Inheritance

cathrinewhite

My mum passed away last year and her house its contents and all monies were left to me.  She made no provision in her will for the grandchildren ( my two children and the two children of my brother who died years ).  However, I had a conversation with my mother before she died that confirmed that she would like me to give the grandchildren a sum of money after her death.  She hadn't put it in her will because of some falling outs with my brother's wife.  She just wanted me to give the grandchildren an amount and she wanted me to decide how much when the time come and her words if I thought they deserved it !!.  So I have decided I would like to give each of them £10000 .   Am I able to do this legally.   My thinking is that I can because it would be now classed as coming from my estate and would not need to be counted in my estate as long as I live for seven years.  Or am I confused .  Help Thankyou 

JGB1955

You can vary your mother's will by making a deed of variation - the payments would then come from your mother's estate and not have any bearing on yours.  A deed of variation has to be made within 2 years of date of death and can be done without need of a solicitor.

Are the grandchildren adults?  If not, the money would have to be held in trust for them.

See  Change a will after a death - GOV.UK (www.gov.uk)

enthusiasticsaver

Yes you can do this legally either by a deed of variation or just gift them as a personal equity transfer which as  you say will be inheritance tax free so long as you survive 7 years. 

cathrinewhite

The children are adults so no problem there thankyou 

Keep_pedalling

If your estate is likely to be subject to inheritance tax, then you should make a deed of variation, otherwise you can simply make the gifts.

cathrinewhite

Thankyou great