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Inheritance calculation

2 replies

inspector1983 · 11/09/2019 15:20

Ok so asking on behalf of my friend as she doesn't have Netmums. Her mum sadly died a month ago and they are sorting out selling the house etc. The mum was single and owned the house outright, it was a 2 bed property in London valuing approx £400k and she has 2 siblings so it will be split 3 Ways

Her questions were will they need to pay inheritance tax and can anyone give a rough idea of what each 3 sibling might end up with after all expenses paid. No mortgage

OP posts:
HappyHammy · 11/09/2019 15:30

www.moneysavingexpert.com/family/inheritance-tax-planning-iht/
From what I understand they won't pay IHT on an estate worth less than £475k with the new rules (not a lawyer so they need to check themselves on Gov.Uk site under Inheritance Tax)
They will also need to pay for Probate costs, Solicitors Fees, Funeral Fees, Estate Agents Fees. It's easy for them to calculate what they might inherit, they just need to speak to their solicitor and get an idea of the costs involved.

DustyDoorframes · 11/09/2019 15:41

If they don't have a solicitor (and even if they do) it's worth getting a wills and probate book to work through. Which do a good one, and the library will have several.
(Ps this is not Netmums. Just sayin')

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