When there isn't a will

[Loggins]

Could someone answer a couple of questions please?

When there is no will and the children are the administrators how long do they have to agree on how to devide the assets?
If they can't agree then what happens?
Thank you

It's not up to them to decide. If there's no will, the law of intestacy applies. Is there a spouse? If not, the children have an equal share of the net estate after payment of any debts, inheritance tax etc.

Seconding what mumblechum said. So for example if there are 4 children and a net estate of £40,000 then everyone gets £10k each. The £10k may be in the former of cash or assets. So if the estate is £10k in shares, £10k car, £10k cash and £10k jewellery (say). Then either all the non-cash sets assets are sold and the cash divided as above or each child can take assets to the value of their entitlement, so one person might take the car but would not then get anything else. Hope this helps.

Thanks to both of you.
Unfortunately it's very complicated.
I've spoken to the solicitor today and they said its a 2 year deadline to do a deed of variation, the actual value of assets is not straightforward.
So as I thought its a choice between family and money which is huge shitty choice

I'm a bit confused as to how you can do a deed of variation if there isn't a will.

Do you have an approximate value for the estate? Will you need to apply for probate?

Emotionally, it may be a choice between family and money. Legally, it is a matter of simple arithmetic.

I don't understand why you'd need a deed of variation in an intestacy case; has the estate already been distributed?

I agree with PPs about deed of variation in the case of intestacy. Division of the estate should be in line with the law of intestacy, but there's nothing to stop the beneficiaries from making gifts to others to redress what they perceive as an imbalance.

It's perfectly possible to vary an intestacy using a deed of variation. I have done it many times. Same rules about 2 year deadline apply. Why is there an issue regarding valuations? They must have been agreed for the grant. Have they altered significantly since death? If so then you may need to get new ones done. PM me if you need more help.