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How to divide estate when beneficiary is purchasing an asset from estate

Hi all

Hopefully there will be a simple answer to this but how do you divide money from an estate when one beneficiary is purchasing an asset of the estate please?

In this instance it's some antiques that are not mentioned in the will.

The estate is to be split three ways so do the remaing two beneficiaries split the money paid to buy the antiques or does the beneficiary who is buying the antiques also receive their third share back as one of the three beneficiaries to the will?

Thanks in advance 




Happy moneysaving all.

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 19,337 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 1 December 2024 pm31 7:51PM
     No need for the beneficiar to buy it just distribute it as part of the estate. For example if the estate is £300k and one beneficiary want to have the £20k sports car, they get £80k cash plus the car and the others get £100k cash. 
  • sassyblue
    sassyblue Posts: 3,793 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 1 December 2024 pm31 8:33PM
     No need for the beneficiar to buy it just distribute it as part of the estate. For example if the estate is £300k and one beneficiary want to have the £20k sports car, they get £80k cash plus the car and the others get £100k cash. 
    Sorry I didn't explain it well but that's what I mean.  No money is physically changing hands.

    So the person who wants the items has them and 'their value' gets shared between the remaining beneficiaries.

    I've had the items valued.  



    Happy moneysaving all.
  • sassyblue said:
     No need for the beneficiar to buy it just distribute it as part of the estate. For example if the estate is £300k and one beneficiary want to have the £20k sports car, they get £80k cash plus the car and the others get £100k cash. 
    Sorry I didn't explain it well but that's what I mean.

    So the person who wants the items has them and 'their value' gets shared between the remaining beneficiaries
    It can be worked out more simply than this - as @Keep_pedalling has suggested

    You work out the value of the antiques (say they are £10,000) and you include this in the value of the estate. So if there's £80,000 of other assets plus £10,000 in antiques then the estate is £90,000. Equal shares of the estate would be £30,000 each.

    So the beneficiaries get...

    #1 £30,000 cash
    #2 £30,000 cash
    #3 £20,000 cash + £10,000 in antiques.


  • My solicitor helpfully used the analogy of a bowl of fruit, where apples, oranges, grapes are the equivalent of property, chattels, cash.  As long as everyone gets their fair share, ie the division as stated in the will, it doesn't matter who actually gets what ( as long as it keep everyone happy ). Hope this helps, but keep_pedalling has the right answer.
  • km1500
    km1500 Posts: 2,703 Forumite
    1,000 Posts Second Anniversary Name Dropper
    The solicitor didn't complete the analogy - the fruit bowl is a hundred percent solid gold and diamond encrusted and once everybody has had their share of apples and grapes the solicitor gets the fruit bowl 
  • Ha Ha! Actually apart from getting him to re-do my will I have not paid him anything re Probate. DIY.
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