What's your opinion...... (inheritance)

[Jody]

Hypothetically.,.

3 dependents when the last parent passes away.

Oldest sibling inherits a house worth approx £250 K
Middle sibling inherits a field worth £40K, but as it's on the back of his current 'garden', it will increase the value of his house by £300k
Youngest sibling inherits a house worth £250K

Is this fair ?

[weeksy]

It's not a bad day all round.

I'd say it's pretty fair

[Count Steer]

Sounds like a neat solution to a knotty problem - if the field really does increase the value by £300k.

What are the alternatives? Sell 2 houses and share the cash, if the middle one wants the field they can put £40k back in the kitty?

That way they all get £180k but the middle one is £440k better off. Hmmm.

[Noggin]

Almost nobody ever thinks that what they inherit is 'fair' if other family members are involved

All I would say that, hypothetically, get the parents to explain the reasoning for why they think this is fair and deal with the fall out before it becomes an issue for the siblings at the point of inheritance.

Might still not work, but openness pre inheritance is probably the easiest way to deal with fall out


Personally I think that that would be fair - everyone gains the same amount of money.

But the middle child may not agree because it means selling the whole house to gain that 300k whereas the siblings can sell their inherited houses to gain cash in hand (sort of)


But inheritance is a bastard and too many people end up getting pissed off with it all

[Jody]

Almost nobody ever thinks that what they inherit is 'fair' if other family members are involved

All I would say that, hypothetically, get the parents to explain the reasoning for why they think this is fair and deal with the fall out before it becomes an issue for the siblings at the point of inheritance.

Might still not work, but openness pre inheritance is probably the easiest way to deal with fall out


Personally I think that that would be fair - everyone gains the same amount of money.

But the middle child may not agree because it means selling the whole house to gain that 300k whereas the siblings can sell their inherited houses to gain cash in hand (sort of)


But inheritance is a bastard and too many people end up getting pissed off with it all

You're right!. We have a gripe within my family right now. I keep saying to my parents " You absolutely need to tell brother 'X' that he's not getting first 'xyz' of his inheritance because he already had it.".
My mum keeps saying "yes, we should do that "

[the_priest]

Easiest solution is for parents to leave it all to Donkey Sanctuary. Or spend it all before they die. I tried to get my folks to do that...

[Yorick]

To get a fair view of this, which one are you?

[Yambo]

A death in the family can bring out the best in people and the worst.

Everyone may consider the current situation as fair and right but the day after the death they can be at each others' throats, each demanding more.

It might be useful to know what position you're going to take after the death. You gonna show us the best or the worst?

[Mussels]

I doubt a 40k field can increase the value of an adjacent house by 300k, it will have agricultural use only which doesn't include extending gardens.
Or is it development potential and the existing house would become an access route for a large new estate?

[Skub]

It's fair if all three think it's fair and are happy.

[Sadlonelygit]

Silly question, but....why do you/we/them expect an inheritance to be 'fair'.
Stepson is in for a shock when it's his turn. He's had so much help through the years, yet has nothing to show for it, so his mother has provisioned him a flat (which he lives in rent free now) and that's it.
When the FiL passed, because he had given so much money to his son's business, it took the value well over the IHT threshold.
We still had to pay half the IHT bill, even though the BiL had the lions share of the legacy.
Shit happens.

[KungFooBob]

Why does it have to be fair?

It's the decision of the parent who they leave their estate to and in what proportions.

If my old ma left everything to my sister, then I'm sure she'd have had her reasons and I'd accept that. I'm an adult with my own life, I'm not sat waiting for a pay-out.

Unless of course the parent is asking what you think, in which case they should probably include all three in the discussion, but it looks like a road to drama and upset to me.

[Mussels]

Silly question, but....why do you/we/them expect an inheritance to be 'fair'.
Stepson is in for a shock when it's his turn. He's had so much help through the years, yet has nothing to show for it, so his mother has provisioned him a flat (which he lives in rent free now) and that's it.
When the FiL passed, because he had given so much money to his son's business, it took the value well over the IHT threshold.
We still had to pay half the IHT bill, even though the BiL had the lions share of the legacy.
Shit happens.

That sounds bizzarre, was his son the executor?

[Le_Fromage_Grande]

The best answer is to sell up now and spend the proceeds on drugs and hookers

[KungFooBob]

The best answer is to sell up now and spend the proceeds on drugs and hookers

...and a Panigale.

[cheb]

My parent's money etc is not my inheritance, it's their money to do what they see fit to do with it. I've told my siblings in very straight terms that whatever my parents wish to do with their money is up to them and if any of them start arguing then I walk away and will not communicate with them again once the estates are settled. Fair doesn't come into it.

[Jody]

To get a fair view of this, which one are you?

It's not me, It's a good friend !

[Jody]

I doubt a 40k field can increase the value of an adjacent house by 300k, it will have agricultural use only which doesn't include extending gardens.
Or is it development potential and the existing house would become an access route for a large new estate?

I was shocked too, but apparently, house with a garden is great and all. A house with a field, thats a lifestyle, you could have horses and chickens and goats......

[Taipan]

I don't think its fair. The estate should be totalled up and divided equally. If one benefits more through their own circumstance, then that's their bonus. Put it another way, an estate totalling £300k is split between 3 siblings. 2 have mortgages but one has already paid it off. Should the mortgage free one get less inheritance? Of course not!

Thats just my 0.02ps worth...

[Sadlonelygit]

Silly question, but....why do you/we/them expect an inheritance to be 'fair'.
Stepson is in for a shock when it's his turn. He's had so much help through the years, yet has nothing to show for it, so his mother has provisioned him a flat (which he lives in rent free now) and that's it.
When the FiL passed, because he had given so much money to his son's business, it took the value well over the IHT threshold.
We still had to pay half the IHT bill, even though the BiL had the lions share of the legacy.
Shit happens.

That sounds bizzarre, was his son the executor?

No.
Apparently any loans made by the deceased count towards the estate.
Any IHT due is jointly and severally liable by the beneficiary's
So if you really want to pee someone off, and there is a chance your estate may incur duties, leave them a couple of hundred quid, then they'll get lumbered for %of the tax