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Can't afford money left in will

Sqwidge
Posts: 2 Newbie
Hello , my mother passed away last week . She left 5k in her bank account and that's all . She left on her will to give both my cousins 6k each . And then 20k from the house when sold . How can we give them 6k each if she didn't have it in her bank ? And also we don't want to sell the house ? Any advice appreciated x
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Comments
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How can we give them 6k each if she didn't have it in her bank ?
You can't. However, any excess amount from the house sale will be used to make up the difference.
And also we don't want to sell the house ?It isn't your choice. The house has to be "sold". The estate cannot hang onto it. However, you can be the buyer. It doesn't need to go on the market as long as you pay the full market price (typically an average of what several estate agents would put it up for).
So, if you want the house you tell the executor that you want to buy it and they will take the cash in exchange for the house and distribute that as per the Will.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.3
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