TENANTS IN COMMON - JOINT TENANTS - OR NOT WORTH IT??

dec9

Not sure if this is the right board or not - but
Our house is in the wifes name only with no mortgage, and there are 3 adult children.
Our wills are mirrored so the other gets everything, and when the survivor dies everything is split equally between the 3 children. The house is worth about £285K and our total estate is about £600K.
I know that we will get a £325K IHT allowance but how do we get the £175K exemption for our main residence, does it applied automatically upon the death of one of us or do we need to need to see a solicitor to change anything, especially with the house being in the wifes sole name.
The same question goes for 'tenants in common or joint tenants'

xylophone

https://www.rossmartin.co.uk/inheritance-tax-probate/4237-main-residence-nil-rate-band-at-a-glance

Keep_pedalling

I would certainly put the house into joint names as that will avoid the need for probate (for the house at least) if your wife dies first. Unless you are planning to change your wills to include an immediate post-death interest trust (IPDIT) the joint tenants option will fit in with your current wishes. 

Unless your joint net worth exceeds £650k the RNRB will not be required as the NRB is transferable to a surviving spouse but regardless of how the ownership is split both RNRBs will be claimable which ever way round you go.