Looking for advice on inheritance from Mother.

hi there looking for some help please. my mother recently died and left 8 of us the home place with an equal share , now the house is worth no more than 100000, as its small and in a housing estate. i havent a clue what to do next, what do we do about inherintance tax second home tax , are we liable to these taxes and also one of our siblings we know will definitly not contribute in any way , he did not even come to his mothers funeral( a lot of bad history there please dont ask me to explain) please any one able to help.

Have you engaged a solicitor to deal with probate and have the house transferred into the 8 names.
Capital Acquisitions Tax is due on inheritances but there is an exemption of €250k so you are well under the threshold. No return is due.

What do you intend to do with the house rent it or sell. If you rent it the income tax returns will be due.

thank you for reply, no we have not engaged with a solicitor yet, so we do need to transfer house into eight names then is that what probate means, we are all going to discuss the house after months mind, is it worth renting will it have expensive tax implications for us cant see we would get much rental for it

I dont want to rain on anyone's parade here but I am familiar with a few cases like this, and my very strong recommendation to you in this case, is
not to consider any other outcome to this inheritance, than to sell the house !!!!

A house with eight owners is an extremely challenging scenario to manage and by all accounts, it seems that you already have one renegade.

The Executors of your mothers will are the ones in charge. The Executors are your mothers representatives and they are the ones responsible for carrying out your late Mother's wishes as laid out in the will. The Executors are responsible for gathering your mothers assets together and protecting them while under their control. The Executors are empowered to handle everything. The Inheritors have very little say.

Before you can distribute your mothers assets, you must get permission from the courts to do so, You need to go through a process known as Probate. Normally a Solicitor will handle the probate however it is possible for a non-Solicitor with a good Administrative bent to handle the probate on a straight forward estate. Beware the Solicitors costs if you decide to engage one.

The value of the estate is quite low so its unlikely that you will have any taxes to pay.

Wishing you the best of luck

Importer has given a very strong recommendation to sell the house and I could not agree more. If you all hold on to it I can guarantee that there will be nothing but grief. I appreciate that it is the family home that you are talking about. There is no point in I going on about examples of how holding onto the house by the 8 of you will cause problems. It will. Best of luck and sorry about your mothers death.

Best advice already given by other contributors - sell. browtal

Thanks dermot as much as it hurts but I do agree with you thanks again

fogfurn,
by any chance, would any of the others be willing to buy the place. It would simplify things for you all i'd imagine.

Firstly there is only one mammy for all of us and the loss of your own is deeply personal, please accept my sympathies.

It is reasonable to expect differing views with 8 in the family, you have not mentioned Dad so I assume he has also passed. The Executor wields the power, suggest a family meeting and ask if anybody is interested in buying the old family home, If so suggest the Executor gets it valued and let those interested know the valuation, interested parties can then tender privately bya certain time in a sealed envelope direct to the Solicitor handling probate, that is the fairest way.

If nobody is interested then suggest that the house be put on the market and disposed of, as mentioned above any other way will in time be beyond messy even with the best will in the world, parden the pun.

The same thought crossed my mind as Palerider suggests about a member of the family buying out the rest and I have mixed feelings on it. Yes it would be nice to have it remain in the family so to speak and on the other hand would an "auction" between family members cause friction afterwards. I am not saying it would but it is a possibility. OP would be better placed to make a call on that. If you go for a tender/auction within the family make sure that it is made clear before hand that the price offered is supported with proof of ability to pay in full within a specified period otherwise that bid cannot be accepted. Once again best of luck. If you can do it discreetly find out what options the rest of the family have in mind for the house before you go making a full open proposal to the rest of the family.

Thanks for reply yes our father is also gone now 14 years yes there is one family member that would be interested and the only that could afford to buy to buy house but maybe not at market value but I don't think we would mind that we will discuss all at months mind and I will seek more advice my sister is the exchequer of the will,please keep the advice coming

I agree with all. Sell as soon as you can and get whatever can be got. Otherwise what will happen is some family member will occupy it (just to keep it safe you know !!) and then hope that they will get it all as a result of a last man standing arrangement .
Keeping it will only lead to arguements about the property tax, insurance, electgricity etc and who will pay for these. If some memeber of the family wants it let it go at a fair price for a quiet life

Hi all thanks for your replies. Firstly I need more help.one of my sisters (sister 1) is exchequer of will,she agrees with everything I say but has not the heart to do anything.sister 2 is doing things making decisions without telling anyone and only checked with me because I spoke up to her and as most of my family agreed with me they kept quiet. Sister 2 says that her son and partner will be moving into house in few weeks and only texted me to see was that ok.so here is what I would like they can move in ANC as his mother said to him rent free and for 12 months. I don't mind that but I want them to sign something with conditions and if they decide to stay after 12 months they should pay rent. I have nt said this to sister 2 yet, but have sister 1 she agrees but wants me to organise it but do I have the power because she's the exchequer. So any advice.

I think you have already received good advice on this thread but it doesnt seem that you are going to pay much heed to it. Now you're back for more advice........

My strong advice is - DON'T ALLOW YOUR NEPHEW TO MOVE IN RENT FREE
This is sure to end up in the mother of all family disputes sooner or later.

The best advice is to put the house on the market and get it sold

Having been through something similar on both my own side and husbands side of the family, heed the advice you have been given here and sell. I would agree with not letting your nephew and his partner move in rent free. Recipe for bad feeling amongst the family no matter how close you think you all may be.

Wills and inheritance do funny things to families, even the closest families.

Without wishing to appear harsh, your sister the executor of the will, needs to step up to the mark and take on the responsibility you mother left her with or else you and the others could find yourselves in a difficult position.

Wishing you all the best whatever you decide but the advice given here is worth significant consideration.

P

Yes I agree with the advice here but I'm on my own I don't know what to do my family has always been seretative and you would fear things second hand I'm the only one that is speaking out. I tried to arrange a meeting and ended up havin to speak my mind in a pub of all places. My sister the exchequer will give out about other sister behind her back but never to her face and that's the way it has been in my family and I'm just sick of that way. Some of them might agree with me but when I spoke up in the pub no one said a word

If seven out of eight siblings are happy to give the house to a nephew, rent free, then I cant see any point in fighting it. As others have already said, it will most likely lead to trouble eventually but there's not much you can do about that now. You are just one voice and none of the others appear to back you up. If there are others who agree with your standpoint, then presumably they would have come to you (privately) by now. If that hasn't happened it's best that you just go with the flow. That's democracy for you. You are not the Executor, You have already given your oppinion. There's nothing else you can do. Your nephew hasn't even moved into the house yet and there is already disagreement. This cannot work in the long term but unfortunately, you are the only one to see that.........My final piece of advice - If your nephew does move in, insist on having a rental agreement and charge him a nominal amount, even 1 euro for the year. This is important. A person living in a house without paying rent may eventually acquire rights to the property and I'm sure you don't want that.

An estate is not managed on democratic principles. It is for the executor to make the decisions and carry through on them. But the executor cannot do just what she likes: she has a duty to everybody to get best value, and to do the business without undue delay.

Fogfurn, your sister does not seem to understand her responsibilities. If she allows your nephew to live in the house rent-free she is failing in her duty to get best value for the estate. Further, she is creating a circumstance where it becomes difficult to sell the house. Tell her that. Tell her that if she recklessly reduces the value of the estate, she might have to make up the shortfall out of her own pocket. Advise her that the best way to get out of an awkward situation is to get a solicitor to deal with the estate.

@PadraigB - I think you are confusing things here.

The house has been left to the eight siblings. The role of the executor is to take out probate and have the property transferred into the eight names. The role of the Executor then ends. The Executor remains in control of the property until probate has been granted but then the decision making is split eight ways. As far as I understand it, there is nothing in the will about selling the house. The Executor has not been given the power by the will to sell the house and that is the crux of the problem here. The ultimate decision about what must be done with the house is at the discretion of its eight owners. The Executor could of course prevent the nephew from moving in but that only defers the issue until probate is granted.
If the will had ordered the house to be sold and the proceeds to be split eight ways, that would be something different.

I think we would have to see the will to be sure about what the executor's particular responsibilities are.