Property Inheritance advice

Iris34

My wife has just passed away. We're not long married and she has a son over 18 (just) . There's no will. I dont want the property or any part of it. Its never been mine and he should keep his family home. Can I decline my inheritance and have it pass straight to him.

Other issue is I have an unsecured debt of about 5k from before marriage which I am paying on an arrangement so another reason I dont want it is incase they tried to force the sale of his home. and he still lost it.

Basically I just dont want the home the lad has lived his life in. His future will be hard enough without his mum. Its not an issue for me as I will move back with my mother.

elsien

I'm sorry for your loss.

You could look at doing a deed of variation.
I don't know about any tax implications but if you're claiming any benefits then this may not be possible as it could count as deprivation of assets.
How much is the property worth?

Iris34

Its about 90k, 30k outstanding but insurance to cover it. There's no other estate and I work.

Keep_pedalling

A deed of variation is the route to take, although your creditor could deem that as deliberate deprivation of assets, although unlikely they would pursue that line for £5k especially if you are making the agreed payments.

Iris34

Thank you, that's a great help.

getmore4less

As long as you don't default the debt or are claiming benefits(or expect too) you should be OK giving up the inheritance.

If you live in the place you may not be able to do a disclaimer and will have to do a DOV.

Who is the insurance made out too?

Any work/pension related payments that may form part of the estate.

Mojisola

Iris34 wrote: »

My wife has just passed away.

So sad for you.

You may be entitled to this benefit -
https://www.gov.uk/bereavement-support-payment

Socajam

Iris34 wrote: »

My wife has just passed away. We're not long married and she has a son over 18 (just) . There's no will. I dont want the property or any part of it. Its never been mine and he should keep his family home. Can I decline my inheritance and have it pass straight to him.

Other issue is I have an unsecured debt of about 5k from before marriage which I am paying on an arrangement so another reason I dont want it is incase they tried to force the sale of his home. and he still lost it.

Basically I just dont want the home the lad has lived his life in. His future will be hard enough without his mum. Its not an issue for me as I will move back with my mother.

I hope this young man realize that you are one in a million. Not many people would be this generous.
I wish you all the best for the future and try and keep in touch with him, both of you loved someone special.

Iris34

The insurance is just enough to clear the mortgage, that was always its purpose but I guess the money would come to me and I would clear it. If so should I do the DOV now before they pay? Would me doing that make it a gift?

There is a work place pension ibut think this will be okay as he was named recipient.

Iris34

getmore4less wrote: »

As long as you don't default the debt or are claiming benefits(or expect too) you should be OK giving up the inheritance.

If you live in the place you may not be able to do a disclaimer and will have to do a DOV.

Who is the insurance made out too?

Any work/pension related payments that may form part of the estate.

Sorry I forgot to quote above.

Keep_pedalling

Iris34 wrote: »

The insurance is just enough to clear the mortgage, that was always its purpose but I guess the money would come to me and I would clear it. If so should I do the DOV now before they pay? Would me doing that make it a gift?

There is a work place pension ibut think this will be okay as he was named recipient.

You do not need to rush this, you have 2 years from the date of death to do one. I would certainly not do it until you have all the fact about the insurance. Policies are often written in trust which take them out of your estate, so if you are the beneficiary of such a policy a DoV is not going to cover it you would basically have to gift it to your stepson.