Capital Gains Cost Basis

My children were beneficiaries of a life fund of their godfather who died in 2007. These funds were directly transferred and held in the name of their godfather’s lawyer. Neither I nor my children were made aware of these funds until recently when the lawyer contacted us. The funds have now been transferred to my children’s names. How does one determine the cost basis of these funds for tax purposes?

Hi,
A value will have been applied at probate and the lawyer should be able to supply this.
Thank you.
 

This life fund was not part of probate. My child was a direct beneficiary in trust of the deceased's lawyer. Additionally the lawyer is now retired and I have not been able to contact him.

Hi
You will need to contact the fund manager/company to get the value in 2007.