Leaving property in a Will
User Question: I have been asked by my parents to help them with their Will, but my brother and I live in the family home in question. We are both named executors and should the worst happen, and we are named as sole beneficiaries, will the home not be sold so we can continue to live in it? As the value of the home is around £200,000 inheritance tax will not apply.
glossLegal Answer: From the facts you have given to me there is no reason for the house to be sold and you and your brother can continue to live there. As you mention there is no Inheritance tax and no other tax will apply on death. The only issue might be having to pay a mortgage or meet any other debts in the estate, but I suspect this will not apply.