Probate granted, but IHT still owed - can I distribute assets ?

parkerc

Thank you all so much for your insight and guidance - much appreciated.

unholyangel

parkerc wrote: »

It’s my first time as an executor, but it seems wrong that I’m liable for the IHT payments, not the beneficiaries, especially where there’s a clear assignment within the will for where things go - why on earth doesn’t the IHT follow with the distribution of assets, (and remove me from the equation) surely that would be much easier ?

Here you go, here’s your inheritance and the IHT bill ?!!

Where would the incentive be for the executor to exercise due care?

You could have removed yourself from the equation. By settling the IHT (either via beneficiaries or via selling said property) then distributing, as is your duty as executor (to settle liabilities before paying any bequests). Not trying to sound rude, just explain the sound reasoning behind it.

You say your accountant and solicitor are giving conflicting advice. I'm assuming the accountant is saying distribute and the solicitor is saying no? Just a stab in the dark given that accountants tend to advise on tax (and I can't think of any tax reason not to distribute) where solicitors advise on law (and I can think of a legal reason not to distribute).

Although, is anyone a residuary beneficiary?