How to record a bequest from a will?

ThumperCOL

Surviving parent passed away recently. Will nominates myself and brother (no other successors) as executors. No specific bequests were made in the will, merely for executors to act in disposing of the assets of the estate. 

The unwritten agreement (perhaps unwise but it has stood the test of time!) with parents/brothers was for the executors (myself and brother) to split assets equally between myself and my brother irrespective of number of grandchildren there were/would be in the future at the time of writing the wills. Both myself and my brother were and still are happy with this arrangement.

The question is how do we record a transaction from the estate (cash) to our respective children (who are all now over 21) who did not have specific bequests in the will to ensure they are not viewed in the future by HMRC as excessive gifts out of the personal income of my brother and I? Sums would be no more than 10k.

Is a signed document stating: when, to whom, how much, how much with regard to each half share of the estate, paid by what means, sufficient?

Thanks in advance.

poseidon1

ThumperCOL said:

Surviving parent passed away recently. Will nominates myself and brother (no other successors) as executors. No specific bequests were made in the will, merely for executors to act in disposing of the assets of the estate. 

The unwritten agreement (perhaps unwise but it has stood the test of time!) with parents/brothers was for the executors (myself and brother) to split assets equally between myself and my brother irrespective of number of grandchildren there were/would be in the future at the time of writing the wills. Both myself and my brother were and still are happy with this arrangement.

The question is how do we record a transaction from the estate (cash) to our respective children (who are all now over 21) who did not have specific bequests in the will to ensure they are not viewed in the future by HMRC as excessive gifts out of the personal income of my brother and I? Sums would be no more than 10k.

Is a signed document stating: when, to whom, how much, how much with regard to each half share of the estate, paid by what means, sufficient?

Thanks in advance.

This recent thread on the subject should assist.

https://forums.moneysavingexpert.com/discussion/6547492/template-deed-of-variation#latest

Keep_pedalling

Who are the named beneficiaries in the will?