Beneficiary Deceased

Barneys_Mom

I am the executor of my Aunt's will and the residue of the will was to be split between myself and seven of my cousins. My Aunt had no children. Unfortunately one of my cousins predeceased my Aunt. After the list of the beneficiaries it states 'as shall be living at the date of my death and if more than one in equal shares.'

My late cousin had two children. I am assuming that his share will not be split between them? Although this may seem straight forward I am double checking as it seems a little unfair!

Mojisola

Barneys_Mom wrote: »

I am the executor of my Aunt's will and the residue of the will was to be split between myself and seven of my cousins.

My Aunt had no children. Unfortunately one of my cousins predeceased my Aunt.

After the list of the beneficiaries it states 'as shall be living at the date of my death and if more than one in equal shares.'

My late cousin had two children. I am assuming that his share will not be split between them? Although this may seem straight forward I am double checking as it seems a little unfair!

It won't be under the terms of the will as stated here - but the other beneficiaries could be generous and give the money to his children.

Tom99

[FONT=Verdana, sans-serif]Uthough seemingly unfair to the cousins children your interpretation is correct and the will is quite clear about what should happen.

[/FONT] [FONT=Verdana, sans-serif]If any or all of the 7 beneficiaries wanted to be fair they could give the children 12.5% each of their own inheritance.

[/FONT] [FONT=Verdana, sans-serif]That could be done formally via a deed of variation or if each individual amount is small just by way of a normal gift.

[/FONT] [FONT=Verdana, sans-serif]Each individual can give away £3,000 each year and also include last years allowance if not used so £6,000 each can be gifted now and a yet further £3,000 on 6th April, without any worry about IHT. Therefore if amounts are within these limits it would be pointless wasting money on deeds of variation.[/FONT]