A will with options?

Reed_Richards

I am wondering if I can write a will giving someone the option to accept or decline a bequest? I know this sounds strange but I am thinking of a close relative who is in excellent financial health at present and who says they are in no need of a bequest. But I would not wish them to suffer in the unlikely event that they have fallen on hard times by the time I die.

Woodstok2000

I dont think this needs to be written in specifically. Anyone can refuse a bequest in a will as you cant force them to accept a gift. It's usually either done by disclaimer the gift in its entirety so it goes back to the estate for distribution, or via a deed of variation.

Zerforax

You could give to them in the will and then they can decide how to forward it on (if they don't need) or you could write a letter asking how to deal with it in the event they don't want it.

What is the plan if they decline it? It could make your will quite complicated (unless as simple as £X amount to Person A. If Person A declines then the £X amount will go to Person B instead).

p00hsticks

I think mentioning it in the will would potentially mean those who would otherwise benefit might put pressure on the person to decline the bequest.

Better to leave just them the money in the will and as others suggest they can choose to decline it or make a deed of variation to route it elsewhere as they wish.

Edstead

Agreed, anyone can disclaim (i.e. decline) a gift, I also agree with p00hsticks that writing it down might lead them to feel undue pressure - maybe just mention it light-heartedly in person.

Reed_Richards

A bequest to person A that they then gift to person B could cause complications if person A dies within six years of making that gift, which is why a Deed of Variation would be the right way to do things.

I'm aware of the possibility of a Deed of Variation but wondered if I could make things simpler by putting something in the will. What if the person to whom I make the bequest is unaware that the option of a Deed of Variation even exists? And executing a Deed of Variation takes time; what if the person dies only shortly after I do? In that case they certainly wouldn't need the money so I would want the bequest to fail.

I suppose something explicit in the will might leave the person open to pressure but if you are really money-grabbing you could exert pressure for a Deed of Variation. If the bequest was refused it would be added to the residue of my estate and be distributed in accordance with the instructions for that residue.

Dead_keen

How long would you give them to accept or refuse? What if the were on holiday or had dementia? What if they moved and the executor didn't bother to ask the next door neighbour where they had moved to? Does the acceptance have to be in writing? By WhatsApp? Or is a nod ok?

And then getting to the IHT bit, if you decline to accept something that has been left to you in a will (in circumstances where the conditions for a deed of variation are not satisfied), why is that not a transfer of value? So by doing this you may well put the potential recipient of your generosity in a worse position. I'm not saying it definitely is as I'd want to understand the facts, but HMRC seem to suggest it is.

Cairnpapple

Who will your executor be? If your executor knows about deed of variation then that would seem to be adequate to inform the beneficiary if need be.

Reed_Richards

Thank you to everyone who commented. What I have concluded is that I should include a survivorship clause into the will (for maybe 3 months) giving time for my relative to refuse the bequest or a deed of variation to be made. This would guard against the possibility that they die shortly after me, so would not need the bequest.

RAS

I'd suggest that you also let your relative know what you have done and that you are happy if they choose to decline or make a deed of variation to anyone they choose or charity, or to accept the inheritance.