farm inheritance query

[mrsmac]

I inherited a farm with livestock from my Uncle (no wife/family). Death cert will take until December to get finalised some of our neighbours sold cattle and gave us the cheque. Am I right in thinking that solicitor should be notified on this and not to cash cheque. I am getting mixed answers from people. I think I have to re tax purposes we are keen to sell the cattle before the Winter as I do not live near the land/property and I am depending on neighbours to look after them. I can sort out the property/land next year after the probate has been finialised.

 

[paddytt]

I would say definitely yes! Your uncle's estate must be administered by the Executors and Solicitor, not you or your neighbours, unless of course you are the Executors... then you can pay the cheque into the Executors account.

These are tax benefits relating to Agricultural property (land, livestock etc) and I know from our Uncles estate that we would have lost some rights if we took a benefit (money) from the estate (eg: the right to disclaim and/or appropriate part of the inheritance). We sold some furniture from the house in case it was stolen but that was paid into the Exors account pending distribution.

Please contact the Estate's Solicitor.

regards

 

[Ravima]

firstly, why will death cert not be finalised till December? Should that not be issued at time of death?

Anyway, leaving that aside, you need to take careful advice. there are certain tax advantages to inheriting a farm, if you are deemed to be a farmer. These may change in the forthcoming budget.

You should take immediate tax advice from a professional to see how you can best avail of the reliefs as currently structured.