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Inheritance question


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Hi

Please move if on the wrong thread

 

My husband is one of 3. His parents have both passed in the last 2 years and now probate is about coming to an end.

 

My question is this

All 3 owed money to their mum who has recently passed.

1 owed 12 grand, 1 owed 2 grand and the other owed 3 grand

 

There is money to be split between the 3 of them and the sale of the house.

What is the fairest way to split the money? Taking into account what each one owed

Thanks

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Hi.

 

Who is administering the estate please?

 

I've never done this sort of calculation, but I imagine it could be something like the notional money is added back into the estate before a calculation is done of who is due what and then the relevant loans are deducted from the various inheritances.

 

Happy to be corrected.

 

HB

Edited by honeybee13

Illegitimi non carborundum

 

 

 

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Hi

Please move if on the wrong thread

 

My husband is one of 3. His parents have both passed in the last 2 years and now probate is about coming to an end.

 

My question is this

All 3 owed money to their mum who has recently passed.

1 owed 12 grand, 1 owed 2 grand and the other owed 3 grand

 

There is money to be split between the 3 of them and the sale of the house.

What is the fairest way to split the money? Taking into account what each one owed

Thanks

 

What does the will say about distribution of the estate?. Surely that is the key factor??.

Does the will 'forgive' the loans?.

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if they are not specifically mentioned in the will they play no part whatsoever surely

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NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

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What does the will say about distribution of the estate?. Surely that is the key factor??.

yes. if the will legitimately just says split equally, then generally thats it (unless challengeable). (intestate wld be equally).

it would then be re the 'morality' of each beneficiary what to do

IMO

:-):rant:

 

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I'd think the three beneficiaries would have to sort it out between them from the monies gained after the house sale ect, though from experience dosen't always pan out well.

 
 

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All 3 are to be given equal shares.

The loans were not forgiven so they have to pay back what was borrowed. Just don't know how to go about working it out

 

Surely they would just take 3 equal shares less wot they borrowed and what they borrowed would be split between the other 2?

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Are there IHT implications? (will the IHT threshold of £325k be exceeded?)

If so, you'd probably be best taking professional advice.

 

If not, consider the loans assets of the estate?. So, for (say)£100 k of assets excluding the loans, add in the loans.

100k + 12k + 3k + 2k -> 117k

 

split this 3 ways : 39k each, as an "equal split"

then adjust for the loans, so that it remains fair.

39k-12 : 27 k for one

39k-3 : 36k for another

39k-2: 37k for the 3rd.

 

Then 'idiot check for maths errors, by adding the sums ' : 27+36+37: 100k, matching the sum to be distributed........

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looks about right. ie account for first.

as re iht, formal money owed to the deceased would need to be taken into account on form.

IMO

:-):rant:

 

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