Inheritance

[Lollie1]

My Grandfather has signed over everything he owns to to me. There's going to be uproar in the family as a lot of them are money grabbers. He's told me all his wishes and his funeral arrangements, none of which include sharing the money with any of his children or grandchildren. He has five kids and 21 grandchildren. My uncle had been staying with him to take care of him for the last few months and he isn't set to inherit anything. I feel like I should give my uncle some of the money. It's not a huge amount that everyone could have a share anyway but AIBU to keep it in my saving like he asked me to and save for a rainy day?

I hope you've got this watertight with a solicitor verifying he was in sound mind when he did this.

Has he died?

If not, maybe wait until he has before deciding what to do with your inheritance. There's still time for circumstances to change.

Yes, it's all set in stone. Watertight. No he hasn't died yet but he's days away from it as he has terminal cancer. The only thing I care about is that his funeral is paid for but that doesn't stop the family from trying to guilt trip me with their financial problems etc. If he changed his mind I wouldn't care as long as he can pass away knowing his wishes are in place.

They're very quick to start sucking up for a bit of money. That was why he signed it all to me because anything he asks for I do, no questions asked. The rest of the family knew he had been battling cancer for the last 2 and a half years and have made no effort to see him or when they do, they steal from him.

Your GF is about to pass away and this is what you want to talk about?

So there is no will? If there is no will, then the laws of intestacy will apply. Also, any gift given in the last 7 years are likely to be taxable on a sliding scale.

Not a well thought out plan at all tbh.

Death and inheritance brings out the worst in people. Greed,money grabbing, back stabbing and family arguments. Awful.

Once he passes away & the money is yours (assuming all is legit) then you are free to do with it what you will. If it was me & it was a sizable amount then I would give some away to the family.

As for tax & the 7 years. All that means is that if he has given anyone anything 7 years preceding his death then the amount is added back into his estate , then IHT is due on it. Probably a red herring unless the estate is over £1m.

Are you saying your GF isn't leaving you his entire estate in a will everything but that he's already gifted you everything he owns while he is still alive? (By deed of gift?).

As long as it was all done legally and he had capacity to do so then it is fine for you to keep the money and save for a rainy day or whatever.

Hopefully be will have left a letter explaining his reasons to others who expected to inherit something.

Did he specifically say he didn't want anything to go to your uncle who has been caring for him? That sounds a bit rough unless he hasn't been taking care of him properly.

inheritance tax only applies if he has left a lot.

if it's not in writing, you are likely to get challenged, I think.

@herculepoirot2 in fairness to the OP, they probably feel that this will all blow up the day after her grandfather dies.

OP, firstly, look after your emotional wellbeing at the difficult time and worry about the rest of the family later.

I don't know whether you are the executor or whether there is a professionally appointed one. Either way, it takes a while for people to be informed that they have inherited. The will usually get a letter from the solicitor. If they are not in the will (which they aren't) they will hear nothing. The solicitor may not say you are the sole inheritor. They may just say you have inherited XY and Z so you never need to declare exactly what has happened.

Furthermore, it takes a while to sort out probate, even when there isn't much. Between death and probate the deceased's estate must remain intact. That means that no one is allowed to remove items from your grandfather's home or take money from his account (except the executor who is allowed to pay for the funeral from his estate). This means that you can focus on the funeral and giving your grandfather a good send off. If anyone mentions his assets I would make a comment about their inappropriateness of talking that way so soon after he has gone.

Once probates been granted and you have received your inheritance you can decide whether you want to give a portion to your uncle in recognition of the care he has given, but there is no hurry.