With regard to the inheritance of a property, as opposed to cash, there are two options:
1. Enter the inheritance as a 'windfall' of cash, then use this cash inflow to purchase the property itself, i.e. input a purchase of a 'new property', at the 'inheritance' event. There will be a corresponding 'spike', in Let's See > Cashflow, and if there is rental income, this can be linked to the property.
2. Enter the inherited property as though it has been owned by the client since the start of the plan. You would, however, enter the property as having both a 'Market Value', and a 'Purchase Value' of £0. At the later 'inheritance' event, when the inheritance is, in fact, to be received, one would use the 'Step-Up/Step-Down' function (under Advanced Settings), in the Property screen, to 'increase' the value of the property, to reflect its value at the point when it becomes the client's asset.
The only reason we would suggest for taking this latter approach, is that it would have the potential benefit of avoiding any 'spike' arising in the 'cash flow' chart.
In either case, one would perhaps need to beware of the CGT position, in the event that the property is sold, during the client's life. Option 1 would be preferable in this situation as the purchase value will have been entered on the inherited property. With Option 2 the purchase value is £0, which could create an artificially high CGT bill, if the property is sold later in the plan.