Advanced search

Can i refuse money from a will?

(42 Posts)
Doctordid Wed 31-Jan-18 17:13:54

Parents have done a will with a solicitor. It's a bit complicated as I was with an awful ex at the time so they did it where (I think) the executor is the solicitor.
My Dad thought they had paid everything owed up front but actually my Mum had understood correctly and the solicitor gets a percentage of money from the estate.
Mum won't change this.

So the situation is that dd gets the house minus ten percent to me and the solicitors percentage.

The thing is dd loves that house and would love the house rather than the money from selling it, no way could she get something as nice for the money they are selling for now and it is the perfect family home.

She could possibly get a small mortgage or loan to pay the solicitors percentage but I'd rather not take my percentage.

Can u refuse it and ask for it to be passed straight to dd? 10% would be about 10k so I'm pretty sure inheritance tax wouldn't be relevant but not sure what else.

RedHelenB Wed 31-Jan-18 17:15:44

Yes you could

greatpumpkin Wed 31-Jan-18 17:17:19

It’s possible to refuse it but I don’t think you can specify what happens to it. So it would be a lot simpler if you just gave your share to your daughter.

Leeds2 Wed 31-Jan-18 17:18:03

I think you could accept the money, and then give it to DD.

Allthebestnamesareused Wed 31-Jan-18 17:20:02

You can ask for the will to be varied - all the solicitor this is what you want. The percentage for the solicitor is to pay him for administering the estate.

Doctordid Wed 31-Jan-18 17:21:42

Could I give my share to my daughter before I died? I. E at the execution of the will tell them I wish to sign it over to my daughter?

MrsTerryPratchett Wed 31-Jan-18 17:24:19

Deed of variation I think. Very easy and you can pass your percentage onto DD. As far as I know.

Whocansay Wed 31-Jan-18 17:28:42

If you are the only 2 beneficiaries a deed of disclaimer may be better for you than a deed of variation. Get this checked with a lawyer.

carefreeeee Wed 31-Jan-18 17:32:49

Not sure what you mean... the 10k will be yours after you inherit it, and you can then do what you want - spend, save or give away - at any time, just as with any other money you have

The inheritance tax bit is also confusing - IT is on the total value of the estate - so it would depend how much the house is worth, not how much of it you get. The threshold would be £425,000, as long as the house and all their money is worth less than that, it wouldn't apply to your mum's estate.

As long as you were to live more than 7 years after you gave it to your daughter IT wouldn't apply to the 10 k either.

Doctordid Wed 31-Jan-18 17:33:02

Thanks I have just googled that and that is exactly what I am looking for thank you!

Doctordid Wed 31-Jan-18 17:36:25

Carefree sorry I wasn't clear.

The 10k isn't cash.
Basically my parents own a property worth about 160k and 90% is to dd and the contents and 10% are to me.
With a percentage to the solicitor.

So in order for me to get my 10% dd would either need to sell the house or she would need to get a loan to pay both me and solicitor.

I don't want the money.

OOOOOOOOOOO Wed 31-Jan-18 17:47:52

Are you sure you can't change your Mums mind about the Solicetor bring the executor? If there are only the two of you as beneficiaries and as it sounds like a simple estate it seems a terrible waste to be giving money away unnecessarily.

alotalotalot Wed 31-Jan-18 17:49:52

Redoing the will would be a lot cheaper.

Nomorechickens Wed 31-Jan-18 17:50:08

You could be the executor

Viviennemary Wed 31-Jan-18 17:53:07

Yes I think you can with the agreement of the other beneficiaries. The house would need to be valued. And the solicitors fee isn't usually a percentage AFAIK. But that fee would need to be paid by somebody. I agree about trying to change the solicitor as an executor. It gives them too much power somebody told me. And not to do it.

sycamore54321 Wed 31-Jan-18 17:53:24

Why would the daughter need to sell the house to account for your share? You could have co-ownership of a 10% share of the house, with your daughter. So she would not need to sell but you would be co-owner. No money would need to change hands, it would simply be transferred to daughter and to you as 90-10 joint owners.

Mummaofboys Wed 31-Jan-18 17:53:52

No the executor has to do exactly what it says in the will, so if the will says to sell the house he has to sell the house. Would be much easier for your Mum to change the wording in the Will.

bridgetreilly Wed 31-Jan-18 17:55:50

Your daughter could also choose to get a mortgage for the 10% value and use the money to pay you and the solicitor.

But by far the easiest thing is for you just to give her the money when it's yours.

AnnaMagnani Wed 31-Jan-18 17:56:27

Get them to redo the will with you as the executor. It really isn't that hard being the executor and will save ££££ on the inheritance.

If they insist on giving you an inheritance you could just nod and smile and intend to give your share to your DD anyway.

Of course they should redo the will anyway, seeing a solicitor to ensure they own the property as tenants in common if they don't already as they risk there being no inheritance at all with care home fees.

Mumblechum on here is very good.

NewYearNewMe18 Wed 31-Jan-18 17:59:11

The solicitor is benefiting 10%?
Am I reading that correctly?

To me - but I await to be corrected - that sounds like your DF may have been exploited b his solicitor. No way would a solicitor take 10% of a house sale.

Pearlsaringer Wed 31-Jan-18 18:07:59

I do urge you to persuade your parents to appoint a new executor. The solicitor’s cut will be significant and it might force the sale of the house if there are no other funds to cover it. See if you can work out what the solicitor will get, it might open their eyes a bit.

As far as your bequest goes, if they will agree to change their will making you executor you could then argue that it would be better for you not to be a beneficiary yourself. They might then agree to give your share directly to your DD.

Doctordid Wed 31-Jan-18 18:08:41

She won't because she's convinced that if we deal with it alone ex will come back and manipulate me or dd for all the money.

kath6144 Wed 31-Jan-18 18:08:59

Why will the solicitor get a set %, surely he will have a set fee for being an executor, which he can charge to the estate, but it does sound unusual for solicitor to get a % of the actual estate. I think your parents were exploited if the will says that. Have you actually seen the will?

My DC were beneficiaries in a will where solicitors were executors. They charged a fee for that, but not a set %, of what was actually quite a large estate.

Also, will there be no cash in the estate, or is that going elsewhere? I would think it would be unusual for there to be no savings to be left, if a house has been owned and presumably paid off a while ago.

Pearlsaringer Wed 31-Jan-18 18:13:23

Then see if another family member or trusted friend will do it, maybe jointly with you. You need to convince her her fears are groundless (hopefully they are).

kath6144 Wed 31-Jan-18 18:18:07

Op, your ex cannot manipulate you for the money if you are an executor. It is not your money to be manipulated for. You have to, by law, act as per the will.

When you send in probate forms, you have to sign on oath, at a solicitors or court of law, that you will follow the will. Does your mum think you can just decide to do what you want, and ignore the will? Does she realise that you have to abide by the law as an executor?

As for manipulating DD, if he wants to try and get the house or cash off her, then surely he will try that whether you are the executor or the solicitor. Once she has the house, she can do what she wants with it!! How old is your DD by the way, is she under 18?

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: