CA24 Part 4 question on mortgage

Discussion in 'Wills, inheritances and gifts' started by tatsumaki, May 28, 2018.

  1. tatsumaki

    tatsumaki Registered User

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    Hi, I'm filling out a CA24 form and for Part 4 'Property in the State passing under the Will/Intestacy of the deceased' I have a question.

    Situation: Deceased owned apartment worth 300,000. Mortgage balance 90,000.

    Question: For Part 4 section 1 (Gross market value at the date of death of real and leasehold property), do I put 210,000e?

    OR

    Do I put 300,000e, and then in section 11 (Irish debts owing by the deceased and funeral expenses payable in the State), put in Bank name - 90,000e?
     
  2. Thirsty

    Thirsty Frequent Poster

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    Yr second paragraph is correct.

    Make sure you have a statement from bank as at date of death.
     
  3. tatsumaki

    tatsumaki Registered User

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    Thanks Thirsty.
     
  4. Thirsty

    Thirsty Frequent Poster

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    IANAL

    As an aside, I notice from another post that you are not working with a Will but deceased died intestate.

    That being the case, I think I would recommend using a solictor.
     
  5. tatsumaki

    tatsumaki Registered User

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    Why? Apart from the obvious reasons
     
  6. Thirsty

    Thirsty Frequent Poster

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    Intestate.
    You have an outstanding mortgage to be redeemed
    You have six beneficiaries.
    You need to either sell property or do a deed of transfer (six owners is a sure path to trouble in my view)
    I think you would be well advised to get a legal opinion.
     
  7. tatsumaki

    tatsumaki Registered User

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    It's a hypothetical solution, but thanks for the advice
     
  8. PaddyBloggit

    PaddyBloggit Frequent Poster

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    What's that?
     
  9. Thirsty

    Thirsty Frequent Poster

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    What on earth?

    You mean you've made all this up and you are not actually administering a deceased's estate?
     
  10. tatsumaki

    tatsumaki Registered User

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    No I haven't made anything up. Putting 6 people on the deed is a hypothetical option that we have, and I'm merely trying to see if it's plausible or not. To which I haven't gotten any feedback except, 'don't do it' and 'get a solicitor'.
     
  11. Thirsty

    Thirsty Frequent Poster

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    You're using the wrong words in this context, hence the confusion.

    It is entirely possible to have 6 owners if that's what everyone wants.

    But think this through.

    What happens if owner no. 5 wants to sell their share?

    What happens if owner No. 3 dies and leaves their share to their 4 children?

    Owners no. 1 and 4 have a major row and refuse to pay their share of maintenance costs.

    Read any of the posts where joint owners are trying to resolve property issues and multiply those headaches by three.
     
  12. tatsumaki

    tatsumaki Registered User

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    Thanks Thirsty. I realise its a dangerous option alright.. not necessarily one we'll take.
     
  13. Thirsty

    Thirsty Frequent Poster

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    I don't see that it's at all dangerous; but it could leave you all open to many issues in the future.