Inheritance tax -day or not

Helly18

Reposted as suggested on cutting tax forum

"My mother recently passed away and looking at her cash assets (est 490000) we will need to pay inheritance tax , the house is still in joint names as it was never sold as per divorce arrangement's 30 odd years ago so estimation of her share a further 80k ish, no stocks, shares etc.  Everything is an equal split between 3 siblings.  I am going to take legal advice regarding the house as 1 sibling lives there and wishes to continue which we have no issues with but i am a bit unclear at this point what i would need to do regarding my fathers half of the property.  Apart from the property side is this something that could reasonably be undertaken without handing it to a solicitor to do?  As i said i am going to take some legal advice but thought i would try and gauge the potential complexity"

From some of the replies on previous forum I think the house maybe the bigger issue e.g. tenants in common/joint tenants. 

Keep_pedalling

Your first step is to find out how the house was owned, if it was as joint tenants then although it forms part of the estate for IHT purposes it will now be automatically owned by your father out right.

 

getmore4less

IT may(should) also be that the divorce settlement specifies any beneficial ownership of the property and may have severed any joint tenancy