My db died last week, only a short time after he learned that he was terminally ill. He wanted to make things easier for our parents so decided to make a will. He was unmarried, childless and long term unemployed due to a bad accident though the powers to be had decided he was fit to work.
Anyway he initially wanted to leave me, his only sibling everything but I asked him to leave it to our parents as I am divorced ( ex dh still lives with me and refuses to do a financial settlement - he is also unemployed) and we are on universal credit. I work about 30 hours a week but that varies as it's a zero hour contract. One dc is still at school and we also have 3 adult dc. I thought it would complicate matters. I am 8 years from retirement.
He wasn't really well enough to make anything but a basic will and he only signed it a week before his death. Db had a small terrace house and I'm not really sure as we don't know the value of his private pension but his estate will probably be in the region of £300k.
Obviously we would so much rather he was still with us but dm is talking about giving me and my 4dc money from the estate after probate is granted. I'm just a bit worried that this might end up as part of their estate if they don't survive 7 years. They are in their 80s and I don't know but I would imagine their estate would be about £700k without db's. I was wondering if it would be wise to do a variation of the will to divide the monies equally between my parents and my 4dc. My parents do not have a will.
Sorry for the long winded post, just wanted some advice.
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Variation of Will
Manthide · 18/03/2024 20:41
Soontobe60 · 18/03/2024 20:45
First of all, is his latest will correctly witnessed? does it say the previous will is revoked?
If the will has you down as a beneficiary and you are in receipt of benefits, you cant just change the will as it would be considered as deprivation of assets.
UmaniCaroline · 18/03/2024 21:47
Your parents should make a will regardless of this situation.
If your parents are happy to make a deed of variation, so that your brothers estate goes to your children (if your youngest is not 18 there would need to be a trust for their share) they should consult a solicitor.
There is no problem in you being bypassed, as it were.
Manthide · 18/03/2024 21:58
Db was younger than me and the illness was very sudden and unexpected. We are from a working class family and have never has to deal with probate or potential IHT before.
TempleOfBloom · 18/03/2024 23:28
I am so sorry you have lost your brother.
Your parents can leave up to £1m between them to you without incurring IHT.
An allowance of £325k each (which carries over to the survivor when one goes) and an additional £175k each if they leave their house to a direct descendant. (You, or grandchildren)
They can give away £3k each year as a gift without it being considered for IHT.
If they gave more, yes it would be added to the estate for IHT (If the total value of the estate is worth more than £1m as above) if they died within 7 years BUT the amount added decreases pro rata per year. And if they hadn’t given it away it would be within their estate anyway.
Could they buy a house which is theirs, but for you to live in? There may be things I haven’t thought of and not sure whether you own or rent atm, but it would free you from ex, mean you benefit from your brother’s will as he intended, and in due course your parents could give you the property.
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