Sibling sudden death without will (running the house)

[MysticX]

Hi all,
One of my siblings (single / no partner) had a sudden death earlier this month.

There's no will and thus we have a solicitor getting us through the probate process.

For tax efficiency purposes the house ownership will probably be divided in some combination between remaining siblings and our parents (to minimise inheritance tax).

Now all parties concerned want me to have the house in all but name in the sense that they want to gradually transfer their ownership portions to me over the coming years until I have full ownership. In the meantime I'll pay the bills, property tax, other expenses etc... and act as the landlord for renting it out.

My question is do I have to be legally declared some sort of caretaker or administrator for the house before I can do all this... e.g. can I rent out a house that's technically not in my sole name?

 

[mathepac]

I'm very sorry for your loss.

Legally you personally can do none of the things you mention in your post. Any actions to be taken (you need real legal advice) can only be taken by the legally appointed administrator / personal representative of the the deceased's estate. Who is this?

Your post contains insufficient information to hazard a guess at progressing matters. Issues like the market value of the house, the number of siblings and living parents involved in the potential divide, and their tax situations all have bearing on the matter as do the CAT limits at the time of change of ownership.

Sorry I can't be more specific or helpful, but it might be beneficial from a tax perspective to consider having your parents as the beneficiaries as I believe the max CAT band applies from child to parent(s).

 

[Padraigb]

Let me add my condolences.

If there is no will, no spouse, and no child, then the deceased's estate goes to the parents (http://www.irishstatutebook.ie/1965/en/act/pub/0027/sec0068.html). That's what the law provides, and it is not negotiable for tax minimisation.

What your parents do with the estate after they inherit is entirely for them to decide.

 

[MysticX]

Hi all,
Thanks for the kind words. We're just trying to recover from the shock and grief and taking things one day at a time while letting the solicitor take us through the legal processes in getting the affairs in order. She's got some good experience in this type of work and has more or less touched all the points been raised on the thread.

Looks like one of us is going to be appointed the "executor".

@Padraigb
Excellent link, thanks.