Inheritance Give Away Letter

oshoshitzu

In a will if the whole of the estate is left to two relatives only to be shared equally (relative A and relative . A and B are also named as executors of the will.
However, relative A does not want to be an executor and will allow relative B to be the sole executor. Relative A also does not wish to inherit any money held in bank accounts by the deceased; but instead allow relative B to inherit all of the money. How would you word a letter which states this. Would one of the following be suitable?






I relative A do not wish to inherit any money from the deceased; instead I want relative B to inherit all of the money


or should it be


I relative A do not want inherit any money from the deceased; instead I want relative B to inherit my half of the money.


Or any other suggestions?

Yorkshireman99

oshoshitzu wrote: »

In a will if the whole of the estate is left to two relatives only to be shared equally (relative A and relative . A and B are also named as executors of the will.
However, relative A does not want to be an executor and will allow relative B to be the sole executor. Relative A also does not wish to inherit any money held in bank accounts by the deceased; but instead allow relative B to inherit all of the money. How would you word a letter which states this. Would one of the following be suitable?






I relative A do not wish to inherit any money from the deceased; instead I want relative B to inherit all of the money


or should it be


I relative A do not want inherit any money from the deceased; instead I want relative B to inherit my half of the money.


Or any other suggestions?

Executor A simply declines to act on the probate application. A needs to execute a deed of variation declining to accept the legacy. Note that this will not avoid the declined legacy being counted in any calculation of means tested benefits.

getmore4less

Not being executor is simple, the other one applies on their own a can reserve power to act as a backup.

If A wants to give up all of their share ther are three options
gift - as long as it won't cause IHT issues for A
disclaimer - if B would inherit see below.
DOV - if B would not inherit from a disclaimer


a simple disclaimer may be the most appropriate way as long as the will is written in a way that B would inherit and not some other person.

with a disclaimer you are treated to have died just before the testator and the will process the disclaimed share on that basis, S33 applies.