Inheritance Taxes and questions about inheritance.?

Question

My mother owns a house (i don't have a dad)

and the mortgage is all payed off.

If she were to suddenly die without the will, does the house become mine? and do i have to pay anything to the government just by inheriting a property from her? Or do they only tax me when i inherit actual money from her.

Answer 1

If you are the only next of kin then you should get all the money (except the nice cut the government take).  However if you mom doesnt leave a will and she has relatives they may contest that they are entitled to a cut.

Also occasionally their is the rule that they have died 'intestate' which means that you have to prove your 'relationship' prior to payments been made.

This can tie things up for a while (sometimes over a year - I know this from experience)  So if you are in speaking terms with you mum then I suggest that you ask her to sort out her will.

Please note this extract.

Intestate succession laws usually come into play when relatives have to go through probate to claim ownership of assets (e.g., money in a bank account in that is in the deceased's name only) or when relatives fight over assets that they didn't get.

also - For example, a surviving spouse is usually first in line to inherit, followed by close relatives like children, parents, and siblings.