Gifting money from a will

jpbeautybabe

Hi all, myself and my dad have been left half of my nans estate. My dad agreed a few months ago that he would gift me more as I he doesn't need as much. The property is due to complete in 3 days time and my dad today is asking for more money. The money is going into my bank.
So question is, is he entitled to more or as he's already agreed to gift the money or is it tough on his part? Thanks

kazwookie

jpbeautybabe said:

Hi all, myself and my dad have been left half of my nans estate. My dad agreed a few months ago that he would gift me more as I he doesn't need as much. The property is due to complete in 3 days time and my dad today is asking for more money. The money is going into my bank.
So question is, is he entitled to more or as he's already agreed to gift the money or is it tough on his part? Thanks

Hi

I am confused, your dad is giving some of his half of the money, and now he want some of your half of the money for a property purchase?

He is entitle to half of the money as per the WILL.

It is up to him / you what you do with your share, once it has been sent to you.

If you WANT to give him some of yours, that is up to you, but he is NOT entitled to any of it.

jpbeautybabe

Thanks for replying, I didn't put it very clear. No my dad has agreed to a few thousand and that he'll give me most of his share. He is now saying he wants more of his money out if his share even though we have an agreement.

Mojisola

jpbeautybabe said:

my dad has agreed to a few thousand and that he'll give me most of his share. He is now saying he wants more of his money out if his share even though we have an agreement.

Who is the executor?  He/she will have to pay out the money according to the will.

If your father then wants to gift you some of his inheritance, he can do it once he has the money.

Regardless of what verbal agreement you think you have, the money is his and he can keep it all if he choses to.

p00hsticks

jpbeautybabe said:

My dad agreed a few months ago that he would gift me more as I he doesn't need as much.

Exactly how was this agreed ? If your father signed a formal deed of variation that gave part of his share to you, then yes, i beleive he's now bound to honour that. But if it's just something that he said to you informally in passing then I don't believe you can hold him to it.

And even if he did decide to give some to you, without a deed of variation the money must be distributed according to the will - so you each should be given half, and if he then chooses to give you some of his share that's up to him, and vice versa.

Sea_Shell

jpbeautybabe said:

Hi all, myself and my dad have been left half of my nans estate. My dad agreed a few months ago that he would gift me more as I he doesn't need as much. The property is due to complete in 3 days time and my dad today is asking for more money. The money is going into my bank.
So question is, is he entitled to more or as he's already agreed to gift the money or is it tough on his part? Thanks

Until any money actually hits your bank account, it's not yours.*   If and when it is deposited and your Dad asks for some back, then you need to search your conscience as to whether you want to gift him any.

If you haven't received your 50% yet, then he is quite within his rights to keep his whole 50% and gift you some, or nothing, out of it.   

You seem upset that your Dad might now not be able to honour his promise to give you more than you entitlement under the will.

How much to you value your relationship with your Dad?



Sorry if i've got the wrong end of the stick, your post is a little confusing.



*ETA - I didn't appreciate that the OP is the executor and as such ALL the money WILL be in their account initially.  but in these circumstances it is not their money to keep and must be distributed as per the will.   They can't just keep what was verbally promised.

jpbeautybabe

Myself and dad are executors but I've sorted everything as my dad couldn't be bothered. All the money will come to me then I have to distribute it to my dad.  So question is if I give him what we've agreed and he wants more what can he do about it?  This was only agreed verbally.

Grumpy_chap

jpbeautybabe said:

Myself and dad are executors but I've sorted everything as my dad couldn't be bothered. All the money will come to me then I have to distribute it to my dad.  So question is if I give him what we've agreed and he wants more what can he do about it?  This was only agreed verbally.

The executors of the will need to distribute according to the will.
That can only be changed if there was a deed of variation, which it sounds as though there is not.
Carry on with the process and distribute as per the will.
If your father then wishes to give some of his inheritance to you as a gift, that his his choice and his decision but has to follow after the initial distribution as per the will.
Far cleaner to distribute this way and then Dad gifts some back, than informally agreeing a different split which may give rise to future complications.

xylophone

So question is if I give him what we've agreed and he wants more what can he do about it?  This was only agreed verbally.

It is your duty as executor to distribute the legacies according to the will unless you have written evidence (usually by way of  a Deed of Variation) that all beneficiaries who would be adversely affected  by any change have agreed to such a change.

You do not have any such evidence.

Your father has changed his mind.

You must give him his due otherwise he would be perfectly within his rights to take you to court for the money.

Savvy_Sue

How old is your father, and is he in good health?

If his health is NOT good, then it would be a bad idea to let him give you anything from his inheritance. Google Deprivation of Assets. 

theoretica

If someone said 'I will give you my car for Christmas' but changed their mind they could still report the car as stolen if I just took the keys and drove off on Christmas morning.  Same thing here - it sounds as though the gift was not actually made.