family inheritance

xazy

Can somebody please give an answer to this case
A self-employed receiving state pensioner dies leaving his pensioner wife and 2 grown up children both working. This pensioner hadn't had a will but he left £400,000 worth business property, a house worth £300,000 (the house is joint name with his wife) and £50,000 in his bank account.
Now who is going to inherit this money? and is there any inheritance tax on this fortune?
Also would be less in tax if he had had a will?
Thanks

Yorkshireman99

This link explains who inherits what.

https://www.gov.uk/inherits-someone-dies-without-will

The Inhertance tax would probably be less with a will if he left more to his wife. Deeds of variation can reduce the IHT.

Keep_pedalling

As his children will not inherit over his nil rate band (£325k) there will be no IHT to pay, although the amount of transferable NRB to his widow will be reduced. If the home is held as joint tenants then for inheritance purposes it would now automatically owned by the widow and does not count as part of his estate.

If that business property is held in a limited company then professional help should be sought to transfer or dissolve the company.

It astounds me how many people manage to build up this sort of net worth, but fail misirably to do something as important as drawing up a will.