Hello all, sorry my first contribution to the community is not a selfless one.
Parents bought home in 1997 by joint tenancy. Divorced 2003 and father moved out and gifted his equity to 2 children, retained no benefit. Mother proceeded to live and pay mortgage alone.
Mother and 2 children remortgaged in 2011, mother banked loan then bought 3 buy to let properties in her sole name.
By 2020, two of the rental properties had been sold with 1 of the adult children living in the other rental, the other moved back in with mother for last 6 years to help with care as mother now disabled, sharing running costs. Mother holds cash assets of £120k, family home is worth £500k, second home worth £120k. Remortgage paid off and no known debts.
Mother has no valid will, 3 children next of kin.
Would there be inheritance tax due upon mother's demise?
Bonus question: Do the mother and 2 children own 33% each by default or 50%, 25%, 25%?
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