Cash inside intestate property not declared

Flugelhorn

https://forums.moneysavingexpert.com/discussion/comment/81979875#Comment_81979875

wills become invalid on marriage (unless specifically written in anticipation of that marriage)

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81979948#Comment_81979948

Which is why it is vitally important for anyone with children from a previous relationship should make a new will prior to marriage and not leave it until some point in the future. People have been known to die on their honeymoon so it is unwise to risk dying intestate however low the risk.

Skypist

https://forums.moneysavingexpert.com/discussion/comment/81979857#Comment_81979857

I'd like to think so but I doubt it. She had the brains and he was just a resident really. He wouldn't have been proactive enough to suggest it. Definitely a good thing he employed solicitors and I'm not worried about the other cash assets (in accounts and trusts) - my only question is regarding this amount because of what the deceased told me.

Skypist

Yes, that's correct, I am.

Keep_pedalling

Assuming your mother still owned the house in her sole name, what is the plan going forward? It is possible her RNRB might not be usable and IHT maybe an issue if more than £325k is going to you.

Skypist

https://forums.moneysavingexpert.com/discussion/comment/81980009#Comment_81980009

What's an RNRB? No IHT due under intestacy - both surviving spouse and myself would end up with under 500K each.

p00hsticks

https://forums.moneysavingexpert.com/discussion/comment/81980019#Comment_81980019

Residential Nil Rate Band - an additonal £175k IHT (Inheritance tax) allowance if the deceased residence is left to direct descendants.

Skypist

https://forums.moneysavingexpert.com/discussion/comment/81980033#Comment_81980033

Ok thanks.

Keep_pedalling

Was you mother a widow before she married? If she was then her estate has up to £1M in exemptions but not if your step father is receiving the house then that falls to £650k. If she was not a widow then those numbers are £500k and £325k.

If there is no transferable NRB or RNRB available her estate would still need to exceed £975k before IHT would come into play because everything going to her husband is exempt and he gets the bulk of the estate (£322k +50% of the remainder).

Skypist

https://forums.moneysavingexpert.com/discussion/comment/81980116#Comment_81980116

She wasn't a widow so the latter figures apply…but I don't think the spouse automatically receives the house if it's over 322K right?