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RNRB and 2nd marriage

lkpflk11

Both myself and my wife have children from a previous marriage. We own a house as tenants in common. House worth £350k. If i pass away, would my £175k share, be exempt from IHT, if passed to my children. This would be in addition to £325k in cash. Also, would house have to be sold immediately?

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Comments

Zipz

Hi @lkpflk11

You and your wife need to see a STEP solicitor and make wills.

As I understand it, your estate is worth £500K. The £175K interest in the property is IHT exempt because you're leaving it to direct descendants assuming it is your sole residence. £325K is the maximum you can leave without paying IHT.

Whether the house would have to be sold immediately depends upon the owners post-probate unless there is a trust protecting your wife's right to live there for the rest of her life, remarriage, or residential care.

Trusts are tricky. Don't attempt a DIY trust. Avoid "Will Writers" like the plague.

You need a STEP solicitor.

You might find some expert lay people on this forum:

https://forums.moneysavingexpert.com/categories/deaths-funerals-probate

However, I should think their advice would be the same as you've received here. The trust must be absolutely right for the surviving partner in the marriage.