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Looking to get some input on whether we can still proceed with a deed of variation.
Mums parents (our grandparents) both passed away around 2-3 years ago. Their entire estate was left to both my mum and her brother. The recent sale of their house means both would get roughly 300,000
Mum sadly passed away in October this year. She is divorced and had no partner. She had a progressive cancer which was diagnosed in March. Her will was updated. I have 4 siblings; the house is being left to my sister to provide her with continuity. Cash assets total roughly 350,000 which is to be divided up between myself and two other siblings. Our eldest didn't have a relationship with mum and he has been excluded from the will.
While she was still alive, and using my mums solicitor (not the solicitor executing my grandparents will), we started the process of creating a deed of variation so that our grandparent’s estate being left to mum would bypass her and not form part of her estate. Instead it would be divided up between all 5 children. As this money came from our grandparents, it was her wish to include our eldest sibling. It was never signed for all parties, including mum. If we were able to proceed with the deed of variable in time, the plan was to stop mums estate going over the 325,000 and keep us under the IHT liability threshold.
I was of the understanding that mum would have be involved. It was not clear at time but, since my grandparents estate was never mentioned in her will, only that all monies will be left to myself and two other siblings. Am I right in thinking that for our grandparents estate to skip my now deceased mothers estate, we would need to apply the deed of variation to my grandparents will?
Of my grandparents estate, myself and siblings would be the beneficiaries, and my uncle is the other beneficiary and current only executor.
What are your thoughts on the matter?
Is there a way we still do this?
And if so, who would be the best person to help us do it?
Any help and information on the matter is really appreciated
Mums parents (our grandparents) both passed away around 2-3 years ago. Their entire estate was left to both my mum and her brother. The recent sale of their house means both would get roughly 300,000
Mum sadly passed away in October this year. She is divorced and had no partner. She had a progressive cancer which was diagnosed in March. Her will was updated. I have 4 siblings; the house is being left to my sister to provide her with continuity. Cash assets total roughly 350,000 which is to be divided up between myself and two other siblings. Our eldest didn't have a relationship with mum and he has been excluded from the will.
While she was still alive, and using my mums solicitor (not the solicitor executing my grandparents will), we started the process of creating a deed of variation so that our grandparent’s estate being left to mum would bypass her and not form part of her estate. Instead it would be divided up between all 5 children. As this money came from our grandparents, it was her wish to include our eldest sibling. It was never signed for all parties, including mum. If we were able to proceed with the deed of variable in time, the plan was to stop mums estate going over the 325,000 and keep us under the IHT liability threshold.
I was of the understanding that mum would have be involved. It was not clear at time but, since my grandparents estate was never mentioned in her will, only that all monies will be left to myself and two other siblings. Am I right in thinking that for our grandparents estate to skip my now deceased mothers estate, we would need to apply the deed of variation to my grandparents will?
Of my grandparents estate, myself and siblings would be the beneficiaries, and my uncle is the other beneficiary and current only executor.
What are your thoughts on the matter?
Is there a way we still do this?
And if so, who would be the best person to help us do it?
Any help and information on the matter is really appreciated
