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Refusing money from a will
Comments
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That is not the reason given by the OP in post #1, so what right have you to "imagine" anything? :mad:
Because it's the only thing that makes sense.
As others have pointed out, why not just accept the inheritance and then hand the money over to his mother if there isn't an ulterior motive?0 -
Because it's the only thing that makes sense.
As others have pointed out, why not just accept the inheritance and then hand the money over to his mother if there isn't an ulterior motive?
Because there are tax implications. If they accept the money then pass it on, they'll be possibly liable to CGT and IHT on the inheritance. Plus the mother might be also liable to pay taxes depending on what happens to the OP (i.e. he/she might unfortunately die in the next 7 years).
You can't just give money to your parents/children without being potentially liable to pay tax. Only spouses can move unlimited sums between them.
It's crazy to inherit from your spouse via your children. You're just giving money to the government that you don't need to!"Growth for growth's sake is the ideology of the cancer cell" - Edward Abbey.0 -
fluffnutter wrote: »Could that be the state?
I don't think so unless the whole of the estate is refused.0 -
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Hi, we did a similar thing to what the op wants to do; My nan died and everything went to my pop who had been seperated (but not divorced) for 30 years, due to them being unable to find her will. When he died his will stated everything was to be shared between all the grandkids however we all knew that my nan and pop had always said that 'her half' would go to their kids and 'his half' would go to the grandkids. So we told the solicitor that is how we all wanted it (there were 14 interested parties agreeing to this) The solicitor sent all the grandkids a letter and form to sign over a % of their entitled share to give to their mums. We never had to declare the original amounts although I will say it took 18 months to sort out - I wasn't an executor so don't know all the details just that it can be done but probably best with a solicitor.0
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Because it's the only thing that makes sense.As others have pointed out, why not just accept the inheritance and then hand the money over to his mother if there isn't an ulterior motive?
If you and alwaysonthego don't have anything constructive advice to give the OP then why post on the thread? All you do is annoy people and have them wondering why they posted in the first place!0 -
In YOUR opinion!
The reasons are none of your or anyone else's business. The OP asked a simple question asking about how they could "disclaim" an inheritance to comply with their father's wishes.
If you and alwaysonthego don't have anything constructive advice to give the OP then why post on the thread? All you do is annoy people and have them wondering why they posted in the first place!
If the OP and his brother are claiming any means tested benefits (as many people are) and he gives his inheritance away he'll be committing benefit fraud and, when this is found out, his benefits will be assessed as if they still had the money.
Considering the number of people who are unaware of these facts, it seems only responsible to make him aware of this so that he can avoid both hardship and a criminal record. If this isn't the case, then the information could be useful to anybody else in a similar situation.
There is no such thing as too much information.0 -
If the OP and his brother are claiming any means tested benefits (as many people are) and he gives his inheritance away he'll be committing benefit fraud and, when this is found out, his benefits will be assessed as if they still had the money.
Considering the number of people who are unaware of these facts, it seems only responsible to make him aware of this so that he can avoid both hardship and a criminal record. If this isn't the case, then the information could be useful to anybody else in a similar situation.
There is no such thing as too much information.
JodyBPM had already provided that information in post 3, much more politely.0 -
it is possible to disclaim a benefit under a Will and also an entitlement on intestacy in whole or in part. All that is necessary for the disclaimer to be effective is for the beneficiary to indicate an intention to disclaim to the deceased's executors. There is no formality required, in practice however that notice of the disclaimer is given in writing.
The disclaimer must be made before the beneficiary receives some benefit. For example, after the beneficiary has lived in a house left to them, or after they receive a dividend from shares, they cannot disclaim the property. It is not necessary that the beneficiary disclaim the entire gift. The beneficiary can decide to retain one part of the gift and reject the other part.
The beneficiary has no control over the asset once it is disclaimed. The Will may say what happens if a gift is disclaimed. Failing that, the property is returned to the estate and it depends on the type of gift that has been disclaimed. For example, if the gift was a pecuniary or specific gift that gift will fall into the residue. If the beneficiary disclaims a gift of residue, the disclaimed property will fall into intestacy
This means that assuming your mother and father were married at the time of death your mother would inherit the first £250,000 which I assume the estate value comes under.
My view but have you and your brother considered that the money and/or property involved could be put in Trust by doing a Deed of Variation, which others have already mentioned as a method of paying it all to your mother. However if in a Life Interest Trust and you and your brother were Trustees you could pay the moneys as and when to her without her having the issues of having the inheritance can bring.
When she is unable to look after her own affairs then rather than going to the expense of Lasting Power of attorney the two of you can manage her cash etc. It would also mean if she went into a Nursing Home she would not actually own the monies but the cash would still come in useful for her.0
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