Hi.Did your wife leave a will? What was the value of her estate? Do you know what the value of the property was in mid-2014 and when she passed away in late 2014?
Yes my wife did leave a will, her estate was approx £35,000.
The value of the property when she passed away was approx £190,000
Many thanks for the reply, Referring to para.1, there was no mention in my late wife's will regarding her share of the property. She naturally assumed it would pass to her daughter. Does this affect the situation.
I am going out now - but will be in contact again later.
As the will did not mention the property held as tenants in common, you will need to consult the solicitor dealing with the estate of your late wife on that as I'm not an expert on deceased estate law.It may be that the laws of intestacy apply if the will is deemed to be not valid. Those rules may only apply to that part of the estate that is not covered by the will. There is mention of a partial intestacy on page 16 here. Take a look here for the rules of intestacy. If the will is deemed to be valid, notwithstanding the fact that it does not deal with the property, it may be possible to execute a deed of variation within two years of your late wife's passing to include the property.
I was hoping that I could get more positive advice - do you have a colleague who could throw more light on the situation of deceased estate law in relation to my query given the fact that you are in possession of all facts
Can you tell me which part of your tax question I haven't answered. What do you mean by a "Life Gift"?