I am dealing with a probate where professionals are executors and there isn’t enough liquid cash to pay IHT + other testamentary liabilities. The estate is solvent.
In the will, there is (free of all taxes and debts) a specific gift of the property, chattels (v low value) and some cash legacies.
In this case, I believe none of the res beneficiaries or cash legatees shall receive anything and the specific legatee of the property will receive the balance in value after all the deductions. Let me know if otherwise?
I am writing to the legatee of the property to explain this to her and what her options are to raise the cash (sell the property and pay the IHT + liabilities in one fell swoop is my desired approach).
Any thoughts on abatement, options for the property legatee or if you have dealt with it before would be greatly appreciated.
Any red flags to look out for and tips to administer the estate would be valued too.
There is some cash to settle the professional’s invoice, the funeral has been paid using the cash and there is a small balance to pay some IHT to issue the 421 to progress the grant.