Inheritence and house sale

[Lanzarotelady]

Interested in others opinions here - what's fair?

Mum dies leaves house worth 160,000 and £60,000 in bank

3 adult children

1 living at home - never had a mortgage - has had a nomadic life style
2 living in a house, paid for - single
3 living in a house -paid for- married with children

1 know he needs to get a mortgage, but with no deposit and no real credit history is struggling to get one

He has proposed to use the £60,000 in the bank as a deposit, smaller mortgage etc, then when the house is sold, the other 2 get their share of the house, their share of the money in the bank, ie £80,000 each and he gets what is left.

I don't know if this is fair, open to abuse, favouring one above the other

What do you all think

It must be very frustrating to watch this happening. Can you influence either Sibling 2 or 3?

Are you the partner/spouse of either one? That is the trickiest position ...

Yes, I am married to sibling 3
It is causing no end issues
End of the day not my circus, not my monkeys but it is exceptionally frustrating as sibling 2 doesn't seem to be bothered by this, yet they are the one who could do with the financial security

I don't know who the executors are - I think its the three of them

Nope. Split it all 3 ways. The £20k will be plenty for him to rent while he looks for something to buy.

@Lanzarotelady

Of course - if you are in UK - you have to deal with it through probate [or rather the executor/executrix does] exactly as the will states. No one can get their hands on the money in the bank until then. Same with the house; sold and money into executor's account. When probate is granted the beneficiaries are free to use their 1/3rd share as they wish.

Probate is settled,
The house and the bank account are now in their names

No. 1 made his life choices. Split it 3 ways. If you then want to lend him some money, draw up a proper financial agreement.

Calculate what he owes and it gets deducted from his share. If the house is owned three ways, he should be paying you and other sibling rent. Is the house now ready for sale post Grant of Probate.

@Lanzaroteladyask sibling 3 who the executors are. If as you suspect, it’s all 3 siblings, then it sounds like they’re failing in their duty. Executors have a duty not to delay the distribution of an estate. It’s not a question of whether they ‘aren’t really bothered’ or are being laid back: this is a legal responsibility. Beneficiaries could potentially have a claim against the executors if they’re faffing around. Probate was granted 2 years ago!

Obviously Nomad sibling isn’t going to be in any hurry, they’re living the life of Riley, but the other siblings should be getting their act together.

as you’re married to sibling 3, tell them this. Do they understand that in law, they have a duty to administer the estate and distribute without undue delaying?

But if the beneficiaries are the same as the executors then will they not be claiming against each other?

She died 2 years ago, probate probably took 18 months

Yes I wouldn't have an issue with that. Inheritance can get very difficult and come between siblings so if there is a relatively simple thing you can do to avoid ill feeling then you should. The solicitors will be able to keep a note of who has had what and even it up according when the house is sold.

It’s really common for siblings to be the beneficiaries and the executors. It doesn’t alter the legal duties they have whatsoever.

you said your other half (sibling 3) seems unbothered about it all, which sounds concerning because they have a responsibility (along with the other executors) to distribute the estate in accordance with the will. End of.

first thing though - ask your other half who the executors actually are! Seems odd they haven’t told you.

Split 3 ways - everyone is responsible for their own life choices.

He probably has told me - I have forgotten
Each time we discuss it - it ends up in us arguing as it comes across as if I am grabby! I am not - but I can just see it going tits up

Money split three ways, house sold and proceeds split three ways. He needs to get a rental so house can be cleared out and got ready to sell, as much as it's possible to do, given that it needs a lot of work which presumably isn't going to be done presale.

This.

Stay in the house till sold.

Why can't the house go on the market now, realistically priced for a quick sale chain free, while nomad brother is living in it? He can start to look online now, work out locations etc, and when there is an offer in he can look to move quickly. He'll be effectively a chain free buyer so shouldn't take too long.

If there a few months between completion on mother's house and on his purchase, he can get a short term let, or be a lodger for a little bit if that's too expensive.

Also, if he's working, he can save more money in the interim

There is no reason it cannot go on the market now! none at all but seeing as none of them seem to be bothered it just sitting there whilst he is living in it rent free

hahahaa pull the other one it has a bell on it
Save not a word he is familiar with

I have asked how much in the 2.5 years since she died how much he has saved whilst living rent free

Does your partner agree with you and is he discussing it with you? If he isn't discussing it with you then I'd just stay well out. My feeling is that if he wants your support then he needs to be open with you including stuff like who is the executor(s) If he doesn't want to agree with Nomad then as an executor, he can just say no and as a beneficiary he can say no too because to make such a change before distribution, a deed of variation would be needed and that requires the agreement of all the affected beneficiaries. After distribution then everybody gets to do what they like. Executors being beneficiaries is very common. They have to wear two hats. If nomad is an executor then he shouldn't be proposing anything that is not in the interests of ALL the beneficiaries, not just himself. I am nobody legal but was involved in a similar situation when a parent died. Its neither easy nor pleasant.

This.
Keep it simple and straight down the line.
His lifestyle is not for you to compensate for.

the other siblings need to get shot or Nomad sibling as a 58 year old living there with no home of their own will be seriously off putting to potential buyers. Theyve had 2 years of living there since probate was granted - god only knows how many years of cheeky fuckery free loading before that.

It may come as a bit of a shock to them to have to start paying their way- but on the other hand they’ve had 58 years to get their act together! Most people have done decades of work, saving, paying a mortgage by then. Nomad has chosen not to. Not anyone else’s fault.

The estate needs to be managed ie house sold , all other items valued and sold , bills outstanding paid then all remaining proceeds divided equally 3 ways and paid out at same time