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Hi All,
Hoping for your thoughts on my slightly convoluted inheritance situation, which is worrying me... hopefully needlessly!
I've recently been very fortunate to be gifted £100,000 by my parents to help finally buy a home at 38yrs old. I'd already saved £80k deposit but in my area and on my £22k income that doesn't go far. My parents have no claim/interest in the property. Their will contains instructions that when their estate is distributed, my 2 siblings should receive £75k each (as they both have had financial help earlier in life), and then the remainder should be split 3 ways. This seems fair to me.
Hopefully my parents live at least another 7 years; my understanding is that the gift to me would then be ignored for IHT purposes.
My worry is down to a worst case scenario and the precise wording in the will. It states that the gift to me is "inheritance in advance". If my parents were to pass away with no assets remaining (care costs etc) would either of my siblings be able to claim that I should pay them "their share" of this "early inheritance"?
I try to be fair with money, but losing £50k would pretty much lead to me losing my home as I already have a mortgage which I could not afford to add that much to. Irrelevant as it is, my sister is a multi-millionaire and my brother earns more than £200k/year... I know the law doesn't care about this, but if I lost that money it would destroy my life - if they went without it they'd just not add another £25k to the pile. I don't want to bring this up with my parents if I'm worrying about nothing.
Any thoughts greatly appreciated.
Thanks.
Hoping for your thoughts on my slightly convoluted inheritance situation, which is worrying me... hopefully needlessly!
I've recently been very fortunate to be gifted £100,000 by my parents to help finally buy a home at 38yrs old. I'd already saved £80k deposit but in my area and on my £22k income that doesn't go far. My parents have no claim/interest in the property. Their will contains instructions that when their estate is distributed, my 2 siblings should receive £75k each (as they both have had financial help earlier in life), and then the remainder should be split 3 ways. This seems fair to me.
Hopefully my parents live at least another 7 years; my understanding is that the gift to me would then be ignored for IHT purposes.
My worry is down to a worst case scenario and the precise wording in the will. It states that the gift to me is "inheritance in advance". If my parents were to pass away with no assets remaining (care costs etc) would either of my siblings be able to claim that I should pay them "their share" of this "early inheritance"?
I try to be fair with money, but losing £50k would pretty much lead to me losing my home as I already have a mortgage which I could not afford to add that much to. Irrelevant as it is, my sister is a multi-millionaire and my brother earns more than £200k/year... I know the law doesn't care about this, but if I lost that money it would destroy my life - if they went without it they'd just not add another £25k to the pile. I don't want to bring this up with my parents if I'm worrying about nothing.
Any thoughts greatly appreciated.
Thanks.
