The Probate Journey Begins

getmore4less

I've not yet seen a copy of her Will, but understand she has left a percentage of the house to me, held in trust for her husband until he passes. 

if part of the house has gone into a life interest trust by the will that's is an IPDI trust

The will sets that up.

 Her 50% share of the property has been left to her SIL (husband's sister) and me. 

if those are both with the life interest clause you have not inherited anything

you are remaindermen of the trust.

My "back of fag packet" calculation, assuming a whole property value of £560,000 gives me a figure in the region of £45k to transfer to my BIL's nil rate IHT allowance.  Have I understood that correctly?

If there is a IPDI  trust the beneficial interest of the property goes to the FIL and becomes part of his estate, but does not use up any nil rate band leaving both transferable.

Time to read up on life interest trusts specifically IPDI ones if the FIL has been left the right to live in the property.

DancingBadger

getmore4less said:

I've not yet seen a copy of her Will, but understand she has left a percentage of the house to me, held in trust for her husband until he passes. 

if part of the house has gone into a life interest trust by the will that's is an IPDI trust

The will sets that up.

I've just looked at the will and there's no mention of a trust.

My understanding was/is once probate has been granted I will need to register an interest (or whatever the correct term is) on the property with the Land Registry.

getmore4less

The right to live in a property till you die creates(in most cases) an interest in possession trust.

Also known as a life interest trust.
When if in a will a IPDI trust is created which has different tax status to one set up in lifetime.