Named assets in will

vigman

Mr Y owns three properties of equal value. Main House, New Flat and Old Cottage. They are left to named children A, B and C in order.

However after IHT is paid only Main House actually exists as a property.

Does A still get Main House and the others nothing? Or would Main House get sold and shared with the other two children whose named properties have been sold?

TIA

Vigman

Savvy_Sue

I think it depends on the wording of the will, but I'm pretty sure that it would be possible to word the will so that either of those is a possibility.

One would have to ask how the decision was made to sell properties left to B and C but not A ...

vigman

Savvy_Sue wrote: »

I think it depends on the wording of the will, but I'm pretty sure that it would be possible to word the will so that either of those is a possibility.

One would have to ask how the decision was made to sell properties left to B and C but not A ...

Main House A in the family for years left to No 1 son........!

Vigman

Keep_pedalling

For someone who's estate faced IHT it would be a pretty stupid way to write a will. In fact none of them should receive any of the properties, all three should be sold and the proceeds distributed evenly between the 3.

If one really wanted to keep their property then they would have to pay the estate a 3rd of the IHT bill to do so.

vigman

As you will see from others queries of mine a poorly written will with multiple complications is costing a fortune to sort out

Vigman

da_rule

If it is a specific gift and it still exists after the payment of taxes and debts then it will be distributed according to the will. If the beneficiary is feeling generous they could do a deed of variation to give the other 2 a share. Alternatively, all 3 could do deeds of variation essentially dividing the estate equally between them.

molerat

I assume A is causing the problems here.

theoretica

vigman wrote: »

Main House A in the family for years left to No 1 son........!

Vigman

But does the will say that the others should be sold and not that one, or was that a decision by the executor?

Have the other properties already been sold, or is it that they will need to be? I suspect the answer would be to sell all three, but they could be sold to the beneficiaries if they want to keep any of them in the family.

Keep_pedalling

da_rule wrote: »

If it is a specific gift and it still exists after the payment of taxes and debts then it will be distributed according to the will. If the beneficiary is feeling generous they could do a deed of variation to give the other 2 a share. Alternatively, all 3 could do deeds of variation essentially dividing the estate equally between them.

If property needs to be sold to pay IHT, then an executor can't just sell parts that leave some beneficiaries without their inheritance, and another beneficiary with theirs intact.

vigman

I was trying to get the facts on named properties being left to named people when some properties have been liquidated

The actual facts are stranger than my example

Vigman

Keep_pedalling

vigman wrote: »

I was trying to get the facts on named properties being left to named people when some properties have been liquidated

The actual facts are stranger than my example

Vigman

Are you the executor?