Are we due anything?

[Drawweight]

Well not me but my wife.

My late FiL went into a home 4 years ago. His house was rented out to pay the care home fees topped up with his private pensions.

He died last year and probate was started immediately. She has 2 brothers who will each inherit a third.

It has just gone through although nothing has actually been signed. They have had a good offer from the next door neighbour to purchase the house ( pretty near market value if you consider we are saving a bit on fees)

It’s not a big house and we estimate £42k to each individual.

My wife isn’t working, claims no benefits of any kind.

Are the Government / inland revenue due any part of it and if so do we contact them or are there systems in place that automatically bill us?

We’ve both had inheritances before but have never had anything to do with inherited property.

[SunsetZed]

Firstly sorry for your loss.

The basic inheritance tax threshold is £325k, if your FIL's estate in total hasn't breached that then the entire value of your house should be yours and the other named parties in the will.

[Mr Whippy]

As a 1/3rd residual beneficiary your wife should be kept well informed by the executor/s.

[Drawweight]

Mr Whippy said:

As a 1/3rd residual beneficiary your wife should be kept well informed by the executor/s.

She’s one of the executors

[toon10]

Sorry for your loss. SunsetZed is correct. I had this with my parents last year and the estate including the house was under the threshold so nothing to pay.

[Drawweight]

Thanks for the quick replies.

You’ve confirmed what I hoped / suspected.