Refusing money from a will

bigimpressiondevelopment · 12 June 2012 at 7:08AM

Can anyone point me in the direction of a 'will disclaimer' sample please? My father recently passed away, and just before he died he wanted to change his will to leave everything to my mother, and not as previously written, leaving a cash lump sum to me and my brother. As this was my father's wish, we both want to make sure that this happens, and understand that we can sign a disclaimer confirming that we are happy not to accept the money, and that my mother should keep it. However, I cant find a sample of this on the internet anywhere.... help please?

Thanks

blossomhill_2 · 12 June 2012 at 7:21AM

Deed of Variation might be what you need

JodyBPM · 12 June 2012 at 9:33AM

I agree that its a deed of variation that you are looking for.

It's nice that you are choosing to honour your father's wishes and make sure your mother is looked after.

The only problem you may encounter is if either yourself or your brother are on means tested benefits, and the cash lump sum would take you over the threshold, in this instance the DWP may treat you as if you had inherited the lump sum and curtail your benefits accordingly. Please take legal advice to make sure you know of any implications of giving up your right to the money.

It is refreshing to hear of someone actually trying to give money away and look after their parents though, we see far too many posts the other way round, with children trying to claim "rights" to their parents money, often before said parent has even passed away!

fluffnutter · 12 June 2012 at 9:36AM

This is really interesting because I didn't know you could do this, i.e. refuse to be a beneficiary.

The reason I'm particularly interested is because I've heard horrendous stories about people inheriting timeshares (which cost money to maintain, obviously) yet not being able to sell them on, nor wanting them in the first place. Children have been left unknowingly with these liabilities that they just can't shift. Would a Deed of Variation help in these circumstances?

Mr_Thrifty · 12 June 2012 at 10:11AM

i don't see what the big deal is. if the money comes to you, give it to your mom instead. is there a tax implication or something?

fluffnutter · 12 June 2012 at 10:42AM

Mr_Thrifty wrote: »

i don't see what the big deal is. if the money comes to you, give it to your mom instead. is there a tax implication or something?

Yes. You can't simply gift money around without potentially being subject to inheritance tax and capital gains tax.

Dunroamin · 12 June 2012 at 10:46AM

JodyBPM wrote: »

It is refreshing to hear of someone actually trying to give money away and look after their parents though, we see far too many posts the other way round, with children trying to claim "rights" to their parents money, often before said parent has even passed away!

Not really refreshing if you frequent the Benefits Board. There are always plenty of people in this situation trying to give an inheritance away so that they can continue to claim benefits.

I imagine that's the case here and, fortunately, a Deed of Variation won't help as doing this would be considered deprivation of capital.

sassyblue · 12 June 2012 at 11:09AM

Mr_Thrifty wrote: »

i don't see what the big deal is. if the money comes to you, give it to your mom instead. is there a tax implication or something?

That's what l was thinking :cool: Depends how much is involved l guess.

NAR · 12 June 2012 at 12:48PM

Dunroamin wrote: »

Not really refreshing if you frequent the Benefits Board. There are always plenty of people in this situation trying to give an inheritance away so that they can continue to claim benefits.

I imagine that's the case here and, fortunately, a Deed of Variation won't help as doing this would be considered deprivation of capital.

That is not the reason given by the OP in post #1, so what right have you to "imagine" anything? :mad:

Mojisola · 12 June 2012 at 12:54PM

fluffnutter wrote: »

This is really interesting because I didn't know you could do this, i.e. refuse to be a beneficiary.

The reason I'm particularly interested is because I've heard horrendous stories about people inheriting timeshares (which cost money to maintain, obviously) yet not being able to sell them on, nor wanting them in the first place. Children have been left unknowingly with these liabilities that they just can't shift. Would a Deed of Variation help in these circumstances?

Unfortunately, there is always a residual beneficiary and if the timeshare is refused by another beneficiary, it will be inherited by that person.

fluffnutter · 12 June 2012 at 1:07PM

Mojisola wrote: »

Unfortunately, there is always a residual beneficiary and if the timeshare is refused by another beneficiary, it will be inherited by that person.

Could that be the state?

Refusing money from a will

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