article_snippet.sent: Mr Kidd, said that Mayall’s children would be automatically entitled to a share of Mayall’s net estate of £1,192,701 after funeral and legal expenses, meaning funeral and legal could inherit an amount liable for inheritance tax.
article_snippet.sent: But Mr Kidd said an amount liable for inheritance tax would depend on the value of Mayall’s chattels or personal belongings which would go to Mr Kidd wife under intestacy rules.
article_snippet.sent: Mr Kidd Mr Kidd said that the rules for Mrs Mayall meant Mrs Mayall would be due to receive £250,000 plus all Mrs Mayall
article_snippet.sent: By law, Mrs Mayall children would then automatically get half the remaining value of the estate, creating a potential tax bill if the amount is more than the inheritance tax limit of £325,000.
article_snippet.sent: Mrs Mayall widow would have received a life interest in the remaining half – meaning Mayall’s widow could not touch or transfer that money but could claim interest on that money.
article_snippet.sent: Mr Kidd added that Mrs Mayall family could seek to avoid the tax by drawing up a deed of variation to split up Mr Kidd estate, reducing any sum left to Mayall’s children
article_snippet.sent: Mrs Mayall declined to discuss the estate and the apparent lack of a will.
article_snippet.sent: At Mrs Mayall home in South-West London Mrs Mayall said: ‘I haven’t heard anything from my lawyers yet.