Reducing CGT on inherited house

TheRealGrumps

Clifford:
Yes, the death has happened. But technically, has the inheritance happened at the point of death or when probate is granted?

Sam:
Does the DOV accompany the will when it is submitted?

CLAPTON

TheRealGrumps wrote: »

Clifford:
Yes, the death has happened. But technically, has the inheritance happened at the point of death or when probate is granted?

Sam:
Does the DOV accompany the will when it is submitted?

there are two years to carry out a variation

getmore4less

If there is no IHT the DOV it to avoid PETS so is needed if a benifitiary dies within 7 years.

DOV are an intrument to reduce tax liabilities.

SeniorSam

The Real Grumps,
Once you have submitted the Will to obtain Probate, you will only have a copy Will returned as the original is always kept.

At the date of death, the terms of the Will take effect, but often there is a delay in obtaining Probate an dealing with other assets.

Obtaining a Deed of Variation can be anytime within two years of the date of death, but ALL beneficiaries will have to agree to the change. Are all beneficiaries over the age of 18 because a minor cannot agree to the variation and it can not be granted. More information please.

Sam

Mojisola

SeniorSam wrote: »

Obtaining a Deed of Variation can be anytime within two years of the date of death, but ALL beneficiaries will have to agree to the change. Are all beneficiaries over the age of 18 because a minor cannot agree to the variation and it can not be granted.

Only affected beneficiaries have to agree.

If the OP has been left the house in its entirety, he can pass it on through a DOV without any other beneficiaries named in the will being involved.

Savvy_Sue

But to answer a previous question, it may look straightforward but a Deed of Variation should be professionally drawn up after taking 'proper' advice (the kind you pay for so you can sue the pants of whoever gave it if it turns out to be wrong or the deed is not done right).

This may be by a solicitor, but if the OP would also beneft from some financial advice, you may be able to get it done through an IFA / accountant.

xylophone

See https://www.gov.uk/alter-a-will-after-a-death

http://www.geldards.co.uk/UserFiles/document/Deeds_of_Variation.pdf

TheRealGrumps

All:
I am the only beneficiary of the current will, and am over 18
I would like a DOV to give the ownership of the property to my children, also over 18.
Seems to me (after reading several online resources, including gov.uk/alter-a-will-after-a-death) that it should be a simple document.
Thank you all for your help.