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A widow died in March 2020 leaving her estate in equal shares to her three adult children. Probate has been granted to one of the children as sole executor. The estate is straightforward and all the assets and liabilities have been ascertained and liabilities settled. There was no inheritance tax to pay but a return was submitted to HMRC.
The deceased’s home is still registered in her name. A professional valuation was obtained for probate but the executor has now been advised of a possible £30 000 post-death increase in value because of its rural setting and suitability for homeworking. Despite this there would still have not been an inheritance tax liability.
To avoid a capital gain on the executor I suggested that the beneficial interest in the property be transferred to the three siblings immediately. Their annual allowances will mean...
