Testator predeceased by trustee

Tom99

Keep_pedalling wrote: »

You will need to get your sister to agree to this, as she needs to be involved with the DOV,

[FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]Its only the beneficiaries who's inheritance is adversely affected who need to sign a deed of variation not the person who is gaining[/FONT][/FONT][FONT=Verdana, sans-serif], however it is probably a good idea to mention it to them just in case the want to refuse the gift[/FONT] [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif].

[/FONT][/FONT] [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]Since Inheritance Tax will be considerable it would be a good idea to wait until you know how much that will be and work out who is liable to pay it before deciding what to gift your sister.[/FONT][/FONT]

Jenniefour

[/SIZE][/FONT][/SIZE][/FONT] [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]Since Inheritance Tax will be considerable it would be a good idea to wait until you know how much that will be and work out who is liable to pay it before deciding what to gift your sister.[/FONT][/FONT][/QUOTE]

IHT is usually paid from the estate before anything is paid out, not individual beneficiaries.

Yorkshireman99

Jenniefour wrote: »

[/SIZE][/FONT][/SIZE][/FONT] [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]Since Inheritance Tax will be considerable it would be a good idea to wait until you know how much that will be and work out who is liable to pay it before deciding what to gift your sister.[/FONT][/FONT]

IHT is usually paid from the estate before anything is paid out, not individual beneficiaries.[/QUOTE]
It does depend on the exact wording of the will. AFAICS this will suggests the beneficiary pays but the OP really MUST get paid for professional advice.

Keep_pedalling

Tom99 wrote: »

[FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]Its only the beneficiaries who's inheritance is adversely affected who need to sign a deed of variation not the person who is gaining[/FONT][/FONT][FONT=Verdana, sans-serif], however it is probably a good idea to mention it to them just in case the want to refuse the gift[/FONT] [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif].

[/FONT][/FONT] [FONT=Verdana, sans-serif][FONT=Verdana, sans-serif]Since Inheritance Tax will be considerable it would be a good idea to wait until you know how much that will be and work out who is liable to pay it before deciding what to gift your sister.[/FONT][/FONT]

The sister is affected as some or her residuary inheritance will go to a 3rd sibling who was written out of the will. She may or may not gain overall but will need to agree regardless of net gain or loss to herself.

Savvy_Sue

Keep_pedalling wrote: »

You will need to get your sister to agree to this, as she needs to be involved with the DOV,

I think that depends on whether or not A wants to share just her own share with the excluded sibling. If it's just her own share she wants to share, then B does not have to agree, although it would be worth talking to her and to - let's call him / her - C!

Keep_pedalling wrote: »

The sister is affected as some or her residuary inheritance will go to a 3rd sibling who was written out of the will. She may or may not gain overall but will need to agree regardless of net gain or loss to herself.

As above.

getmore4less

Go back to the wife's estate and start there.

Tom99

Jenniefour wrote: »

IHT is usually paid from the estate before anything is paid out, not individual beneficiaries.

[FONT=Verdana, sans-serif]Yes that's right, but what I meant was understanding the burden of Inheritance Tax on each beneficiaries net share. The Will leaves a specific property to A and the residue to A and B equally, but unless the will states otherwise, the inheritance tax will be taken from the residue estate. Therefore B will end up paying half the inheritance tax on the property given to A as well as the tax on her own inheritance. This could be seen as a further injustice.

[/FONT] [FONT=Verdana, sans-serif]Luckily A seem happy to put this right.[/FONT]

getmore4less

The will said the houses were bequests with the tax liability.