Haven't done this one before; wondering what the usual practice might be.
Property valued at (say) €300k. Three beneficiaries equal shares, say 100k each.
There's sufficent cash in deceased bank a/c which would cover probate & other costs with some left over.
Beneficiary A wishes to purchase property. B & C agree & price confirmed at 300k.
Does A pay 200k as purchase price, allowing for their share. Which makes sense to me.
Or do they pay 300k & wait for the 100k to come back to them, which seems convoluted.
Wondering what is the standard practice?
Property valued at (say) €300k. Three beneficiaries equal shares, say 100k each.
There's sufficent cash in deceased bank a/c which would cover probate & other costs with some left over.
Beneficiary A wishes to purchase property. B & C agree & price confirmed at 300k.
Does A pay 200k as purchase price, allowing for their share. Which makes sense to me.
Or do they pay 300k & wait for the 100k to come back to them, which seems convoluted.
Wondering what is the standard practice?