Money gifting probate and wills

elsien

Belle1576 said:

I’m not deciding to change it off my own bat my father wanted to include them, but unfortunately he didn’t get to change his will, his death was very unexpected, and thought he had more time.

thanks for your help keep peddling, I have been doing lots of reading and getting confused with all the information, and dealing with my grief and all that goes with it 

I appreciate this is in line with your father’s wishes but it was just to say that still needs the agreement of all the beneficiaries over 18 who will be losing some of their share, and those under 18 will have to keep the share they were originally given - theirs can’t be reduced. 

madbadrob

elsien said:

Belle1576 said:

I’m not deciding to change it off my own bat my father wanted to include them, but unfortunately he didn’t get to change his will, his death was very unexpected, and thought he had more time.

thanks for your help keep peddling, I have been doing lots of reading and getting confused with all the information, and dealing with my grief and all that goes with it 

. 

Alas that is immaterial in the eyes of the law.  The will is his last wishes as he wrote down and as such this has to be adhered to.  If that will leaves everything to bonzo the clown then whether your father said to you that he didnt want bonzo to get anything and wanted his sibling coco the clown to have it all bonzo would still get it. If however bonzo was aware of the wishes of the decease he could agree via a deed of variation to forgo his share and pass it to coco.  

I hope this makes it understandable.  

This also covers you because in the future for example should you and your husband divorce and no deed of variation existed that money could be considered in the distribution of assets.  Of course you dont expect to be getting divorced and i could have chosen many other ways to example this.

As I was once told where money is concerned the devil comes out in everyone


Rob

Belle1576

So the house is in yours and your husbands name and basically your father gifted you the money to buy the house which in return you shared with him.  If this is correct as I understand your post then the house will not form any part of his estate although the gift will.  So with the house not in the equation and assuming the 240k was not given to you would the estate be worth the IHT value?  Did your father use any of your late mother’s IHT allowances?  If not then the IHT Threshold for your father would be 650k   If it is under the IHT threshold then you can forget the whole NRb situation.  

No I believe the house would not be part of the estate, but he gifted us the money to purchase the house, as he was going to live with us and I was going to care for him.
i don’t think he used my mums IHT as she didn’t have a lot but they were joint ownership of a property which became my dads, which he sold to move in with us.

i didn’t have any joint bank accounts with him, his bank accounts are now closed he did have some savings but not much I used this to pay his credit card bills. We are the executor of his will so we could sort out any debt etc.
he didn’t reach the threshold of £325000 with or without the gifted money

Keep_pedalling

Belle1576 said:

No I believe the house would not be part of the estate, but he gifted us the money to purchase the house, as he was going to live with us and I was going to care for him.
i don’t think he used my mums IHT as she didn’t have a lot but they were joint ownership of a property which became my dads, which he sold to move in with us.

i didn’t have any joint bank accounts with him, his bank accounts are now closed he did have some savings but not much I used this to pay his credit card bills. We are the executor of his will so we could sort out any debt etc.
he didn’t reach the threshold of £325000 with or without the gifted money

The £240k forms part of his estate for IHT purposes, but his estate can also claim his wife’s NRB so if it falls below £650K then no IHT return will be required. Over that it will as it is the only way to be able to claim the residential NRB and the transferable residential NRB from his wife.