Inheritance Tax - how is this paid?

[giggles321]

I am one of two executors for my fathers will. If inheritance tax has to be paid, does that mean we both would have to pay this amount before the we receive any money (after bills are all paid) from my fathers estate, or would it just come out of my fathers estate before we would get anything.

[gina32]

it comes out of the estate before you see a penny. obviously depending on the amount that the estate is worth

[dzug]

You have to pay it before you get probate, so in the worst case you would have to borrow it.

However, most banks (and certainly National Savings) will release funds from the estate to pay the tax, so if he has sufficient cash savings you shouldn't need to borrow.

[gina32]

and the robbing government get 40% of it, as if they havent had enough already, and its not just the estate, as in bricks and mortar, if anything of value is round they take that into account as well

[giggles321]

Many thanks for your replies.