Will / trust

Skint_yet_Again

Thank you for clarifying @poseidon1 and thanks to @jem16

Is there anything we need to do to specify which share the gift is from or is the deed of variation enough? My share of the house will be about £50k so half would be £25k. I was considering £20k as a lump sum. I may then gift further amounts under gifting rules (up to 3k a year plus 5k on marriage).

@jem16 also mentioned the Scottish system of lodging the deed with the registers of Scotland. Is there anything similar required in England?

jem16

https://forums.moneysavingexpert.com/discussion/comment/81913386#Comment_81913386

This doesn’t apply in the OP’s case as Mum died in 2018 so well outside Deed of Variation time but didn’t we discuss that it was possible to do a Deed of Variation on my mother’s will to remove the Liferent trust set up on her death as it was less than 2 years ago? Too complicated to bother with in my case but possible?

jem16

https://forums.moneysavingexpert.com/discussion/comment/81913404#Comment_81913404

I just looked at my half share of the total estate, minus my mother’s half of the house. Then just decided on the amount I wanted to give to my sons based on that. The Deed of Variation simply mentioned amounts.

Skint_yet_Again

Thanks @jem16 I wonder if yours is different in Scotland?

I am now considering doing the deed of variation myself

https://www.gov.uk/alter-a-will-after-a-death

Gov.uk states use form IOV2. Then page 2 note 3 states the variation must clearly identify the part(s) of the estate that are being varied.

Can anyone advise how I do this? I believe that I would need to amend “clause 6” which states residuary estate to be sold and shared between 3 daughters.

jem16

https://forums.moneysavingexpert.com/discussion/comment/81926325#Comment_81926325

I don’t know if there are differences. I got our lawyer to draft it. It basically said that I was varying Dad’s will to alter my share of the total estate to leave a certain amount to each of my sons and the remainder to me.

Skint_yet_Again

Thanks @jem16 so it seems it is enough to specify my share of the total estate is being varied rather than which part of the estate (half of house not in trust/ other residual estate is being varied. Most helpful thank you

Skint_yet_Again

Just a quick update as we have now exchanged contracts on the property

• The non taxable trust has been registered with HMRC and closed with no penalty 
• Probate has been granted & valid certificates eventually received 
• Executor bank account opened 
• HMRC personal tax to date of death has been settled & refund received 
• All “debts” paid and overpayments received after death have been returned to pension/ DWP / state pension for overpaid amounts relating to periods after death
• House sale is progressing
• House insurance for empty home is in place and council tax is still under Cat F exemption 
• Pecuniary beneficiary has been paid
• There was no IHT & should be no CGT & no tax expected to be due during the admin period as taxable income will be below £500

We should complete on the sale next week. Next steps

• All ISA’s will now be closed.
• Final meter readings will be submitted and final bills paid once sale completed
• Empty house insurance will be cancelled & partial refund will be due
• Will not be placing a notice in the gazette as executors are also beneficiaries
• Inform council tax once completed sale (still within cat F exemption period)
• once all monies received into executor account & all bills paid the balance will be divided and paid to the residual beneficiaries
• Final estate admin accounts will be written up

If I decide to do a deed of variation for my share I will see a solicitor.