savings or gifted deposit?

lydriver

I was left money that I'm going to use as part of the deposit for a flat, it was stated as 'divided equally' between myself and the executor but I've been given the majority of it by the executor who has now transferred the money to my bank account

do I put this down as gifted deposit or savings?

HappyMJ

lydriver wrote: »

I was left money that I'm going to use as part of the deposit for a flat, it was stated as 'divided equally' between myself and the executor but I've been given the majority of it by the executor who has now transferred the money to my bank account

do I put this down as gifted deposit or savings?

Savings. You could ask the dead person (sorry for your loss) to sign something saying they never want the money back and have no interest in the property you are about to buy. I don't think that's quite possible so...savings.

getmore4less

Has the other Beneficiary done a deed of variation?

If they haven't then the extra is gift.

Is this not inheritance rather than gift:)

Probably best not to mix it with some inheritance some gift.

Mojisola

lydriver wrote: »

I was left money that I'm going to use as part of the deposit for a flat, it was stated as 'divided equally' between myself and the executor but I've been given the majority of it by the executor who has now transferred the money to my bank account

do I put this down as gifted deposit or savings?

As getmore4less says - unless the executor has done a deed of variation, then this money is part inheritance from the deceased and part gift from the executor.

lydriver

thanks

I take it it's easier to put down as a gift rather than complete a deed of variation?

Mojisola

lydriver wrote: »

I take it it's easier to put down as a gift rather than complete a deed of variation?

You'll have to get a letter from the person giving you the money saying that it is a gift which won't have to be repaid.

lydriver

thanks
from what I have read a deed of variation is just a letter that can be completed and doesn't need a lawyers involvement

so seems like it doesn't make much difference which is done, gifted deposit letter seems easier tho?