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silvercar

The property would only value at about 100000 and my mother in law had 7 children

With 15 years passed there is the potential for a CGT bill as there was no will setting up any life interest.

If the property was valued at 100k, then half of it is 50k. Split that 7 ways and you have 7k each. CGT would be calculated at time of sale, be reference to the gain in value. Even if it was worth very little at time of inheritance (and you are talking about the market value of the property with a tenant in situ (her partner) with life time interest paying no rent, rather than estate agent value for vacant possession). You each have a CGT allowance of £11,700 in the current year, if not used elsewhere, so I doubt CGT will be an issue.

Flugelhorn

silvercar wrote: »

If the property was valued at 100k, then half of it is 50k. Split that 7 ways and you have 7k each. CGT would be calculated at time of sale, be reference to the gain in value. Even if it was worth very little at time of inheritance (and you are talking about the market value of the property with a tenant in situ (her partner) with life time interest paying no rent, rather than estate agent value for vacant possession). You each have a CGT allowance of £11,700 in the current year, if not used elsewhere, so I doubt CGT will be an issue.

I thought it was the estate / personal rep who just had one single CGT allowance rather than one per benficiary - or maybe I have that wrong

getmore4less

there is no evidence a life interest is in place(which would negate any CGT anyway) as first death was an intestacy.

Usinnit_2

The estate at her time of death and life insurance was dealt with by her partner. So we have no idea who or what happened. All we know is he received the remaining of her half to pay of the remaining of what she owed to the mortgage. He wasn't granted any probate or had any will. It was just left. We at the time being young didn't know how to deal with anything or should have done anything about it. We thought he had a right to be there until he passed away himself. Then all this has come to light. There was no other assets involved. We would never have questioned him on any of this as he was a good man and did a lot for the MIL..