Refusing money from a will

DVardysShadow

Mojisola wrote: »

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

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

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.

The BBC article is saying exactly what I thought.

If the timeshare is refused, the Estate is left with the liability not the Executors. The IWC link indicates that the Estate could deal with this by going bankrupt - although I agree, this is not a very pleasant prospect for a widow if the house is held 'tenants in common'.

Having said that it is the Estate and not the Executors who are responsible, of course, the Executors could be personally liable if they distributed assets first and then discovered that the timeshare was actually a liability which no one wanted. This - along with a widow owning property TiC with the deceased - is I believe the more serious message of timeshare inheritance.

NAR

What a dreadful scenario and something few I bet consider or know about when people sign up for timeshares.

jellymid

A deed of variation can be used if all the beneficiaries are in agreement. The will can be re-written in accordance with your Father's wishes and it will be deemed to have been changed immediately prior to your Father's death. I spoke to somebody from Which? magazine, as a member, and they gave us the correct wording to avoid any inheritance tax/tax implications. I couldn't find anything suitable on the internet either.