My brother did not leave a will,his savings are under probate ammount for bank,so my sister and I have decided we want to share the inheritance with my neices.How do I distribute the money to my sister and them without being under the £3000 gift rule,as its not my money I’m gifting
Thank you for your enquiry. The advice below is generic advice and you should contact us for specific advice based on your circumstances.
This advice assumes that your brother was not married, did not have children during his lifetime and his parents predeceased him and that your nieces are over 18 years of age.
If you and your sister are the only two people entitled to share in the estate of your brother you can proceed one of two ways, which was is best will really depend on your own individual circumstances and the amount involved.
One option would be to make a gift from yourselves to your nieces. You are correct in that if the amount you gift from your share of the inheritance is over £3,000 then the amount over the £3,000 will fall back in to your estate for inheritance tax purposes in the event of your death within seven years of the date of the gift. The gift is known as a potentially exempt transfer. If your estate is likely to be under the inheritance tax threshold (even with this amount added back in to it for tax purposes) then it’s not going to alter the tax position on your death, if however your estate will attract inheritance tax then you should consider the second option below.
The second option available to you is a deed of variation. If executed within two years of your brother’s date of death and drafted correctly the effect of the deed would be as though your brother left the amount directly to your nieces, there would therefore not be any further inheritance tax to pay.
If you require advice please do not hesitate to contact us.
Hi my Aunt has a will dated 1996 with her late husband being the sole beneficiary, my aunt has no children and the only surviving family are two nieces and two nephews. Would I be right in thinking that these 4 would be the beneficiaries due to intestate rules.
Also if Auntie was to complete a draft will then pass away due to failing health prior to signing master copy is there any way that the draft could be legal, or would you suggest that the draft is witnessed and signed whilst awaiting approval of master copy. Thanks for your help and assistance.
If your aunt dies intestate, a widow who had no children during her lifetime her estate will be divided between her siblings, if any of those siblings have predeceased her then their share will be divided between their children. If you require further clarification please do not hesitate to contact us.
So far as signing a draft Will is concerned your aunt must take advice from her own legal advisor to ensure she understands the contents and it accords with her wishes before signing. A Will is valid as soon as it has been signed in the presence of two independent adult witnesses who must also sign in the Testators presence. It is important to ensure no pressure or undue influence is placed on your aunt to sign her Will as this may result in the Will being found to be invalid.
Good Evening I was hoping you could advise me regarding a relation of mine, my aunt currently has a will however everything is left to her late husband, as the only surviving relative being her nephew could I possibly make a claim against her estate if she passed away prior to her completing a new will, which she is about to do.
Also if a will is in draft form prior to master being signed off by witness is it still valid, if the draft was witnessed ?
If your aunt’s Will leaves her estate to her husband who has predeceased her and the Will does not set out where the estate will pass to in the event of her husband predeceasing her then in the event of your aunt’s death her estate will pass under the rules of intestacy.
For a Will to be valid it must be signed by the testator in the presence of two adult witnesses who must also sign in each other’s presence and in the presence of the testator. Whether the Will is in draft form or not makes no difference to the validity of a Will provided it is signed correctly.
If you have any further queries please do not hesitate to contact us.
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My brother did not leave a will,his savings are under probate ammount for bank,so my sister and I have decided we want to share the inheritance with my neices.How do I distribute the money to my sister and them without being under the £3000 gift rule,as its not my money I’m gifting
Thank you for your enquiry. The advice below is generic advice and you should contact us for specific advice based on your circumstances.
This advice assumes that your brother was not married, did not have children during his lifetime and his parents predeceased him and that your nieces are over 18 years of age.
If you and your sister are the only two people entitled to share in the estate of your brother you can proceed one of two ways, which was is best will really depend on your own individual circumstances and the amount involved.
One option would be to make a gift from yourselves to your nieces. You are correct in that if the amount you gift from your share of the inheritance is over £3,000 then the amount over the £3,000 will fall back in to your estate for inheritance tax purposes in the event of your death within seven years of the date of the gift. The gift is known as a potentially exempt transfer. If your estate is likely to be under the inheritance tax threshold (even with this amount added back in to it for tax purposes) then it’s not going to alter the tax position on your death, if however your estate will attract inheritance tax then you should consider the second option below.
The second option available to you is a deed of variation. If executed within two years of your brother’s date of death and drafted correctly the effect of the deed would be as though your brother left the amount directly to your nieces, there would therefore not be any further inheritance tax to pay.
If you require advice please do not hesitate to contact us.
Hi my Aunt has a will dated 1996 with her late husband being the sole beneficiary, my aunt has no children and the only surviving family are two nieces and two nephews. Would I be right in thinking that these 4 would be the beneficiaries due to intestate rules.
Also if Auntie was to complete a draft will then pass away due to failing health prior to signing master copy is there any way that the draft could be legal, or would you suggest that the draft is witnessed and signed whilst awaiting approval of master copy. Thanks for your help and assistance.
Thank you for your email.
If your aunt dies intestate, a widow who had no children during her lifetime her estate will be divided between her siblings, if any of those siblings have predeceased her then their share will be divided between their children. If you require further clarification please do not hesitate to contact us.
So far as signing a draft Will is concerned your aunt must take advice from her own legal advisor to ensure she understands the contents and it accords with her wishes before signing. A Will is valid as soon as it has been signed in the presence of two independent adult witnesses who must also sign in the Testators presence. It is important to ensure no pressure or undue influence is placed on your aunt to sign her Will as this may result in the Will being found to be invalid.
Good Evening
I was hoping you could advise me regarding a relation of mine, my aunt currently has a will however everything is left to her late husband, as the only surviving relative being her nephew could I possibly make a claim against her estate if she passed away prior to her completing a new will, which she is about to do.
Also if a will is in draft form prior to master being signed off by witness is it still valid, if the draft was witnessed ?
Thank you for your help
Regards John
Thank you for your enquiry.
If your aunt’s Will leaves her estate to her husband who has predeceased her and the Will does not set out where the estate will pass to in the event of her husband predeceasing her then in the event of your aunt’s death her estate will pass under the rules of intestacy.
For a Will to be valid it must be signed by the testator in the presence of two adult witnesses who must also sign in each other’s presence and in the presence of the testator. Whether the Will is in draft form or not makes no difference to the validity of a Will provided it is signed correctly.
If you have any further queries please do not hesitate to contact us.