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You're beneficiary of their estate - what now?

When someone has recently passed and you find yourself the beneficiary of their estate, there can be many thoughts that can occur.

  • Of course, you are sad that they’ve gone
  • Hopefully you are pleased that they thought of you in their Will
  • You may be comforted that they have thought of you in their Will

But the receipt of a bequest can also be a problem for some.

  • Perhaps the bequest isn’t really required but simply adds the recipient’s own estate for Inheritance tax purposes.
  • Perhaps the bequest creates inheritance tax issues inside the recipients estate
  • Perhaps the receipt will exacerbate a divorce settlement
  • With an impending divorce it may not be the best time to add to your own estate
  • Or be lost to care fees

Has the deceased passed less than two years ago?

If the deceased passed less than two years ago, there is something that can be done to help:

A deed varying the bequest of one or more recipients can be drawn up and lodged with the probate office and, if necessary, the tax authorities in order to divert the specific value to other persons, institutions (such as charities) or Trusts.

This can only occur when the beneficiary is an adult as varying bequests to minors must be dealt with by the courts.

Our preferred recipient of varied assets is one or more Discretionary Trusts. Such Trusts will not only give an array of protection to the assets they receive but will also give far greater flexibility in allowing the assets to be used as they were originally intended, without the threats.

Deeds of Variation

Find out more

Deeds of variation can be complicated and it’s important to get everything right. We can help you every step of the way get in touch today to find out how on 01635 959111 where you will be given a friendly and professional welcome.

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