Hi Gary,
If the property is bequeathed to the deceased's children in a will and they dispose of the property, they may have Capital Gains Tax to pay.
The capital gain would arise where the disposal value is greater than the probate value and allowable expenses.
Each beneficiary will need to review their potential liability to Capital Gains Tax on their share of the asset.
You can find a Capital Gains Tax calculator here:
Capital Gains Tax
As well as registering for a capital gains account and report and pay any Capital Gains Tax due.
Each beneficiary will need to do this separately.
Thank you.