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Original poster

Do I get more money?

304 replies

bridgetjonesmassivepants · 14/01/2018 10:31

Can't work this out. I've changed a few details so it's not very identifiable and posting here for traffic.

Recently my mum died and my sister and I were left with £150,000 between us. (Bungalow had already been sold as mum had just moved into a nursing home) Will says everything is split between us two. But, my sister had a loan for £8000 from mum when she sold the bungalow to buy a car, she had only paid back £1000 of this when mum died.

Question is, how is the £150,000 split taking into account that sister has got an extra £7000?

OP posts:
SilverySurfer · 14/01/2018 13:58

Can I just point out that had your DM not loaned your Sister the £8 and it was now part of her estate, ie £158k instead of £150k then half of that 8k would go to your Sister. So you would receive 79k and your Sister 75k.

MaggieFS · 14/01/2018 13:59

Actually, maybe not, apologies bear. Seems I'm joining the 'can't do maths brigade'. But I can't read your post and type at the same time which I'm struggling with!!

Justmyownself · 14/01/2018 13:59

Your mother just died and you're more concerned about a £7000 loan that your sister may or may not have been given!

You sound like a wonderful and caring daughter and sibling.

I wish you luck. Your sister must be delighted to know you have your priorities sorted out.

Wow!

Bearbehind · 14/01/2018 14:01

This is like pulling teeth Hmm

silverysurfer the £1k which was repaid will be part of the £150k estate already as it had already gone back to the mother.

The estate is £157k not £158k

Winebottle · 14/01/2018 14:04

Definitely get it sorted. I hate it when people say it's only a small amount and not worth falling out over when they owe money. People should pay their debts without trying to make those collecting them out to be petty.

HolyShet · 14/01/2018 14:05

Justmyown - the OP is the executor of the estate. She is legally bound to administer it correctly. She can't just choose to write off chunks of money, even if she'd prefer to. There may be a tax bill too if it's written off which will also come out of the estate.

ilovesooty · 14/01/2018 14:06

I think there are some really nasty responses to the OP on this thread.

Viviennemary · 14/01/2018 14:07

I'm joining the can't do maths brigade. I always feel quite sorry for maths teachers. Grin I think I get it now. Sort of!

Ellie56 · 14/01/2018 14:07

I was the executor of my mum's will and dealt with all the probate. You are legally required to list all the assets and liabilities of the estate. If your mother and sister had a loan agreement in place your sister's debt needs to be included with the liabilities as an amount owing to the estate.

Are you applying for probate OP?

SilverySurfer · 14/01/2018 14:11

Bearbehind
silverysurfer the £1k which was repaid will be part of the £150k estate already as it had already gone back to the mother.
The estate is £157k not £158k

Yes I know, but the principle still stands. She would receive half of the estate (including the 1k repaid) and half of the 7k.

Sprinklestar · 14/01/2018 14:13

Just - what a nasty little post. Wow!

divadee · 14/01/2018 14:14

I have a similar thing when the time comes as my mum loaned us some money to buy the freehold of our home. I have agreed with my brother if our mum dies before we have paid her back that the loan comes out of my half first so he gets more money. Only fair.

Royalfuckup · 14/01/2018 14:16

Another way of looking at it would be that £7k of The estate has been”advanced” to OP’s sister.

So, OP could take £7k off the top to match the £7k still outstanding, then share the rest 50/50 with her sister.

KERALA1 · 14/01/2018 14:18

As Ellie mentions the executors are obliged to identify the assets and liabilities, so loans are repaid to the estate. They can't just ignore them. Thats why if you want to explicitly release people from loans you have made in your lifetime you should say so specifically in your will, to release the executors from this obligation.

Bearbehind · 14/01/2018 14:19

silvery the principle is only that they split the estate and the £1k is already in the £150k estate.

If that hadn't been repaid there would only have been £149k to split.

The estate was never the £158k you pointed out it was.

SilverySurfer · 14/01/2018 14:38

Bearbehind OK, just recognised your name from the EU Referendum Board. Let's agree to disagree because otherwise this could go on ad infinitum ad nauseam.

OP hope you manage to sort it out amicably with your DSis.

TeenTimesTwo · 14/01/2018 14:39

Considering I gave the right answer as the second reply to this thread, I am amazed that it has got this long.

Softkitty2 · 14/01/2018 14:41

You are risking so much drama and resentment over 7k when you are inheriting so much already?

Upto you if you think your relationship with your sister is worth 7k.

Pebbles574 · 14/01/2018 14:46

OP - please ignore the PPs saying 'forget about it' or 'it's not worth risking your relationship over'.
Executors have certain legal obligations and can't just 'ignore' debts/ liabilities to the estate.
Stay very matter of fact about it - present it as a spreadsheet or summary on paper. You are not required to make a decision about it - that has already been done in the wording of the will - you are simply required, by law, to exactly execute your late mother's directions.

There's as much a risk to your future relationship with your sister if she ends up getting an almost 10% greater share of the inheritance as there is if your pursue it.

Bearbehind · 14/01/2018 14:48

silvery, it doesn't matter where you recognise my name from, the fact is you are incorrect.

Based in the information the OP has given, the estate was never the £158k you insisted it was, it was only ever £157k.

£8k was loaned to the sister making the balance £149k

£1k was repaid by the sister making the current balance £150k plus the £7k outstanding.

what is there to 'agree to disagree' about?

ilovekitkats · 14/01/2018 14:49

As Executor you have a legal responsibility to call in all debts owed to the estate, no matter who owes them. It is irrelevant that it is your sister.

OP, ignore all the nasty posters. Your mother drew up a loan agreement, which means that she wanted the money to go back into her estate!

Bearbehind · 14/01/2018 14:50

Dear god, we're back on the £7k difference and 10%.

It's £3.5k people!!!!!

Rachie1973 · 14/01/2018 15:00

This is why I love my SIL lol.

We had a rough few years and owed my FIL some money. The kids owed him some money too. He always kept very precise records.

When he died my SIL simply tore up the sheet with the amounts on it and claimed she'd never seen it. Then we did the probate work.

Sprinklestar · 14/01/2018 15:06

Rachie - I’d have had to pay it back. There’s no way I’d have taken advantage of family like that!

Rachie1973 · 14/01/2018 15:12

Sprinklestar
Rachie - I’d have had to pay it back. There’s no way I’d have taken advantage of family like that!

You little superstar :)