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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10459
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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both parents have died in the last year. I am a beneficiary

Resolved Question:

both parents have died in the last year. I am a beneficiary of the will and my sister and brother are executors. They claim that any gifts I was given by my parents over the last seven years has to be included in the estate. The only gifts that I remember were £4000. to buy a car and they bought me a washing machine. Are my siblings correct?
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

Could you please let me know if your Parents Estates are valued at £650,000 or more and this Inheritance Tax is payable?

Are your siblings saying that the value of the "gifts" should be deducted from the amount you are to inherit under the Will?

I look forward to hearing from you.

Kind Regards
AL

Customer: replied 3 years ago.

I don't think that the estate is worth more than £650,000. Yes my siblings are saying that the value of the gifts will be deducted from the amount I will inherit.

Expert:  Aston Lawyer replied 3 years ago.

Hi,

Thanks for your reply.

Well, as they were gifts, you are NOT under a duty to repay the money back to the Estate. Hence, the Executors are not entitled to deduct the £4,000 from your eventual entitlement under the Will.

The only time lifetime gifts,made within 7 years of death, becomes an issue for the Estate is that if your parents joint Estate including any such gifts amounts to over £650,000 you may be asked by the Executors to pay Inheritance Tax on the gifts you received (ie 40% on the value of the gifts you received).

I hope this assists and sets out the legal position to you.

Kind Regards
AL
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