Selling an inherited car- siblings
Discussion
Has anyone dealt with this scenario themselves?
I'm selling my late dad's car after running it for almost a couple of years after he died. Would it be typical to then split the eventual sale of the car with any siblings in this case? Would you factor in any repairs etc. as to how it was split?
It was ultimately my decision to keep the car but then I did have to spend a load of money on it immediately to get it in usable condition. I've spent about £3500-4000 on maintenance in total. Add to the fact I dealt with pretty much everything when he died, house clearance and all that grief, I'm not sure if I'm selling myself short by thinking of splitting the sale money down the middle.
I'm selling my late dad's car after running it for almost a couple of years after he died. Would it be typical to then split the eventual sale of the car with any siblings in this case? Would you factor in any repairs etc. as to how it was split?
It was ultimately my decision to keep the car but then I did have to spend a load of money on it immediately to get it in usable condition. I've spent about £3500-4000 on maintenance in total. Add to the fact I dealt with pretty much everything when he died, house clearance and all that grief, I'm not sure if I'm selling myself short by thinking of splitting the sale money down the middle.
You've had a couple of years use.
I'd suggest talking to your siblings and offer to absorb some of the cost of the repairs and see their reaction.
Also agree what reference you are going to use for the sale price, and what is the lowest you will collectively accept.
If you have an ebay account you can use advanced search to show the prices things sold for, not the asking price.
I'd suggest talking to your siblings and offer to absorb some of the cost of the repairs and see their reaction.
Also agree what reference you are going to use for the sale price, and what is the lowest you will collectively accept.
If you have an ebay account you can use advanced search to show the prices things sold for, not the asking price.
So you've acted as Administrator then?
I think that you should look at what the car was valued at at the time of your dad passing and share that value proportionally.
The fact that you've decided to get it on the road and use it was your decision, you could have sold it as it was but chose not to.
Had you spent money on it to make it easier to sell and that was the sole purpose of the expense then it would have been reasonable to charge that to the estate but not considering you've had the use of the car.
Now that is the position of reasonableness but your siblings may think differently so as others have said, discuss with them as they may be glad to have seen your dads old car getting back into use and not see it the way I've outlined above.
I think that you should look at what the car was valued at at the time of your dad passing and share that value proportionally.
The fact that you've decided to get it on the road and use it was your decision, you could have sold it as it was but chose not to.
Had you spent money on it to make it easier to sell and that was the sole purpose of the expense then it would have been reasonable to charge that to the estate but not considering you've had the use of the car.
Now that is the position of reasonableness but your siblings may think differently so as others have said, discuss with them as they may be glad to have seen your dads old car getting back into use and not see it the way I've outlined above.
Pistom said:
So you've acted as Administrator then?
I think that you should look at what the car was valued at at the time of your dad passing and share that value proportionally.
The fact that you've decided to get it on the road and use it was your decision, you could have sold it as it was but chose not to.
Had you spent money on it to make it easier to sell and that was the sole purpose of the expense then it would have been reasonable to charge that to the estate but not considering you've had the use of the car.
Now that is the position of reasonableness but your siblings may think differently so as others have said, discuss with them as they may be glad to have seen your dads old car getting back into use and not see it the way I've outlined above.
This seems like a valid way of handling it - value it when you go it, and split that value.I think that you should look at what the car was valued at at the time of your dad passing and share that value proportionally.
The fact that you've decided to get it on the road and use it was your decision, you could have sold it as it was but chose not to.
Had you spent money on it to make it easier to sell and that was the sole purpose of the expense then it would have been reasonable to charge that to the estate but not considering you've had the use of the car.
Now that is the position of reasonableness but your siblings may think differently so as others have said, discuss with them as they may be glad to have seen your dads old car getting back into use and not see it the way I've outlined above.
Watchthis said:
Sad times when you're quibbling about splitting a few £k with your brother or sister. Sell it and split the money equally, maybe your conscience will thank you for it one day
Sad times? Thanks for that. If you read my original post this is what I was thinking in the first place. The whole point of the thread was to check this was fairly typical and I wasn't doing myself out of anything. Maybe you'd question it too if you had a sibling but you dealt with 99.9% of all the s
t on your own after a parent's death.Watchthis said:
Sad times when you're quibbling about splitting a few £k with your brother or sister. Sell it and split the money equally, maybe your conscience will thank you for it one day
This.Asking them to pay towards any repairs when they have not had use of the car is not on. (imo)
Do the decent thing.
Two options as I see it:
1. Split the sale price equally between all siblings including yourself
2. Determine what the car would have been worth at the time you acquired it (excluding money you spent on it), split that value between all siblings including yourself and add on interest / opportunity cost of that money to compensate your siblings for the fact that they had nothing whilst you had the car.
1. Split the sale price equally between all siblings including yourself
2. Determine what the car would have been worth at the time you acquired it (excluding money you spent on it), split that value between all siblings including yourself and add on interest / opportunity cost of that money to compensate your siblings for the fact that they had nothing whilst you had the car.
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