Worrying about my dad's house- financial advice please

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I wonder if anyone can give me some advice please?

My dad has a will where his house is left to me and my brother. My brother has learning disabilities and has always lived with dad.

Our hope was that my brother could continue to live in the house for as long as he wants to, eventually he'll live with me and my husband when he feels the time is right. We want him to stay in the home he's known all his life, for as long as he wants to. We'll sort his bills etc for him.

Someone has told me that I'll have 6 months to pay any inheritance tax. I thought you only paid it when you sold a house, not as soon as someone dies? I'll have to get a loan out to pay the tax in that case, if we're above the inheritance tax threshold ( which is doubtful).

Has anyone any experience of this or advice please?

latchbrook over 1 year ago

Hi Diane DB

I can see that you've already joined and posted in various groups since you joined the online community and I hope you're finding it an informative and supportive place to be.

Everyone who belongs to the community are either cancer patients or people who have a loved one with cancer and none of us are in a position to be able to give out financial advise.

The best thing to do would be to speak to an expert on the Macmillan Support Line. The financial advisors are available Monday to Friday between 8am and 6pm and can be reached on 0808 808 0000.

I hope this helps

"Never regret a day in your life, good days give you happiness, bad days give you experience"

Diane DB over 1 year ago in reply to latchbrook

Thank you, I will do.

Kind regards

Diane

Metalltant 16 days ago

From what I know, you typically don’t need to pay inheritance tax immediately unless the estate is over the threshold, but it depends on your local laws. I’ve heard of situations where people have had to pay taxes before selling a property, so it's good to double-check with an accountant to get clarity.As for loans, I was in a similar situation a couple of years ago when my family inherited a property. We were able to use a flip loan to cover the tax until we sorted out everything with the house. It gave us some breathing room and made the whole process much smoother.