help as an executor

sirspread123

my mum died and left a house to my sister and a house to myself.my sister wants the house left to her put into her name and the house left to me i am going to sell.Am i right in assuming that the legal costs to sell my house and for hers to be put in her name have to come out of the estate before the estate is finalized.i am acting as the sole executor for my mums will.i hope that makes some sort of sense

FrugaiMacDugal

I would think that once you have the will sorted out, you will own a house, sister will own a house, then up to each to do what either wants, at their own cost.

Keep_pedalling

All the costs associated sale of the property left to you should be deducted from your inheritance not the residual estate. Who are the residual beneficiaries? Is the estate in IHT territory? 

MeteredOut

Unless the will stipulated your house should be sold and you receive the proceeds, I can't see how the estate can pay for those sale costs. As executor, you are obliged to follow the will.

And even if you could sell within the estate, how long do you think that would take, and would your sister be happy to potentially have to wait for that to happen so she could get "her" house in her name? What if "your" house takes a year to sell and property values shifted in that time? IHT implications? CGT implications?

gwynlas

Did mother leave two houses of equal value or just say that the two of you equal beneficiaries of her estate?

MeteredOut

gwynlas said:

Did mother leave two houses of equal value or just say that the two of you equal beneficiaries of her estate?

"my sister wants the house left to her put into her name and the house left to me i am going to sell."

Seems pretty clear what's being said, but I know that's not necessarily what the will says.

Ginger70

If your mothers will stipulates which property goes to which child then your sisters will automatically go into her name. The one left to you will go into yours.
If you wish to sell it any costs for this are on you.
If the will simply leaves 2 house to be split between you I think you'll need a solicitor as that could be a lot more complicated.

Keep_pedalling

Ginger70 said:

If your mothers will stipulates which property goes to which child then your sisters will automatically go into her name. The one left to you will go into yours.
If you wish to sell it any costs for this are on you.
If the will simply leaves 2 house to be split between you I think you'll need a solicitor as that could be a lot more complicated.

There is nothing automatic about this. The sister’s house will need to be transferred to her name on the land registry. The house left to the OP can be sold by the administrator without transferring to the IP first and the proceeds (less selling costs)  will go to the OP. 

The cost of transferring the property to the OP’s sister is small and would normally be met by the estate. 

sirspread123

ok thanks for all the comments thats confirmed what i thought