How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

I am the executor of my mother's will. She left her flat to

Resolved Question:

I am the executor of my mother's will. She left her flat to her 5 grandchildren, two of whom are minors (16,17) so I believe I hold the property in trust for them until 18 (no other age specified in the will).
All are happy to have the flat let out but what happens when one wants to sell their share (c.£25k worth) if the others don't?
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstIs there any reason why the house is not being sold immediately?
Customer: replied 1 year ago.
We decided that as the grandchildren don't have need to the capital immediately that they should instead keep it collectively and rent it out for an income. Idea is that once the first wishes to take the capital (c£25k each) then the flat would be sold and the proceeds shared between all of them at that point. Given there are 5 beneficiaries and 3 are adult (18-22) then how the flat is "owned" between them also comes into play. There would have to be some kind of agreement between them I suppose. The will made no explicit provision - just that the flat would pass to each of them equally.
Expert:  Clare replied 1 year ago.
You are correct that the the two younger children cannot receive their share of the inheritance until they are 18.However if one of the older ones wish to force the sale of the house then you have no option but to do so (unless a mortgage is raised to pay them off.Please ask if you need further detailsClare
Customer: replied 1 year ago.
Thanks. For the purposes of arranging the property transfer I presume we would have to transfer it into the names of the 3 adults and a trust for the two minors, all as joint tenants. If the adults agree (which they have done verbally) then we could presumably set up a bare trust for all of them - with each having the right to "call" for a sale - and just transfer the property to the trust, since we need one for the minors anyway? If not, then arranging a sale between 4 joint tenants could get rather administrative!
Expert:  Clare replied 1 year ago.
When was probate obtained?
Customer: replied 1 year ago.
Today
Expert:  Clare replied 1 year ago.
Is there any rush to transfer the property?
Customer: replied 1 year ago.
No if we don't have to. It will be kept for maybe 2-3 years and let out for that period the sold and the funds transferred to all the beneficiaries
Expert:  Clare replied 1 year ago.
My apologies for the delay in dealing with your follow up - I have been in Court for the last two days.To be honest the easiest option is to do nothing and simply wait for two years until the youngest child is 18 then transfer the property into their joint names.Saves on costs and fees
Clare and 2 other Law Specialists are ready to help you