Is deed of variation the only option?

catfish50

!!!!!! wrote: »

Unless your father is involved then the deed of variation will automatically fail as all parties that are affected by the variation need to agree to it.

And if I understand correctly, if for example the father is divorced and has remarried but subsequently died then his half now goes to his surviving widow.

Gets messy doesn't it?

What about if the father has died and left no surviving spouse? Would his half be due to his children? That could be a solution for all concerned (though I don't want to sound as if I'm wishing anybody dead because I'm not)

Mojisola

!!!!!! wrote: »

Unless your father is involved then the deed of variation will automatically fail as all parties that are affected by the variation need to agree to it.

And if I understand correctly, if for example the father is divorced and has remarried but subsequently died then his half now goes to his surviving widow.

The father's part would not get passed on to a spouse.

The intestacy rules can be seen here - https://www.youngandpearce.co.uk/intestrules.htm

Unmarried person with no children

Estate goes to parents.
If none, then to siblings of the whole blood or their issue.
If none, then to siblings of the half blood or their issue.
If none, then to grandparents.
If none, then to uncles and aunts of the whole blood or their issue.
If none, then to uncles and aunts of the half blood or their issue.
If there are no parents, siblings (whole or half blood), issue of siblings, grandparents, uncles and aunts (whole or half blood), or issue of uncles or aunts, estate goes to the Crown (or to the Duchy of Lancaster or the Duke of Cornwall).

catfish50

catfish50 wrote: »

What about if the father has died and left no surviving spouse? Would his half be due to his children?

To answer my own question -- apparently not, according to the calculator at http://www.hmrc.gov.uk/cto/customerguide/page14-1.htm

"...the deceased’s surviving parents will receive the whole estate in equal shares."

Mojisola

Half-siblings would only inherit if both parents and all whole siblings were deceased.

getmore4less

Allthough too late for this case, might be handy for others, once you know you are going to die there is another solution that does not need a will and if the estate is below the nill rate band there is no IHT and can be gifts with reservations also can avoid probate completely.
Might still need an estatereturn to HMRC.

You have to be of sound mind though.

You gift everything as soon as you can

cash assets can be done very very quickly,
fairly qickly for most others investment type assets.
Instant(just needs a letter) for all personal assets other than house.

you need a bit of trust to do everything since you will want your needs to be funded

catfish50

Mojisola wrote: »

Half-siblings would only inherit if both parents and all whole siblings were deceased.

Yes, I wsn't thinking of further children the father might have had. I was wondering if the OP and her siblings might be able to inherit the father's 50% share if the father was traced and found to be deceased. Leaving the mother with 50%, and the other 50% to be divided among the OP and siblings.

But the calculator clearly states that it's only the surviving parents who inherit.

The father should be traced, though, as he is due the money if alive. And who knows, the OP and siblings might be able to establish a right to some portion of the father's share, or he might agree to share it with them.

Alisonlll

Just to put you minds at rest my dad is dead and considering he abandoned my mum and never paid child support I think that could of been a very cruel twist if fate to hand over half of the inheritance to a man who hadn't fulfilled his responsibilities as a father that said I did love my dad what I knew of him but he didn't deserve anything from us

I'd like to appologies for my last two posts they are rants and I am too emotional at the moment there been so much to do since loosing my brother and alot of the paperwork has been left to me my mum cannt cope with it all she just keeps saying she shouldnt out live her children its not fair Sorting out the estate was one of the last main jobs to do I'm glad we don't have the hassle of selling a home too!

On the subject of my brother not writing a Will he didn't know that his money would go to mum he thought if there was no will it would go to siblings and with that he had made instruction to me and my other brother to look after mum. We never looked into it most of his money was tied up in a trust fund of which I am the sole beneficiary we took this to mean that trust would come to me and I could deal with his estate it turned out that didnt mean the money should go to me only that I should deal with that part of the estate he did make a verbal will to his friends who had planned to sit with him and help him write a will but he was in and out of hospital having radio therapy that he had said
"next week when I finish my treatment we can do my will" he died practically the next day

I'm starting to get my head around it all we just need to speak to a IFA and see what we can do for mum I know someone said she should go to the IFA alone but she doesn't always understand things she gets things muddled up so she would like me there to explain the bits she needs

I have said to mum to think of the liberating feeling of not being answerable to the DWP for the rest of her life and she is starting to feel less annoyed that she is loosing benefits and beginning to realise there a benefits in being finacially independent

Sorry again for my abrupt replies i think we have figured out some options that will more than look after mum

fortyplus

I'm not getting into the debate about deprivation but want to ask where the £16k savings limit is mentioned as I know of someone who still gets Pension Credit but has more than this (fully declared).

Alisonlll

fortyplus wrote: »

I'm not getting into the debate about deprivation but want to ask where the £16k savings limit is mentioned as I know of someone who still gets Pension Credit but has more than this (fully declared).

Im only guessing but maybe their savings are tied up in a trust and all they have access to is the interest..???

fortyplus

Alisonlll wrote: »

Im only guessing but maybe their savings are tied up in a trust and all they have access to is the interest..???

No, it is all savings but for a couple, so maybe that makes a difference.

Hope you work something out anyway that benefits all.

I think I've answered my own question now after reading a few more pages. If you have savings of over £16K you do not qualify for council tax benefit but if you receive guarantee part of pension credit you qualify for council tax benefit.

sorry to have confused anyone and going slightly off topic