Good morning , I have a situation with an estate that I would like thoughts on .
Tenants in common , one partner dies both leaving mirror wills stating the other has right to live in property that is both owned by them with an ownership split of 65/35 !
The deceased estate does not exceed IHT Threshold but my query is wether the ability to stay resident in the jointly owned property leads rise to an IHT liablity on the surviving partner as he maybe receiving a gift by living in the property until his death . The deceased value sits in a trust administered by a Solicitor and also executed by them also .
Many thanks
Based on what is said, the partner has an IPDI which, for IHT purposes, will aggregate with their estate on their death.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals
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