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Please advise if your father's name was also on the deeds or are you the only person.
I presume the will stipulated that the beneficiaries are 5 children.
Is the property value when sold likely to be higher than probate value.
Thank you for your reply..
Probate value is the figure used to ascertain total asset base of the deceased for inheritance tax purposes.
If the property was the asset with the highest value, then it is likely total estate is worth less than £325,000 threshold for inheritance tax purposes.
You can do a deed of variation so that the proceeds from sale of property go to all siblings. You can also have a written agreement amongst the siblings that your sister would purchase the parents home via sale of her own property and use proceeds from sale of her house to buy your share of the parent's property.
Capital gains tax would only come into play if the property value at point of sale is greater than the value at the time of death.
More information on variation to distribution of estate can be found here
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Thank you for your reply.
The same advice applies for Scottish law.
I hope this is helpful