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What to do with money left to grandchildren who aren’t old enough yet
Comments
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I'd say no need to change, but @Land_Registry will know better (as will others).
Do you live there? I ask, because if not, there's a CGT liability building on your share.
Signature removed for peace of mind0 -
Yes I live there. Besides it being my home I also cared for my Dad for 5 years there and still care for my Mum.
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Reading up on the government website on a DOV it says that it doesn’t have to be a formal deed it can just be a letter or document if it meets the conditions listed on the website.
Does anyone know of a good template available online to buy that I could use as it is such a simple variation of the will. Looking at local solicitors they are quoting 4 to 8 weeks to sort out the document and even that could drag on and I would like to get this sorted as quickly as possible.0 -
If no one else has an interest, I would simply give them the money now.
Mortgage free
Vocational freedom has arrived1 -
Just write a letter that you and your mother sign. Hopefully it will be irrelevant once the youngest reaches 25 and in the mean time there is no one likely to object
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Thank you both for taking the time to reply. That is what I will do. There is on IHT implications or CGT so I have no need to inform HMRC
I will just follow the gov.uk website advice and write a simple letter to change the clause in the will.
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This might help if you've not already found it:
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
I had actually found that but thank you for your help. I was going to use the info in it to write the letter. On the gov site it says you don’t need to use a solicitor and as it’s just a small change which doesn’t disadvantage anyone I can’t think there will be any problem.
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I just wrote a letter and have stored it with my father's probate documents. Whilst I didn't have the letter witnessed (and there is no obligation to do so) it might be better if you do (apparently, from some comments)!
#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660 -
Has anyone ever asked to see the letter. It’s probably a good idea to get it witnessed with someone who isn’t connected to the beneficiaries.
Thank you for posting the info
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