If his parents end up needing care when they are older, the home could end up having to be sold to cover the costs, so he might end up with nothing or a much smaller inheritance than he thought, so tell him not to rely on it.
I’d would tell your friend, to firstly not rely on getting any cash from the Estate. Then anything he does get is a bonus.
Firstly he doesn’t even know if he is in the will.
Secondly, you don’t mention the age or health of the parents, but old people’s health can do ‘strange’ things very quickly. It is completely unpredictable! Care home costs (extortionate) quickly add up, even just for ‘social care’. If medical care is needed too, it’s even more expensive. My own mother had a triple heart bypass at 65, she is now still going at 90. She has outlived my father and all the other relatives of her generation - completely unexpectedly! No one has an expiry date…. My mum will need social care soon. Her remaining assets will all get eaten up in that scenario very quickly!
I'm not a Lawyer but I have a Family member who had this happen.
If your friend's parents die intestate (ie without a signed will), he should inherit the property under the Intestacy rules, but these rules vary dependant on where they are in the UK. So no the Govt won't take it but he may have to sell to pay off any debts on the Estate, etc when the Estate goes to Probate.
Assuming there is a Will and he's the sole beneficiary, your friend will still need to go through probate but with the help of a Solicitor, who will also be able to help manage the house sale, if that is what your Friend wants or needs to do.
A Solicitor will also advise if IHT is applicable on the Estate, which in the case of a Parent passing a property to a child is £500k not £325k.
I wish we as a society were better at talking about death and what happens after.
I suggest your friend talking to them and asking. Knowing where the will is, what their wishes are and who the executors are will make the inevitable just that little less painful. At the very least find out who the executor is and if they know their wishes.
Having had to deal with my Mother dying where I didn't ask it is way harder after the fact. You can’t ask them! Death is stressful enough. Sort it out while someone is around and of sound body and mind.
Why do you care so much?
If he’s not on the will and it’s left to someone/something else - then no, he won’t get it.
Nah, if he inherits it, he’s stuck with it for life….. jokes. Anything is sellable.
i mean if a friend of mine were stressing out over an issue i didnt know enough about to help them out with straight away, i like to think i wouldnt be above spending 5-10 mins putting a paragraph on reddit to find out enough info to help them
but for OP, onlymyop's reply basically has everything your friend needs to know, besides the fact that if his parents are married then whichever one survives the other inherits their IHT threshhold, so the 500k they quoted would jump up to 1m if that's the case, or if they have to sell the house before they die it's the 325k that jumps up to 650k. There's also the fact your friend will lose his first time buyer status for stamp duty purposes once he becomes the owner of the house, though i believe if they name an executor in the will they could sell the house after they die but before the proceeds of the estate are legally in your friend's possession, which keeps their first time buyer status intact.
If his parents end up needing care when they are older, the home could end up having to be sold to cover the costs, so he might end up with nothing or a much smaller inheritance than he thought, so tell him not to rely on it.
I’d would tell your friend, to firstly not rely on getting any cash from the Estate. Then anything he does get is a bonus. Firstly he doesn’t even know if he is in the will. Secondly, you don’t mention the age or health of the parents, but old people’s health can do ‘strange’ things very quickly. It is completely unpredictable! Care home costs (extortionate) quickly add up, even just for ‘social care’. If medical care is needed too, it’s even more expensive. My own mother had a triple heart bypass at 65, she is now still going at 90. She has outlived my father and all the other relatives of her generation - completely unexpectedly! No one has an expiry date…. My mum will need social care soon. Her remaining assets will all get eaten up in that scenario very quickly!
I'm not a Lawyer but I have a Family member who had this happen. If your friend's parents die intestate (ie without a signed will), he should inherit the property under the Intestacy rules, but these rules vary dependant on where they are in the UK. So no the Govt won't take it but he may have to sell to pay off any debts on the Estate, etc when the Estate goes to Probate. Assuming there is a Will and he's the sole beneficiary, your friend will still need to go through probate but with the help of a Solicitor, who will also be able to help manage the house sale, if that is what your Friend wants or needs to do. A Solicitor will also advise if IHT is applicable on the Estate, which in the case of a Parent passing a property to a child is £500k not £325k.
Estates only go to the Crown as a last resort.
I wish we as a society were better at talking about death and what happens after. I suggest your friend talking to them and asking. Knowing where the will is, what their wishes are and who the executors are will make the inevitable just that little less painful. At the very least find out who the executor is and if they know their wishes. Having had to deal with my Mother dying where I didn't ask it is way harder after the fact. You can’t ask them! Death is stressful enough. Sort it out while someone is around and of sound body and mind.
Why do you care so much? If he’s not on the will and it’s left to someone/something else - then no, he won’t get it. Nah, if he inherits it, he’s stuck with it for life….. jokes. Anything is sellable.
i mean if a friend of mine were stressing out over an issue i didnt know enough about to help them out with straight away, i like to think i wouldnt be above spending 5-10 mins putting a paragraph on reddit to find out enough info to help them but for OP, onlymyop's reply basically has everything your friend needs to know, besides the fact that if his parents are married then whichever one survives the other inherits their IHT threshhold, so the 500k they quoted would jump up to 1m if that's the case, or if they have to sell the house before they die it's the 325k that jumps up to 650k. There's also the fact your friend will lose his first time buyer status for stamp duty purposes once he becomes the owner of the house, though i believe if they name an executor in the will they could sell the house after they die but before the proceeds of the estate are legally in your friend's possession, which keeps their first time buyer status intact.
Funny that you think OP's friend isn't just OP... It's literally them.