Gifting an inheritance from grandparents to parents

[Figgus]

Hello,

About 5 years ago, my grandmother changed her will to give my mothers share of the inheritance to me - my mother was going through a prolonged and extremely messy divorce at the time, and I believe my grandmother was attempting to protect the money in some way by doing this. The understanding was that I would use the money (if my grandmother passed away) to help my mother, either by directly gifting her the funds, or by paying off her mortgage at a later date.

Fast forward to today, and my mothers divorce has completed, and my grandmother is still alive, but I’m worried about the legal and tax implications on myself and my mother under this current arrangement (the will has remained as it was changed 5 years ago).

If my grandmother passed away now, can I legally give this money to my mother now her divorce has completed? Will there be significant tax implications on the amount of money my mother would ultimately receive by me gifting her it, rather than reinstating her on the will? Will me playing my part in this negatively effect me from a tax perspective in any way?

Any information/wisdom anyone might have on this would be hugely appreciated.

[dslippy]

There is a system whereby you can rewrite that section of the will benefitting you so that it benefits your mother (deed of variation). It works.

Frankly, if the sums are large enough tp create a tax risk, they are large enough to justify taking direct lega;l advice. The exact answer, but for the deed of variation, requires a detailed look at the various parties' estates.