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intestacy - valuation of life share
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On intestacy a widow inherits (I think) up to �125,000 plus a lifetime share in half the remainder.
How is this lfetime share valued for probate?
Does it just cease on death?
Or do the Revenue value it in any way?
How is this lfetime share valued for probate?
Does it just cease on death?
Or do the Revenue value it in any way?
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It's valued in the same way as anything else. If it's stocks and shares or cash in the bank, it's the value at the date of death. A house ditto. No value is assigned to the rights to the lifetime share - just to the property it consists of.
What then happens is that the property becomes owned by a trust. The widow gets the interest, dividends, etc, or continues to live in the house.
Then it does just cease on death. The property passes to whoever the next beneficiary was (her children normally) and the trust ceases.
It does form part of her estate for IHT purposes.
What then happens is that the property becomes owned by a trust. The widow gets the interest, dividends, etc, or continues to live in the house.
Then it does just cease on death. The property passes to whoever the next beneficiary was (her children normally) and the trust ceases.
It does form part of her estate for IHT purposes.
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