My mother is in her late 80s. Her sibling has just died - we can't find a will although we have initiated an on-line search. Unless there is a will which leaves everything to an as-yet-unknown third party, my mother, as his only sibling, will inherit - he had no spouse or children. The deceased sibling's estate, including his house, looks like it should be big enough to incur inheritance tax.
She says that at her age she has no interest in the money and wants to pass it on to my sibling and me. This is a lovely idea of course, but I am worrying about the financial and legal implications.
For instance, if she died within so many years, would we be liable for a lot of tax? What about if she needs care? My parents do have some money and a house which would be used first of course, but thereafter, this would be considered deprivation of assets wouldn't it?