We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Refusing money from a will

13

Comments

  • blossomhill_2
    blossomhill_2 Posts: 1,923 Forumite
    Dunroamin wrote: »
    Not really refreshing if you frequent the Benefits Board. There are always plenty of people in this situation trying to give an inheritance away so that they can continue to claim benefits.

    I imagine that's the case here and, fortunately, a Deed of Variation won't help as doing this would be considered deprivation of capital.

    What a horrible cynical mind you have - I knew about the DoV simply because I had needed to sort out the same thing in my role as executor, to honour someone's wishes, NONE of the beneficiaries on benefits, just honourable people doing the right thing. There are plenty of them about, but maybe you don't move in those circles!
    You never know how far-reaching something good, that you may do or say today, may affect the lives of others tomorrow
  • blossomhill_2
    blossomhill_2 Posts: 1,923 Forumite
    doesn't change the fact that it is true :)

    And if you are a board guide then shame on you for thanking the inappropriate post and reinforcing the cycnicism with your own post - I pity the people on the benefits board if they have you for a guide! You should be setting a better example
    You never know how far-reaching something good, that you may do or say today, may affect the lives of others tomorrow
  • Dunroamin
    Dunroamin Posts: 16,908 Forumite
    What a horrible cynical mind you have - I knew about the DoV simply because I had needed to sort out the same thing in my role as executor, to honour someone's wishes, NONE of the beneficiaries on benefits, just honourable people doing the right thing. There are plenty of them about, but maybe you don't move in those circles!

    Considering the amount of time I spend on MSE, you're probably right!;)

    Better to be a cynic than to be naive.
  • alwaysonthego_2
    alwaysonthego_2 Posts: 8,443 Forumite
    1,000 Posts Combo Breaker
    And if you are a board guide then shame on you for thanking the inappropriate post and reinforcing the cycnicism with your own post - I pity the people on the benefits board if they have you for a guide! You should be setting a better example
    I was agreeing with the poster that they could get into alot of bother if they were claiming benefits so they could make sure that they were aware, not sure why that is wrong. The info that was being conveyed was not incorrect, so unless I have missed something :)
  • blossomhill_2
    blossomhill_2 Posts: 1,923 Forumite
    I was agreeing with the poster that they could get into alot of bother if they were claiming benefits so they could make sure that they were aware, not sure why that is wrong. The info that was being conveyed was not incorrect, so unless I have missed something :)
    Yes you missed thanking post #3 which I am sure you would have done if your real intent was to make sure OP was clear about potential pitfalls
    You never know how far-reaching something good, that you may do or say today, may affect the lives of others tomorrow
  • NAR
    NAR Posts: 4,863 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Yes you missed thanking post #3 which I am sure you would have done if your real intent was to make sure OP was clear about potential pitfalls
    Just a pity some people can't be honest with others and will try and lie their way out of anything they have done wrong! :(
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    Mojisola wrote: »
    Unfortunately, there is always a residual beneficiary and if the timeshare is refused by another beneficiary, it will be inherited by that person.
    :eek: This I do not quite believe. If the timeshare is actually a liability and no one wants it, then no one has to have it. It is a similar situation to debts - debts would not be inherited.

    But it will probably cause added complications. YesWillMan makes the point that a refused inheritance falls into intestacy. Worse than that, if a timeshare is a liability, like debts, I would reckon it must be settled using value from the rest of the estate, before distributing anything to anyone. Otherwise the Executor could end up standing the loss.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Mojisola
    Mojisola Posts: 35,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    :eek: This I do not quite believe. If the timeshare is actually a liability and no one wants it, then no one has to have it. It is a similar situation to debts - debts would not be inherited.

    You would think so, wouldn't you? I've read several articles recently that suggests that's not the case with timeshares. Many have a nasty clause in the small print which means that the timeshare is owned in perpetuity and the costs get handed down from generation to generation.
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    Mojisola wrote: »
    You would think so, wouldn't you? I've read several articles recently that suggests that's not the case with timeshares. Many have a nasty clause in the small print which means that the timeshare is owned in perpetuity and the costs get handed down from generation to generation.
    The nasty clause is only binding on the purchaser and their estate and on anyone receiving the timeshare as an inheritance. No one can sign a contract and bind someone else, so the option will always be there to reject the inheritance. That will be enough, I believe, to scupper any distribution of assets.

    It sort of looks like the timeshare will get passed down the pecking order to the unlucky person who gets nothing else. But if that person has the gump to refuse it, who can force them to take it? Overall, it should go to the recipient who gets the lion's share - provided that the rest of the inheritance is adequate compensation for taking the poisoned chalice.

    I would suspect that the articles are focussing on the adverse effects of inheriting a timeshare and don't really consider the option of refusing
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Mojisola
    Mojisola Posts: 35,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It sort of looks like the timeshare will get passed down the pecking order to the unlucky person who gets nothing else. But if that person has the gump to refuse it, who can force them to take it? Overall, it should go to the recipient who gets the lion's share - provided that the rest of the inheritance is adequate compensation for taking the poisoned chalice.

    I would suspect that the articles are focussing on the adverse effects of inheriting a timeshare and don't really consider the option of refusing

    I hope that's right. This is the kind of article I've read -

    https://www.iwc-ltd.co.uk/article-the-dangers-of-in-perpetuity.html

    https://www.bbc.co.uk/news/uk-scotland-14819567

    It seems to be the executors who get stuck with the legal liability if the inheritance is refused.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.8K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.8K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.