Inheritance Tax Allowance

ijolly4

Hi

Sadly both my parents passed away last month within 9 days of each other.  They were married.  My Stepfather passed away first followed by my Mother.  They both had wills.    In both wills the respective share of their property (50%) is left to the children from my Mothers side.  All other assets are left to my step fathers children. 

From what I have read £325k is the basic IHT allowance.  As the main residence is being left to children it looks like we can take advantage of the 'main residence' band which means we will receive an additional £175k on top of the £325k allowance.  This gives a total allowance of £500k.  Would this allowance be applicable to each will?

Thanks

getmore4less

It may be a little more complicated,
  
Did the wills give the spouse a right to live in the property.

Keep_pedalling

Did the wills contain a survivorship clues? 

Savvy_Sue

Were they wills drawn up by a solicitor, or DIY? If the former, worth approaching the solicitor who drew them up and asking for a session explaining what needs to happen. You DON'T have to pay them to take over the executor's job - I am assuming you are the executor? - but you can ask for (and probably pay for) advice on anything you don't understand.