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Hello, I hope someone can help me, my grandparents will was written back in the 80's when I was a young child, my two sisters weren't born yet, and they left everything to me in a trust until I was old enough, I am now in my 30's and both grandparents have died in the last 12 months the will is with the solicitors as they are the executors. My question really is even though I would share with my mum and sisters it's still causing tension between me and my mum, can I sign everything over to her? I just don't think all the money in the world is worth fighting over and if it would make her happy then so be it
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Re: Sole beneficiary of will need advice
How very sad that this is causing so much upset, but sadly it's quite common for families to fall out after a death especially when money is involved. I am sure you can refuse your inheritance and the best thing would be to have a word with the solicitor dealing with the estate. I think if it's all done legal and above board whatever may happen with your family relationship there can be no come back later.
Enaid x
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Re: Sole beneficiary of will need advice
It's not quite as easy as Enaid proposes.
If a beneficiary declines to accept their inheritance the personal representatives have two options:
1)apply under CPR 64 for court directions
2)pay the inheritance into court.
Both cost money and might not get the result you want
I would concur with talking to the solicitors about options.
You obviously don't wish to cause upset in the family, so could you not accept the inheritance and then share it with other members of your family? This may not be an option if you are claiming benefits.
Having written the above I have found this:
A beneficiary is entitled to transfer a benefit from a gift to some other person. This is called a variation and allows a beneficiary to control the destination of the property. The beneficiary is entitled to instruct the executors to transfer some or all of the property subject to the variation, to a particular person or persons who may or may not be beneficiaries already under the Will or on an intestacy
So speak to your solicitor!Comment
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Re: Sole beneficiary of will need advice
Thank you, I was going to share the money at the end anyway, it's just causing issue with nasty comments as I'm the granddaughter I was hoping I could sign my rights over to mum so she would be the one in charge dealing with solicitor ect, I thought it would put an end to the comments as I do not want to fight with my mum over money to me it's not worth it. I think the easiest thing for me is just grin and bare it and hope it calms down when it's shared out, we all work so benefits aren't an issue.
Thank you for your reply it confirmed my original thoughtsComment
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Re: Sole beneficiary of will need advice
My grammar is terrible I apologise it's late and I'm exhausted lolComment
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Re: Sole beneficiary of will need advice
[QUOTE=des8;459320]It's not quite as easy as Enaid proposes.
If a beneficiary declines to accept their inheritance the personal representatives have two options:
1)apply under CPR 64 for court directions
2)pay the inheritance into court.
Both cost money and might not get the result you want
Is this what happens if you refuse the Inheritance before the person has died?
I have only recently been reading up on this information but I did think all was needed here was a variation, but it has to be done properly because if Capital Gains or Inheritance tax are in the mix it has to be stated.Comment
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Re: Sole beneficiary of will need advice
Your mother appears to putting pressure on you to surrender your inheritance. This is not acceptable.Originally posted by Galaxy69uk View PostComment
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Re: Sole beneficiary of will need advice
Is this what happens if you refuse the Inheritance before the person has died?
I have only recently been reading up on this information but I did think all was needed here was a variation, but it has to be done properly because if Capital Gains or Inheritance tax are in the mix it has to be stated.[/QUOTE]
Enaid, I don't know!
I suspect you can't refuse an inheritance BEFORE the testator dies, because the gift has not yet been made. If it hasn't been made you can't refuse it.
If you know the contents of the will in advance of testator's death, you could advise the testator you intend to refuse any inheritance, and he may or may not add a codicil., or write a new will.
It seems that if a person is adamant in refusing an inheritance a variation is required under CPR 64, although a personal representative may pay the inheritance into court (very unusual)
As you point out, there may be tax implications if an inheritance of property is "disclaimed".Comment
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Re: Sole beneficiary of will need advice
Hi,
The will stands as it is written.
The Executors must by law, carry out the wishes of the deceased according to the will.
Tell your mother that you thought she trusted you as a son, and as such, you will wait until you have received your inheritance before deciding who gets what.
Stick to this decision, as your mother really shouldn't be this way with you, and should trust you.
And legally, she and your siblings are entitled to nothing from the estate.“The only man who sticks closer to you in adversity more than a friend, is a creditor.”
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Re: Sole beneficiary of will need advice
While the wrongs and rights of this situation have been discussed and I am sure the right information and help has been given, in all cases like this it has to be the ops decision as which way to go forward. That must be one which they can cope and live with imho, just my thoughts.
Enaid xComment
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