IHT404 - one parent left half a house to two kids, second parent has now died.

MrsMushroomboat

Hello all!

Preparing to apply for Probabte for the late Mum-in-Law.
I have done pretty much all the forms that I need to but I have one questtion that I am not sure I have the correct answer for.

The only asset is the house - valued at 585K. This was jointly owned, Tenants in Common, by Mum-in-law and late Father-in-law who died in 2018. His will left his half of the house in equal shares to the two children - one son and one daughter - with a matching will drawn up for M-i-L leaving her share in the house to the same two in the same way.  When he died, this left the house owned 50% by M-i-L, 25% by Son and 25% by Daughter - the intention being that the two children of the marriage would end up owning the house between them. So far so straightforward.
Their daughter died three years ago, and left her share of the house to her husband, so then the ownership was 
M-i-L 50%
Son 25%
Son-in-Law 25%
At that point, M-i-L drew up a replacement will leaving her share of the house (50%) to her son and Son-in-Law, aiming for the house to eventually be owned in equal shares by those two.
Does this make sense so far?

Anyway, on IFT404 Section 1, it asks for the joint owners, when the joint ownership started. Then it asks for "Contribution by each joint owner - show as fractions or monetary values."
I am not sure what goes in here... I *think* it should be 1/4 for each of the two joint owners, but I am not sure. They own the share they do because they inherited it rather than bought it, but I can't imagine what else should be there in these circumstances.

Any ideas?

RAS

Did FIL's will give MIL the right to live in the house until her death? If so, hopefully will have created an IPDI trust, which will save you pay a lot of CGT unnecessarily.