value of part share of inherited property?

Newly_retired

The property is mainly owned by a housing trust and partly by my mother-in-law who died in 2013. Her granddaughter had lived with her as her carer and has remained living there. Following  my husband's death in 2023 a valuation was obtained from which the value of the family share was calculated.  It has now been agreed by all beneficiaries that the granddaughter will become the owner of the family share in lieu of cash from her father's estate. Do we need a new valuation at this point?

Keep_pedalling

You really need an accurate valuation as the amount of your husband’s estate not going to you is going to effect the amount of transferrable NRB passing to your estate. 

If that amount exceeds £325k then IHT is going to come in to play.

Newly_retired

A nice problem for my executors to sort! We are only talking a small amount of money as the family share is less than 20%.