Another executor/will thread

[Housr]

Hello,

Wondering if anyone can help me out. We are 3 sisters and father died 6 months ago. He left Sister 1 money and me and other sister his property. Sister 2 is the executor (we were left house together). Sister 2 sorted out all accounts at first and paid full money to Sister 1. Sister 2 said she has been trying to get probate for the house but it is taking a while. Everytime I ask her she gives me some vague answer about the delay. Sister 2 is saying she would like to continue owning the house but has also said she doesn't want to buy me out and if she did we could do it without a solicitor etc Here are my questions:

1. How long does probate take?
2. Are we likely to have to pay inheritance tax on the house? In which case would sister 1 have to pay too?
3. Sister 2 (the executor) has up until this point not consulted a solicitor or any legal advice. Is she meant to?
4. Was sister 2 meant to wait for probate before paying sister 1?
5. Once probate has been granted how does it work with having the house transferred into our names (sorry no experience in this)
6. I am wondering the time frame of these things as the money from the house would make a massive difference to me but not so much to Sister 2.
7. If sister 2 were to buy me out is there a quick yet fair method to this?

Many thanks.

Ahh, forgot your father left to you as children, IHT threshold is £500k then.

The while way she has gone a lot this isn't correct. Agree with pp, aside from everything else, how has she accessed his al accounts without probate. I'm simplistic terms, for what I recall from executing DF's estate:

1. Obtain value of estate - ask banks for valuation but can't actually access funds. Get house valued.
2. Pay IHT due
3. Apply for and obtain probate
4. Use probate certificates to access funds/sell house
5. Pay any other outstanding debts the estate has such as undertake or solicitor
6. Distribute funds as per will

I may have got some of that slightly incorrect, but something is amiss here.

where is your mum in all this?
I was told differently on tax due to my mum already having passed so the threshold would raise from £350k - so get legal advice on this is my advice

If she was named on the accounts she can access the money. If there are several banks with smaller amounts in even if above the £5k level they often pay it out. With the lock down things have relaxed a bit more. We have several copies of the death certificate but no one has even requested a copy. One requested the ref number of the certificate.

Some refunds have been paid into my bank account without any problem. We need probate for the house but are awaiting info from Barclays which has been 5 weeks so far. Everything else is sorted or stopped. Everything slightly easier now with lockdown

It took us about a year from start to dispersal of funds to people

The iht threshold may be up to a million if you are able to include assets/money left to surviving spouse (your dad) previously so there may be none due. If there is any due, the executor is responsible for paying it so she may be stuffed if she's given the money away already

For house, I think you may want legal advice as you have just inherited a house. Name change on deeds = job done from that point of view. You actually want the money, from the sale? I don't know what happens when one wants to sell but the other refuses - I suspect it involves solicitors!

The IHT situation depends on whether your mother is alive, and if not, whether she was married to your father when she died and left everything to him. If you can use her IHT allowance as well as his and the extra allowance for main home then you may be fine. If not then depending on the precise wording of the will DS2 could be in a terrible mess.