Please can you help or advise me if my mum dies, does she or the children have to pay inheritance Tax, probate, capital gain tax and so on.
My father passed away in 2012 and then my brother then transferred the name to my mum back in 2013.
She has 3 sons and 2 daughters and 10 grandkids
She only has this house and no other savings or assets.
House value will be less than £250,000 - £300,000
I am sure there will be no inheritance tax, as it is less than £325,000 and plus my dad died so the inheritance on my mum comes to £600,000, as his inheritance passes to her partner which is my mum.
If there is no will made then it will go to probate and all 5 siblings will get equal share according to uk law, is this how it works and do we need to pay any tax like capital gain tax, as the property was purchased around £52,000 in 1991, but the whole family contributed into the mortgage.
She cannot make a will now, as she has dementia.
we all 5 siblings paid contribute to the mortgage back in 1991 and also building work carried over from 1994 till today date, as we all put money towards the property, but we left the property in just mum name, as we did not wanted to create complication having 5 sibling names, as we used to all live in the same household and this is why we all chipped in paying mortgage and building works since 1991.
Theoretically all 5 siblings have a share in the property, as we contributed into paying off the mortgage as whole family siblings and also contributed into the building work ,whilst we all used to live together in that house until 2020.
I feel your advice is much appreciated.