unexpected inheritance, can I just give it to my son directly?

saraih

Hi, I was recently informed that my grandmother passed away and that I am to expect around £20000 because my dad predeceased her.

Now, I didn't know her and have no particular need for 20 thousand but my dad was very close to my son and it's my dad's share that is being split between his children.

Is it possible to just ask for the money to be paid directly to my son? there's no benefits involved so no deprivation of anything. Also do you pay tax on that amount and how do we go about that if so? My son is eighteen.

If this transfer isn't possible, is it possible to just refuse the money? like I say we weren't close and it feels odd to just accept a windfall like that from some random elderly lady.

Thanks

Keep_pedalling

You can do what you like with the money, so by all means pass it on to your son. The only tax implication would be associated with your estate if you died within 7 years of the gift, but that is only an issue if your estate is over the inheritance tax threashold.

The way round that would be to arrange a dead of variation so that the inheritance passes straight to your son.

saraih

Thanks very much, I'll just stick it straight into his savings then. My estate won't be anything much so he shouldn't have any problems

Keep_pedalling

Alternatively you might like to hold it back for a while, I know at 18 I might have soon frittered away £20k but would have regretted that when looking for house deposit a few years later.

pollypenny

Hmmm, it might be better to hang on to it fir your son for a while.

£20,000 would be an awful temptation for a youngster.

It could buy him a car or be a house deposit later on.

SeniorSam

If you do decide to hang on to it for now, it would be prudent to include it in your Will, just in case!

Sam