JonE wrote:TaurusTheBull wrote:I was left more than enough cash to buy my brother's half of the house at current market prices.
As a layman without experience of this I wonder why you couldn't (within 2 years from date of death) both agree an instrument of variation (using IOV2 checklist to help draft the letter) which leaves you the house in full at probate valuation and leaves your brother extra cash equivalent to 50% of the house's probate valuation which cash would otherwise have gone to you.
Then the executors complete the simple form (AS1) to assent the property to you personally and the administration of the estate can be completed.
I am not clear on precisely what you have already done and don't know if you are able to unwind what may already have been done. Seeking some early legal advice specific to your plans and intentions may have been helpful.
Cheers!
Note that the IOV2 checklist is obsessed with "validity for IHT and CGT purposes", which is why many people use to want to execute a DoV of a will.
Given that the OP and OP's brother are both inheriting from an estate net of IHT, the only criteria is "is this deed of variation valid at all?"
Or put another way, if all the deed of variation does is vary the distribution of the estate, but doesn't change the IHT due on an estate, then all that is required is "valid for legal effect", not "valid for legal effect and IHT/CGT effect", and most of the IOV2 checklist conditions become an relevance.
IMHO most of the guidance related to the administration of estates and what to do after death emanates from the HMRC for the plain and simple reason that it is more efficient for the public revenue to ensure that executors/personal representatives don't cock things up in the first place. If it is clear that all IHT due on an estate has been paid, then they aren't directly interested in who gets what afterwards.