I have an estate where the deceased left a right of occupation to his 2 grandchildren, who where and continue to live in the property. The residue is then split 4 ways, including to the 2 grandchildren.
Issue is that there are not sufficient liquid assets to meet the IHT liability (30K). Can the occupants state that they will pay the tax and interest in instalments and then recover from the estate when property subsequently sold, if so would they be entitled to recover the interest on the IHT or just the initial liability?
Or can the other beneficiaries insist that the property is sold to pay the liability and avoid interest on the IHT?
The will does not state that the trustees can sell and buy another property for the occupants.
Rose & Rose