We have an estate where a property has sold for a loss based on probate value. This is the only property to have currently been sold. Remaining properties could sell for a gain based on the market now (they could also sell for a loss of course, but a gain is more likely presently).
Is it possible to appropriate the remaining properties to beneficiaries prior to agreeing a sale to see that the PRs sell only as bare trustees for those beneficiaries, thus keeping the gain out of the estate and allowing a claim for loss relief on the one property sold by the PRs for the estate?
There are competing views in the office and it would be interesting to hear thoughts from the group.