what happens to fIL business as he died without a will

[mulranno]

Does anyone know what will happen to my father in laws business as he died without leaving a will? He was the sole owner and his wife and son employees (still running the business). The buildings are worth a lot of money.

intestate It's a bit wordy, but this will bump so someone can explain simply for you.

Ok thanks for that...it looks like the business is just another asset?...and is subject to the same distribution criteria?..would selling the business asset have the same 40% INHERITANCE TAX RATE?

Maybe it depends if the business is a sole trader, limited liability, company with directors etc... Sounds a bit tricky, you should no doubt see a solicitor.

No, in answer to the IHT question, but you need to see a solicitor who specialises in IHT planning in order to get the best outcome.