I would appreciate some guidance with a question put to me by a PR.
Client’s mother died, testate. The estate comprises a house (subject to a mortgage) and nominal cash.
The Will provides for a few legacies totalling £40k and the residuary estate is divided equally between the deceased’s 2 children.
Both children were named as executors and probate has issued to 1 child with power reserved for the other.
The PR now wants to buy out her sibling’s share of the mortgaged property.
My question is how would this be possible? Or rather, is it even possible bearing in mind there is a mortgage and legacies to be paid?
Hoping somebody out there is able to give me some guidance.