Forced to Sell or Inject Cash?

HappyScotsman

I wonder if someone could share their thoughts on how this should be realised. Figures are examples but here goes...

Will of last surviving parent states that £50k to go to each grandchild and the residue split between son and daughter equally. The son and daughter are the executors. For the sake of argument the estate comprises £120k cash and two houses valued at £250k each. The parent's intention was for each child to keep a house each though this was never written down.

The number of grandchildren went up after the will was written and there are three. This would mean £150k should be given out but there isn't enough cash.

Are the executors bound to sell a house or can the son and daughter agree to keep a house each, give £40k to each grandchild, and top up to £50k with their own money?

Hoenir

HappyScotsman said:

The parent's intention was for each child to keep a house each though this was never written down.

Executors follow the will that the deceased left. They don't arbitarily do something else on a whim. 

HappyScotsman

Hoenir said:

HappyScotsman said:

The parent's intention was for each child to keep a house each though this was never written down.

Executors follow the will that the deceased left. They don't arbitarily do something else on a whim. 

I don't think it's arbitrary. It would seem a pragmatic solution.

Keep_pedalling

It could be done, although the two siblings would actually be taking their inheritance through a share in the property and buying the remaining share from the estate in order to pay the grand children. This could mean the sibling have some stamp duty to pay.