Inheritance, anyone given up or passed on money?

[Comfysock]

Would to hear from people who have done this.

Ive read that you have to get a letter of renunciation via a solictor.

In a nutshell...DF died, the Will stated house to be sold and split between children all named. Younger brother age 53 lived in property with DF so now has to find somewhere to live. His share wont cover a house. So DSis wants to pass over her share to him or into the pot for him so he has more £££ to help him get a property...however it needs to be done.

Any advice from people who have done this?

We (or rather my husband) did it.

By the time he inherited, my husband was in his 70s. We are retired and both have decent occupational pensions. My husband also receives a state pension. Our mortgage is paid off and we have savings.

We kept some of the inheritance but passed on most of it to the children. My husband was his mother's executor and sole beneficiary so just sorted out the deed of variation himself. I don't think he involved a solicitor.

It's worth checking out the guidance here, especially in relation to inheritance tax.

www.gov.uk/alter-a-will-after-a-death

assets.publishing.service.gov.uk/media/5a7df4d040f0b6230268838d/IOV2.pdf