debt on estate

[collyjanie]

i have a property left to me in trust it was my grandmothers and i basically paid the mortgage for her for 15 years and trust deed was written that on her death property became mine . However as there was no will and estate has gone to probate will any money outstanding for funeral expenses etc have to come from the proceeds of the house or is the house protected if in trust from this' and in fact the 4 children and not me would be responsible for the debts .
also as she lived rent free for all this time what tax will i have to pay on this would it be the full 40 percent as i have already got my own home . ie the same as second property or would this be classed as inherited or some form of taper relief.
any help on this would give me some much needed sleep and piece of mind as i feel i could end up with a big chunk coming out of my investment that i have been relying on to pay my interest only mortgage.

[Lee Young]

The trust deed should govern your inheriting the property. The remainder of the estate should cover the liabilities and be divided between those entitled under the intestacy laws. The tax liabilities if any depend on the extent of the estate and the nature of the trust that was created. You should refetr all the available papers to an adviser for an opinion.