Hello
14 years ago my grandfather passed away leaving the property for the use of his wife until she passes away and upon her death the property is to be sold and the estate distributed.
I can't remember the exact wording but the will isn't leaving the property to his widow but she has use of it until she passes. She has decided to relinquish her need for the property and has instructed it to be sold so my grandfathers estate can be distributed.
How would this be treated for IHT, she has not passed away but would the property automatically be assumed as passing to her for IHT reasons?
Clearly it could make a significant difference to the amount of IHT that is payable if especially of their combined estate is worth less that 700k at her death.
My mother has received varying "advice" and she is the main beneficiary and is confused by the whole thing.
She is quite desperate for the money and doesn't want to ask questions of the executor before the sale has proceeded.
Thanks in advance
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