Transferring Ownership From Many Siblings?

[notfrozenagain]

My Grandmother recently passed away with no will. She has 5 children who will equally have a share in her property. My mother wants to buy out the other 4 children, and they will be paid at different times in lump sums (2 will want the money sooner than the another 2 siblings). What kind of legal documentation would be required to make sure the process goes smoothly and is legally binding? Thank you.

[SirOracle]

I would think that a solicitor should be employed to make sure that all the proper procedures/contracts are drawn up properly.

[Peter Pedant]

as Sir Orac

you use a solicitor

the question you have posed - what kind of lega documentation .....
means that you preview problems

basically it is a legal transfer document and five contracts
the things you should discuss I think is what happens if one sib wishes to unwind the contract, what happens if one payment to a sib fails but the others dont, and finally if the price is agreed and then two years later on the offer of payment it is unagreed and he wants more...

[bednobs]

firstly letters of administartion need to be sought. Will there be IHT?

[tamborine]

cheque stubs & bank statements of withdrawals might suffice.

[woofgang]

tambo????? wrong thread?????

[tamborine]

no woof, correct thread. Just a suggestion. Bank documentation is acceptable to Judge Judy & Rinder

[notfrozenagain]

@bednobs - what letters of administration? No, it's below the threshold for IHT

@PeterPedant - I never thought of that (if a sibling were to come back and ask for more money in the future, didn't realise they could!)

[woofgang]

Who is executing your mother's estate? Someone must be getting the legal right to distribute her estate.
https://www.gov.uk/wills-probate-inheritance.

[bednobs]

LOA is what you apply for to be able to distribute the estate if there is no will and therefore no executor. If there is property, you sually have to apply for LOA unless certain criteria are met (which don't seem to apply here)
http://www.adviceguide.org.uk/wales/relationships_w/relationships_death_and_wills_e/dealing_with_the_financial_affairs_of_someone_who_has_died.htm#h_probate_and_letters_of_administration