Executor Stepping down.

pgldll1949 · 2 July 2020 at 10:29AM

Payout from insurers was to his partner and child. The house was purchased in my son's name with no other ties and before he moved his partner in. My son paid us a nominal amount each month to repay the loan but we knew we would not live long enough for the loan to be repaid in full. The award for the accident was split between partner and the child with the childs amount going into County Court funds till 18. His partner wants to stay in the house and we offered her the opportunity to continue with the same arrangements as our son but she insisted that she wanted to pay the loan off and own the house. Which she has done now we just need the house in her name. Which goes back to the original question as she with me are executors of my sons will. One thing has been great is we have a brilliant relationship with our sons partner in fact we call her our daughter in law and she regularly comes to stay with us.

getmore4less · 2 July 2020 at 11:35AM

Was the loan secured against the house or just a loan to be repaid?

Reads like just one of the children was his? if not then substitute children for child in the following

The net value of the estate belongs to the child as they would inherit everything.

As there was a debt on the estate to the value of the outstanding amount owed to you, the partner could settle that as a share of the house(to avoid it being sold) with the other share belong to the child(in a trust).

There may be an option for the partner to buy out the house at full market value from the estate
Then the estate uses the proceeds to pay you back your debt and the surplus goes into trust for the child.

that way the property becomes owned by the partner.

As administrator you should not be transferring the house to only the partner until the beneficial interests of the child are resolved.

pgldll1949 · 2 July 2020 at 11:45AM

Thanks getmore4less everyone who has given advice has helped a lot.

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Executor Stepping down.

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