Car probate issue
Author
Discussion

rfisher

Original Poster:

5,064 posts

313 months

Saturday 27th February 2016
quotequote all
Interesting situation would appear to have arisen.

I have inherited half a car together with a relative who is a car dealer.

If I buy the other half of the car from my relative, do I have to pay them half of what they could sell the car for through their business.

Or do I pay half of what I could sell the car for as a private seller?




marshalla

15,902 posts

231 months

Saturday 27th February 2016
quotequote all
Was it left to you and them or you and their business ?

stevensdrs

3,264 posts

230 months

Saturday 27th February 2016
quotequote all
I would say the car is worth what "some company that buys cars" would offer for it. You would never pay half of the supposed retail value.

ColinM50

2,699 posts

205 months

Saturday 27th February 2016
quotequote all
Yes, get a valuation from WBAC and pay him half that. Or him pay you half that. Seems fair on both of you

rfisher

Original Poster:

5,064 posts

313 months

Saturday 27th February 2016
quotequote all
Car was left to both individuals.

Will was written before my relative became a car dealer.

Half of what I could sell it for privately seems correct.

Any legal bods care to give an opinion?

V8LM

5,560 posts

239 months

Saturday 27th February 2016
quotequote all
Half of what ever probate is agreed for. Whether the other party will accept that is a separate matter.

siremoon

246 posts

129 months

Sunday 28th February 2016
quotequote all
When evaluating the total estate assets for IHT purposes you will have to use the vehicle's market value. How you and the other beneficiary choose to dispose of the vehicle subsequently is entirely a matter for the two of you to decide. So if you want it and he is agreeable then you can negotiate whatever price between you that you want.

TooMany2cvs

29,008 posts

156 months

Sunday 28th February 2016
quotequote all
Since it's impossible to split the car, you are due half of the car's value, as is your relative.

If the executor of the estate arranged the sale of the car, then they have a duty to maximise the return for the estate.
BUT... the difference between a trade buy price and a retail price would never benefit the estate - that margin would be in the trader's pocket.

If the executor is saying "There's the car, sort it out between yourselves", then what deal you strike between yourself and your relative is not the estate's problem.

Old Merc

3,820 posts

197 months

Sunday 28th February 2016
quotequote all
I suppose it all depends on a number of things....does the OP want to keep the car for sentimental family reasons? is the OP a good friend of the other family member? can they just strike a deal? is the car worth a lot of money?
If not just sell it and split 50/50.

siremoon

246 posts

129 months

Sunday 28th February 2016
quotequote all
The executor can only sell the car if both beneficiaries agree or if the proceeds from it are required to settle the estate's debts. Otherwise it's up to the beneficiaries to decide what to do with it.

rfisher

Original Poster:

5,064 posts

313 months

Sunday 28th February 2016
quotequote all
We are both beneficiaries and executors of the will.

Does an arbitration system exist, or do most people just sort this out between themselves?

Red Devil

13,526 posts

238 months

Monday 29th February 2016
quotequote all
The latter. Either agree a value and split it down the middle or, if the two of you can't manage to do this, the fairest (and simplest) solution is the person who wants the car the most just pays the other 50% of what it was valued at for probate. Pointless spending any time dcensoredg around with this.

Vaud

59,717 posts

185 months

Monday 29th February 2016
quotequote all
If it's a common vehicle, you could propose a valuation method - e.g.

Average of : Glass guide + last 5 sold transactions in eBay (you can check sold listings if you create an account). At least with the latter data you won't get vanity pricing, and the former, whilst debatable is at least impartial.

If it's a less common car, it will be harder.

GreatGranny

9,519 posts

256 months

Monday 29th February 2016
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What's the car? shout

Can't believe I'm the first to ask.

Some Gump

13,018 posts

216 months

Monday 29th February 2016
quotequote all
Do you 2 not get on or something?