I want to make sure that there aren’t any disputes between my kids about whether or not to sell the family home.
Is it possible to put in my will the instruction that the property be sold and the proceeds split equally between the parties?
Averting conflict: I want my children to sell my property when my time is up so they don’t have to fight over it (Stock photo)
Tanya Jefferies of This is Money replies: We often get sad stories and legal questions from siblings who are arguing about what to do with their family home after the passing of their last surviving parent.
This can get tricky especially when those who want to keep the property can’t afford to buy out those who prefer to sell.
Even siblings who have reached an agreement on what to do can sometimes face difficulties. For example, if there are outstanding debts that cannot be settled by selling the home.
You can try to prevent strife between your kids over this issue by making your wishes very clear now.
You should be aware that you could just cause and get embroiled in a family row in your present.
Only you know if your plan will be accepted by everyone or if it will cause hostilities.
However, keeping your will secret could be counterproductive if your children are not happy with the instructions.
If you feel that selling your home after you die is the best option, you can hire a solicitor to draft a will.
We asked a lawyer with experience in this field to tell us what to do and what the potential pitfalls were.
Katie Alsop, partner in Wright Hassall’s contentious probate team, responds: A will is the best way for you to avoid any arguments after your death, regardless who you want to benefit from it.
Katie Alsop: Family fallouts are often caused by the unexpected
You can speak to your family to ensure there are no surprises after you die. It is often the unexpected that causes family problems.
Prepare a list of all issues you want to discuss and any questions you would like to ask your solicitor when you give instructions for your will.
In this instance, you should be prepared to describe how you would like your executors and trustees act and the details you want your children to inherit the sale proceeds.
You can give your executors or trustees a directive in your will regarding the sale of the property.
You might also want to specify whether the sale should be done on the open or by auction if you have a preference.
It is important to not limit the sale to the extent that it makes it difficult to follow your directions.
It is important to distinguish between leaving your property equally to your children in which case they would each receive an interest in it, and leaving them a share of the proceeds of the sale.
This is possible by being more specific and stipulating your children should receive an equal share from the net sale proceeds of your property.
Your solicitor should discuss how the property is to be treated in relation to the rest of your estate.
You will need to ensure that the property and sale proceeds do not fall within what is known as the residue. If it benefits anyone other then your children, or your children in unrelated shares, this is a good way to get the outcome you want.
It is also important because different gifts, such the sale proceeds or a residuary, are treated differently.
For example, the estate liabilities are paid out of the residuary property before the distribution amount is calculated.