In the UK I understand that Probate will not be granted until any Inheritance Tax has been paid to HMRC.
What would happen if the Executor has no personal cash or assets to pay the Tax Due and is literally depending on the sale of the property (from the Will) to pay off any debts. It appears to be a classic Catch 22, they can’t pay the tax without selling the house – they can’t sell the house without paying the tax first.
Any constructive comments or advice would be much appreciated.
The obvious answer might appear to be to get a loan or bank overdraft, but the executor in this case will not qualiify for either of these due to age and lack of employment.
