Im left a property in a will that has a morgage judgement on it almost the value of the property. i am executer and sole person named on the will . I dont want to do probate as I cant afford it or the chance it will cost me money. can i just leave it and do nothing
nothing, only just got copy of the will.This judgement is on the propertyie farm land and his house which was also our family home. awarded by the courts for taken by a neighbour (taxie man)against my brother who now has died suddenly.
1. You can certainly do nothing, but the effect is that you will not become the owner of the property. Additionally, be aware that the neighbour/taxi man can apply at any stage to get an order for possession and sale of the property by virtue of the judgment mortgage. So there really isn't much advantage to doing nothing. Now that your brother has died, there is every likelihood that this neighbour will apply to sell the property before probate occurs. That is what normally happens where someone dies. I would advise you to see what can be done as regards XXX XXXXXXXX mortgage and whether some part of the lands can be sold to meet the judgment. HOwever, in law, there is nothing to stop you doing nothing. It just means that matters don't get sorted out. Be aware that if there is someone else entitled to something under the will, that you can be replaced as executor of your brother's will if you do nothing and a year - known as the "executor's year" - passes.
2. Do you have any further queries?
3. Do you have any further queries? Whatever you have written is not showing on the record of the Question.
if i take out probate on the estate am i personally responsible should the estate when sold not cover the debt. I am sole beneficary of my brothers will and also executer. The place is up for sale presently but my brother had carriage of sale and no buyers to date..now that he is dead and willed to me where does that leave me as regards atonomy (if any) in the whole thing.
4. No, you do not incur personal liability if you take out probate on an estate. The extent of any potential liability of the estate is the amount of assets. If there are insufficient assets to cover the debts, then the estate is declared bankrupt, with only a proportion of the debts then being paid. You are exempt from liability if you are the executor or the beneficiary. So don't be worried about personal liability for yourself.
Barrister 17 years experience
as regards XXXXXXXXXXX XXX does it come into play following the payment of the debts owed and what is the rate.
5. The current rate of inheritance tax is 30%. However, you will have an exemption of over €30k when inheriting assets from your brother. From the facts you have stated, it is unlikely there will be any inheritance tax issues. TAx is only paid on the net value inherited, after all debts have been paid. This would mean that after the land has been valued and sold, the amount of the judgment mortgage would have to be deducted before any calculation of inheritance would begin. Additionally, you would have an exemption.
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