Inheritance - What has to be included in Acceptance Letter
Discussion
A friend has an inheritance coming his way which came as a bit of a shock and he agreed to some things in the heat of the moment, when he was told. Now in principal he's still happy with these, but due to the changes to who will receive money (he's giving up some of this entitlement), and agreeing to this without knowing the full value of the estate, he's worried that he may be giving up more than he agreed to.
So what he would like to know is that when he receives his letter from the solicitors (requiring his signature) agreeing to the split, will the whole division of the estate (total value and who gets what) be shown or just the figure that he will receive? If the latter can he request a full breakdown from the solicitor?
Cheers
So what he would like to know is that when he receives his letter from the solicitors (requiring his signature) agreeing to the split, will the whole division of the estate (total value and who gets what) be shown or just the figure that he will receive? If the latter can he request a full breakdown from the solicitor?
Cheers
Going through a similar thing at the moment where by a property from an estate is being given to somebody not mentioned in the will.
The disbursement of the estate and therefore and redistribution from the original will should be done as the final act, i.e. after probate and inheritance tax is squared away. This is what my solicitor has told me anyway.
On that bases then they should know EXACTLY what the estate is worth and how much everyone will get. I wouldn't be signing anything until probate was completed as the is no reason to do it prior to that, and without knowing what your signing away would be madness IMO.
The disbursement of the estate and therefore and redistribution from the original will should be done as the final act, i.e. after probate and inheritance tax is squared away. This is what my solicitor has told me anyway.
On that bases then they should know EXACTLY what the estate is worth and how much everyone will get. I wouldn't be signing anything until probate was completed as the is no reason to do it prior to that, and without knowing what your signing away would be madness IMO.
Thanks for that, so is it a two stage process; where by first the will is executed as intended, and then redistributed to the third parties not mentioned in the will, or does this all happen with the same letter?
I'm sure when letters go out all issues of tax and total estate value will be complete, but will the letter state it?
I'm sure when letters go out all issues of tax and total estate value will be complete, but will the letter state it?
My understanding is that it is a two stage process.
1. Everything is done up to and including probate and inheritance tax.
2. Then you would normally hand out the inheritance from the estate to the beneficiaries of the estate but in this case you write your letter and in effect the will is re-written and then dished out.
Now I maybe wrong as I am not a solicitor but as I said I am doing the same thing at the moment as an executor of an estate, and that is the legal advise I have been given.
1. Everything is done up to and including probate and inheritance tax.
2. Then you would normally hand out the inheritance from the estate to the beneficiaries of the estate but in this case you write your letter and in effect the will is re-written and then dished out.
Now I maybe wrong as I am not a solicitor but as I said I am doing the same thing at the moment as an executor of an estate, and that is the legal advise I have been given.
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