Inheritance / gifting a sum to children question
Discussion
Trying to work out exactly what you're trying to do here - you have the inheritance and want to share it, or are you not at that stage yet?
Aside from the inheritance aspect, you can gift without any specific oversight. You may need to provide a guarantee that it is a gift, and not a loan if they want to use it as a deposit, but otherwise you just have to survive 7 more years so there's no IHT to pay on your gift to them.
Regarding the inheritance, this may be relevant: https://www.thisismoney.co.uk/money/experts/articl...
Aside from the inheritance aspect, you can gift without any specific oversight. You may need to provide a guarantee that it is a gift, and not a loan if they want to use it as a deposit, but otherwise you just have to survive 7 more years so there's no IHT to pay on your gift to them.
Regarding the inheritance, this may be relevant: https://www.thisismoney.co.uk/money/experts/articl...
Edited by tapandunwrap on Sunday 7th March 21:50
Solicitor could be thinking of a Deed of Variation to effectively change the Will, but no obvious reason why you'd need to do that if it's money you've been left that you're passing on - unless, as said above, he is covering the base of any complications that might arise from you croaking within 7 years.
If that is what he's thinking, the Judge bit is confusing - I think it just needs you to write a letter.
If that is what he's thinking, the Judge bit is confusing - I think it just needs you to write a letter.
I just got my solicitor to write a memo recording that I was waiving my rights to my inheritance from my mother in favour of my son (a deed of variation, as mentioned elsewhere). I have a copy in my tax file as does my son in his.
As I never received/possessed the money, it will never have scored as an asset of mine for IHT purposes. I believe that there is a period of time post probate where that decision can be taken but, as always, best get proper and paid for legal advice.
As I never received/possessed the money, it will never have scored as an asset of mine for IHT purposes. I believe that there is a period of time post probate where that decision can be taken but, as always, best get proper and paid for legal advice.
Think deed of variation is 6 months from date of death.
Solicitor/executor can do it. Maybe a judge has to sign it off? But is essentially just oversight?
Makes sense if you can to pass from deceased estate directly rather than gifting it immediately after you get it.
Not sure if you can post-apply that variation. Indeed estate might have been wrapped up by now?
Solicitor/executor can do it. Maybe a judge has to sign it off? But is essentially just oversight?
Makes sense if you can to pass from deceased estate directly rather than gifting it immediately after you get it.
Not sure if you can post-apply that variation. Indeed estate might have been wrapped up by now?
Edited by Mr Whippy on Tuesday 9th March 17:31
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