Probate sale and beneficiaries

MoneySeeker1

greatcrested said:

Grumpy_chap said:

Ok, thanks.  I was not aware that was how it works.

One of the reasons Probate can be held up. Hence the threads we see here from buyers trying to buy Probate properties and expecting Probate to take a couple of weeks.....

Oh yes - right at this moment I've had to be very insistent it was simply not right for "blue eyed boy" sibling to put house on the market trying to imply a buyer could move as fast as they personally could. 

That was NOT right - as probate has NOT been granted yet - and some of us are not prepared to lie about these matters and "skate over" the fact it hasn't....and then there's "Lockdown and all that....." meaning things are often taking longer than normal at present.

I know that my sibling was lying basically re parents house - and I've called them on it - and refused to lie and I want buyers told the truth about the house and have insisted on it. Imo - it is only fair to make it plain that probate is a long way from granted yet - and I've got a conscience personally that I want to be able to live with myself and it makes "business sense" as well not to lie to potential buyers.

Mickey666

greatcrested said:

Beac

Mickey666 said:

MoneySeeker1 said:

As there is no Will, then it has to be split fairly - ie 50% to your brother and 50% to you - in accordance with the laws of intestacy.

If you want your son to have some, then you will have to give it to him from your 50% share.

why can't the rules of intestacy be varied, in the same that a will can be varied, as long as all the legal beneficiaries agree?

Beacuse the rules of intestacy are laid down by statute rather than by a will, which is a personal document. In the same way that people can vary the terms of a contract, but cannot vary the terms of a law created by statute.

OK, but that's just a technicality isn't it?

If the law says the two brothers must receive 50% of the estate proceeds but the two brothers agree that £50k should be paid to someone else as well then the law can't stop that distribution can it?

The only implication is that the estate can't give the 3rd person anything and it has to come from the two brothers, as a PET gift, in whatever split they agree on.

JGB1955

You CAN use a deed of variation for an intestate estate, but it has to be done within two years of death.

https://www.gov.uk/alter-a-will-after-a-death

AdrianC

Mickey666 said:

MoneySeeker1 said:

As there is no Will, then it has to be split fairly - ie 50% to your brother and 50% to you - in accordance with the laws of intestacy.

If you want your son to have some, then you will have to give it to him from your 50% share.

why can't the rules of intestacy be varied, in the same that a will can be varied, as long as all the legal beneficiaries agree?

A will is what somebody has said they want to happen to their estate. Their executors can agree with all the beneficiaries to say "But we know that they really meant was..."

Intestacy is what the law says must happen where the deceased left no wishes.

It can be varied if all the beneficiaries agree... That isn't the issue here. The OP and their brother each agree to give the son £25k.
You're asking can it be varied if one of the beneficiaries doesn't agree... The OP says "but my son gets £50k", and the brother says "Hold on, he's not having £25k from my half." That wouldn't wash with a will, either.

https://www.gov.uk/alter-a-will-after-a-death
"You can change a person’s will after their death, as long as any beneficiaries left worse off by the changes agree.

If there’s no will the law decides who inherits. You can make changes to the inheritance in the same way as if there’s a will."

greatcrested

JGB1955 said:

You CAN use a deed of variation for an intestate estate, but it has to be done within two years of death.

https://www.gov.uk/alter-a-will-after-a-death

Thanks. Always good to learn something new!

greatcrested

JGB1955 said:

You CAN use a deed of variation for an intestate estate, but it has to be done within two years of death.

https://www.gov.uk/alter-a-will-after-a-death

and so if the £50K is given to the son without a DofV (as it's passed the 2 year limit), that would be a gift, not an inheritance.

But feel free to correct me again JGB1955!

Mickey666

AdrianC said:

You're asking can it be varied if one of the beneficiaries doesn't agree... The OP says "but my son gets £50k", and the brother says "Hold on, he's not having £25k from my half." That wouldn't wash with a will, either.

No I'm not.  Where did I ever ask that?

getmore4less

greatcrested said:

JGB1955 said:

You CAN use a deed of variation for an intestate estate, but it has to be done within two years of death.

https://www.gov.uk/alter-a-will-after-a-death

and so if the £50K is given to the son without a DofV (as it's passed the 2 year limit), that would be a gift, not an inheritance.

But feel free to correct me again JGB1955!

Even with a DOV it is still a gift from the beneficiaries(not and inheritance which are just special type of gifts) giving up their share, it just has some tax advantages as it is treated as if it came from the estate if done within 2 years. 

flopsy1973

I'm still somewhat confused it was my mother's wishees her grandson had 50k me and my brother have no issues with this. So does it matter how we give him the money ie from house sale or estate. If you say we have to give it from our share do I have to document this?  How do I find the probate value of house I lost the form ? 

greatcrested

flopsy1973 said:

I'm still somewhat confused it was my mother's wishees her grandson had 50k me and my brother have no issues with this. So does it matter how we give him the money ie from house sale or estate. If you say we have to give it from our share do I have to document this?  How do I find the probate value of house I lost the form ? 

Your opening post said: "Hi I am selling my parents house after they died 4 yrs ago. There is no will and I applied for probable and have dealt with estate. " I assume 'probable' should have read 'probate'? In which case you should know what you declared as the probate value for the property. I certainly don't know!

How you pay your son does not matter, and no you need not document this.But if you die within 7 years, then the Executer of your will, or Administrator if you don't write one, will have to declare the gift you make to your son, whether that is £50K from you, or £25K from you (with the other 325K coming from your brother who likewise if he dies within 7 years..........