Probate and Revenue

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Pinkpanter

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I was talking with the executor of a family relatives will. I am one of a number of people benefitting from the cash proceeds of the estate.

The executor states that the "estate is gone to revenue", if Revenue find that it is owed money that the money will be taken from the cash proceeds! Is that correct? The estate includes farmland, machinery, house. The executor is getting the farm house etc. I am one of 4 getting the cash proceeds!

I find it hard to believe that Revenue will take from cash ( not much when divided by 4).
Should it not be pro rata from the estate!
 
What do you expect them to do otherwise, if there's an unpaid tax bill? Force the sale of farmland, machinery etc to pay it?
 
From Citizens Information website:

Paraphrasing the Succession Act

If your estate is solvent but not sufficient
If your estate is solvent, then, again, your funeral and other expenses and your debts must be paid first. If you die intestate, the rest of your estate is then divided in accordance with the rules on intestacy.

If you have made a will and your estate is not sufficient to cover your debts and all the bequests which you have made, then the debts are paid from the following assets and in this order:


  1. 1) Property which you did not deal with in the will (that is, property which would be distributed in accordance with the rules on intestacy); 2) The residue - this is the amount left over when specific bequests are dealt with; 3) Property specifically appropriated for the payment of debts; 4) Property charged with the payment of debts; 5) Pecuniary legacies - these are bequests of money as distinct from property or goods; 6) Other bequests.
When making your will, you may specify a different order for the payment of your debts.

mf
 
There is one person inheriting the farm value approx 700k with a rental income of 20k per annum.
The 4 getting cash share 60k. Is it fair that it is taken from cash. Just because revenue don't accept tractors as payment. It is not a working farm btw.
 
At 20k per annum someone is making it a working farm.
BTW, how much is revenue owed? Maybe if you and others are on friendly terms the farm owner will pay his share and then your problem is solved, unless there's other "issues" with regard to the will?
 
No other issues. The farm is leased long term-the house will soon be rented. The executor and main benefactor Ie person who is getting farm and house worth 700k feels hard done by as he will have to pay tax on his inheritance. He would love to get his hands on the small amount of cash too. Some people are greedy! I want to protect my small inheritance as I am in need of a few quid.
 
Well, i'm sure he'll help pay your taxes if you help him with his? I'm sensing a little jealousy here even though I know there's none:rolleyes:
 
noproblem said:
Well, i'm sure he'll help pay your taxes if you help him with his? I'm sensing a little jealousy here even though I know there's none:rolleyes:
Click to expand...

Jealousy by me surely not!! Just can't get over the blatant greediness of some people! We haven't been informed if their is a revenue liability yet on the estate.Just want to be informed and protect my 15k. I have no tax implications as it falls under the threshold.
Thanks for the help.
 
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