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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33826
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Im executor for my late mothers Will and have agreed a price

Resolved Question:

I’m executor for my late mother’s Will and have agreed a price with my 2 siblings (we share the estate equally) for transferring their remaining inheritance rights to me. I now realise need some further clarity on what exactly such a transfer means. I would also like you to vet the agreement between us that I have drafted.
I initially consulted a colleague of yours on JustAnswer, but he is no available for follow-up (on holiday I suspect) and I cannot wait for his return.
Mum’s estate was essentially made up of some investments and her flat, which I have been renting out for her since she had to go into a Care Home. I have cashed in the investments, paid off her debts, paid out the fixed bequests and shared out what was left (holding back money for the final tax bill, as well as both known & unknown future expenditure during the remainder of the Administration period). Apart from these held-back funds, all that is left in the estate is the flat. We have agreed between us a valuation for the flat of £93,300, but the flat is only worth £32,300 to the estate as there is a charge on the flat of £61,000 by the local council, from the loans they made to help with mum’s Care Home Fees.
Your colleague said it was quite straightforward and each of my siblings and I should sign, and have witnessed, 2 copies of their own agreement. The wording our colleague said to use (and explained) was following receipt of their payment from me, they will no longer have any interest entitlement or other beneficial interest in our Mother’s Estate and further that they have not charged or encumbered their beneficial share.
The last disbursements I made, to all 3 of us, were in February this year. The issue that I want clarity on is whether such an agreement means they are signing away any other monies they might receive under the Will from the date of the last disbursement, or whether they are still entitled to any net income (less tax & expenses) to the estate from the last Disbursement to the date to the date of our agreement (about 3 months). Such net income is only from flat rent less expenditure.
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Have you actually paid your siblings their share of the value of the flat?
Clare
Customer: replied 2 years ago.

No, not yet. The draft agreement states I will pay them within 2 weeks of receiving the signed & witnessed agreements from them.

Expert:  Clare replied 2 years ago.
Hi
They are entitled to any income from the flat up until the time they receive their share of the capital value of the flat
I hope that this is what you need to know - if so please let me know how I can help further
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33826
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
Clare and other Family Law Specialists are ready to help you
Customer: replied 2 years ago.

Thanks Clare. Would you be able to answer some related questions that have come up.


1 - For such a transfer of inheritance rights, would you be able to vet the transfer agreement I have drafted?


2 - Do I need written acknowledgement for inheritors of the money I have disbursed to them, or would evidence of transfer to their account suffice?


3 - Apparently I could, as executor, transfer the flat into my name now. Would there be any point in doing so now, or would it be best to await completion of Will Administration and transfer into my name as inheritor instead?


4 - Are there any other processes at the end of administration other than Inheritance Tax certificate from HMRC, final tax return and payment final disbursement and transfer of the flat to me?


 


Unfortunately I have to go out now, so will not be able to check for your response until about teatime.


 

Expert:  Clare replied 2 years ago.
Hi
1. There is no need for anything formal - a simple letter signed by all of you confirming that your siblings have accepted the sum of xxxx in respect of their share of the equity in the property.
2. Once the Estate Accounts have been prepared it would be sensible to get your siblings to sign them
3. Assuming that you have the Grant of Probate and can settle the charge to the Council then yes it can been transferred to you immediately
4. No
4. No
Clare

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