that does not change the accounting.

System

I am not a professional, but used to work in the Probate department of a solicitors, and have subsequently acted as Executor for both my parents' wills, and my uncle's. I find it quite cathartic. Admittedly, they did leave wills which made things relatively straightforward. I am still in sorting out my late father's estate as he passed away only 9 months ago - but nevertheless I am being utterly fastidious with the record keeping. EVERYTHING is being written down. I used a valuer to value the house as I don't want to fall foul of HMRC, and for the things in the house which appeared to have significant value I popped along to the local auction house for a free estimate which is good enough.


I admire you for wading in and dealing with everything at what is a hugely difficult time, but like some others who have posted here I have some reservations about the apparent simplicity of it all. My advice to you is to ensure you do proper accounts (a simple spreadsheet will suffice) listing the value of everything you and your siblings have inherited, especially if you bought the house furnished. That should include a professional valuation of the property as if it is undervalued the District Valuer may show an interest. Please deposit your Land Certificate in a safe place (solicitor or bank). When you have completed the Estate accounts, all of the beneficiaries will need to be given a copy.

As I said before, this is not professional advice, just the thoughts of someone who is winding up a deceased estate with minimal legal advice, and possibly some out of date knowledge.

Finally, and I haven't checked this, but somewhere in the back of my mind from work, I think that as it is only children who inherit when there is no Will and grandchildren who inherit if their parents predecease them it may be that you have to split the estate equally between you, your bother and your late brother's children, rather than splitting a third between those children. Worth checking, I think. If you don't want to pay a huge whack to a solicitor, make an appointment with a Licensed Probate Practitioner just to go through everything. If you can find one who works from home that will cost you even less than one who works out of an office.

Just be careful, and totally fastidious with the record keeping.

Mojisola

alison01326 wrote: »

Finally, and I haven't checked this, but somewhere in the back of my mind from work, I think that as it is only children who inherit when there is no Will and grandchildren who inherit if their parents predecease them it may be that you have to split the estate equally between you, your bother and your late brother's children

Not right - children get their deceased parent's share divided between them.

System

Mojisola wrote: »

Not right - children get their deceased parent's share divided between them.

Thank you Mojisola. As I said, I hadn't checked that my memory had served correctly. It clearly hadn't.