HELP!! No Will_Beneficiaries fail to agree....

U

Unbradybunch

Guest
Hi,

My mum died last year leaving a large amount of land but alas no will. My dad died many years ago leaving the estate to all 4 kids.

Unfortunately, me and my siblings don't have best of relationship at the best of times and things have seriously hit the fan since Mum passed away..

I have seriously lost faith in my solicitor - reconfirmed by the fact that my sis is suing her for mismanagement of my mums estate so would be very appreciative of any information / direction that peeps can offer!!

Basically, my mum left a large amount of farmland... 3 of us don't want to sell but 1 does <yes indeed Mr.Tayto...there is always the one!!> No one is in a situation to buy her out, even collectively, and she is adamant that we sell so that she gets her fair share and can be done with us for good! :-(

If anyone can advise /point me in direction of good advice as to our rights that would be great... Cheers
 
could you get the land valued and sell a portion of it that would represent 1/4 of the value?

you could agree on an Estate Agent with her so that she couldn't dispute the valuation.

it's a horrible situation to be in. good luck.
 
could you get the land valued and sell a portion of it that would represent 1/4 of the value?
Click to expand...

or give him /her 1/4 of the land, easier said than done I know.

Also, afaia if the estate as valued at probate is over 2 million (Threshold approx 520 k * 4) you have to pay inheritance tax at 20% on the excess. This tax is payable within a few months of probate.
 
the reason i thought it would be better to get it valued and sell enough to pay 1/4 the value is that the various plots/fields, when divided up might be worth different amounts.

eg, a roadside 1 acre plot in a designated (or with potential to be designated as suitable for planning) area might be worth the same as several hectares of badly drained or hilly farmland.

having said that it's so hard to get planning in rural locations now, and it could be the case that a site might only be valuable to a family member who can prove a 'need'..
 
You must log in or register to reply here.
Back
Top