Inheritance and Probate Help
Discussion
Good Afternoon,
Sadly a member of my family passed away on Friday which has left me as a joint executor and beneficiary to the estate.
Some money has been ringfenced for grandkids to be shared equally, with the rest of the estate being split between me and 1 other beneficiary. The estate comprises of around £30,000 in cash (in addition to the grandkids acccount) and a 2 bedroom flat in need of serious modernization (approx value c.£200,000) so is under the IHT threshold.
We are in the process of valuing the estate etc but have also been discussing how the cash and property is distributed. I am not sure what would be best for me in my current financial situation so was hoping to get some advice on this. I have looked at IFA's etc but they only appear to offer advice on investments and such - rather than whether I should try and retain the property to refurbish and rent out or sell up and take the cash etc. Can anyone point me in the right direction of someone who can look at all the facts surrounding my finances and life situation and advise on a sensible way forward? It is such a big decision and one I do not feel particularly qualified to make. Also appears to be a less than ideal time to sell 'cos Brexit'.
For reference I am located c.10miles from Brighton. Obviously I know there will be a charge for this sort of service but Ideally I looking for one off advice rather than ongoing support for investments. Does such thing exist?
Thanks in advance for your help.
Sadly a member of my family passed away on Friday which has left me as a joint executor and beneficiary to the estate.
Some money has been ringfenced for grandkids to be shared equally, with the rest of the estate being split between me and 1 other beneficiary. The estate comprises of around £30,000 in cash (in addition to the grandkids acccount) and a 2 bedroom flat in need of serious modernization (approx value c.£200,000) so is under the IHT threshold.
We are in the process of valuing the estate etc but have also been discussing how the cash and property is distributed. I am not sure what would be best for me in my current financial situation so was hoping to get some advice on this. I have looked at IFA's etc but they only appear to offer advice on investments and such - rather than whether I should try and retain the property to refurbish and rent out or sell up and take the cash etc. Can anyone point me in the right direction of someone who can look at all the facts surrounding my finances and life situation and advise on a sensible way forward? It is such a big decision and one I do not feel particularly qualified to make. Also appears to be a less than ideal time to sell 'cos Brexit'.
For reference I am located c.10miles from Brighton. Obviously I know there will be a charge for this sort of service but Ideally I looking for one off advice rather than ongoing support for investments. Does such thing exist?
Thanks in advance for your help.
Nick_13 said:
Good Afternoon,
Sadly a member of my family passed away on Friday which has left me as a joint executor and beneficiary to the estate.
Some money has been ringfenced for grandkids to be shared equally, with the rest of the estate being split between me and 1 other beneficiary. The estate comprises of around £30,000 in cash (in addition to the grandkids acccount) and a 2 bedroom flat in need of serious modernization (approx value c.£200,000) so is under the IHT threshold.
We are in the process of valuing the estate etc but have also been discussing how the cash and property is distributed. I am not sure what would be best for me in my current financial situation so was hoping to get some advice on this. I have looked at IFA's etc but they only appear to offer advice on investments and such - rather than whether I should try and retain the property to refurbish and rent out or sell up and take the cash etc. Can anyone point me in the right direction of someone who can look at all the facts surrounding my finances and life situation and advise on a sensible way forward? It is such a big decision and one I do not feel particularly qualified to make. Also appears to be a less than ideal time to sell 'cos Brexit'.
For reference I am located c.10miles from Brighton. Obviously I know there will be a charge for this sort of service but Ideally I looking for one off advice rather than ongoing support for investments. Does such thing exist?
Thanks in advance for your help.
Find an IFA that will do you a one off financial plan. Typical cost around £1,000-£1,500.Sadly a member of my family passed away on Friday which has left me as a joint executor and beneficiary to the estate.
Some money has been ringfenced for grandkids to be shared equally, with the rest of the estate being split between me and 1 other beneficiary. The estate comprises of around £30,000 in cash (in addition to the grandkids acccount) and a 2 bedroom flat in need of serious modernization (approx value c.£200,000) so is under the IHT threshold.
We are in the process of valuing the estate etc but have also been discussing how the cash and property is distributed. I am not sure what would be best for me in my current financial situation so was hoping to get some advice on this. I have looked at IFA's etc but they only appear to offer advice on investments and such - rather than whether I should try and retain the property to refurbish and rent out or sell up and take the cash etc. Can anyone point me in the right direction of someone who can look at all the facts surrounding my finances and life situation and advise on a sensible way forward? It is such a big decision and one I do not feel particularly qualified to make. Also appears to be a less than ideal time to sell 'cos Brexit'.
For reference I am located c.10miles from Brighton. Obviously I know there will be a charge for this sort of service but Ideally I looking for one off advice rather than ongoing support for investments. Does such thing exist?
Thanks in advance for your help.
What does the other beneficiary want to do with the flat?
I was executor recently for a rather large estate which included property and there were many beneficiaries. It was rather complex with various investments and bank accounts all over the place.
A financial adviser was the last person we needed to speak to. We found a good solicitor who specialised in probate and agreed a £2k fixed fee to settle the estate.
Everything was done in a timely fashion and to everyone's expectations.
I was executor recently for a rather large estate which included property and there were many beneficiaries. It was rather complex with various investments and bank accounts all over the place.
A financial adviser was the last person we needed to speak to. We found a good solicitor who specialised in probate and agreed a £2k fixed fee to settle the estate.
Everything was done in a timely fashion and to everyone's expectations.
The other beneficiary (Auntie) has said that if she can take the cash (£30k) then she would transfer her half of the flat to my mum (not a beneficiary) so that we can rent it out together. She would want a deed of trust that In the event we sell up in the future, my mum would owe her £60k.
I would finance the refurb by exhausting savings and maybe 3k on a credit card @ 0%. A lot of work using mates in trades and my own labour.
There are a number of reasons for this, mainly that my aunt lives in the states so could do without the hassle of everything and also my mum has had to do a much bigger share of caring for the deceased over the last 14 years.
Would I be better selling up and splitting down the middle? Walking away with the cash (£100k) I live in a shared ownership property with little chance of buying outright so not sure what I would do with the money?
Inheriting half a property that I could rent out with no mortgage and no stamp duty may be a better long term strategy. I could pay off the refurb costs within 2 years then net £250-300 per month in profit. Even if I sold in the future I would still get my 50% and the property would (hopefully) have increased in value.
Just seems like a lot of variables and I’m not qualified to make the best financial decision. Hence why I was seeking professional advice. Guess it’s all personal preference.
Thank you for your replies chaps.
I would finance the refurb by exhausting savings and maybe 3k on a credit card @ 0%. A lot of work using mates in trades and my own labour.
There are a number of reasons for this, mainly that my aunt lives in the states so could do without the hassle of everything and also my mum has had to do a much bigger share of caring for the deceased over the last 14 years.
Would I be better selling up and splitting down the middle? Walking away with the cash (£100k) I live in a shared ownership property with little chance of buying outright so not sure what I would do with the money?
Inheriting half a property that I could rent out with no mortgage and no stamp duty may be a better long term strategy. I could pay off the refurb costs within 2 years then net £250-300 per month in profit. Even if I sold in the future I would still get my 50% and the property would (hopefully) have increased in value.
Just seems like a lot of variables and I’m not qualified to make the best financial decision. Hence why I was seeking professional advice. Guess it’s all personal preference.
Thank you for your replies chaps.
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