inheriting sale proceeds vs. house

J

jodie100

Guest
Hi,
I was wondering if anybody could tell me what is the legal position re leaving somebody the proceeds of sale from a house rather than the house? Is it possible to do this in a will, and what happens if the house doesn't ever sell ( as it is an old house in poor condition)? Who takes ownership of it or is responsible for it and pays any expenses in connection with it - the executor or proposed beneficaries? Thanks for any assistance with these queries,
Jodie
 
Of course you can leave somebody the proceeds of sale. All you have to do is direct in your will that the house be sold and the proceeds be paid to X. You should make it clear if it is the proceeds after selling expenses (and possibly the clearing of any loans charged on the house) or the gross proceeds. The executor takes control of the situation, and has considerable discretion over how things are handled. Any costs associated with the house between date of death and the sale of the house, such as heating it to ensure that it does not deteriorate, are a charge on the estate. It is also possible to provide an amount out of the estate to fix up the house to make it more saleable.

It can be a little more complicated if somebody is living in the house.

It can be messy if the house does not sell for a reasonable price. For that reason, it might be a better idea to leave the house to the intended beneficiary.
 
Thanks for the reply padraigb. Mathepac, I think it is obvious that there is little similarity between the 2 situations except they are both about the law and wills. This one is about a possible future occurrence with a distant relative, whereas the other is a past situation I would like to clarify. I just did 2 separate posts as I thought it would be less confusing as there are 2 different sets of questions involved.

Jodie
 
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