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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11554
Experience:  30 years as a practising solicitor.
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My mother died 2 years ago and willed me money, some of which

Resolved Question:

My mother died 2 years ago and willed me money, some of which is invested in savings which mature next month (July 2014).

My own will leaves my entire estate (50/50) to my nephew and niece.

If I now waive my right to the portion of money currently invested, will my nephew and niece avoid having to pay IHT from my estate on that element of it, or is it now too late to do that ?
Submitted: 3 years ago.
Category: Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

In whose name are the savings in at present?
Customer: replied 3 years ago.

They are held in my mother's name ("The late Mrs...etc")

Customer: replied 3 years ago.

This is a follow up to my earlier response to your question. I've double-checked with the 2 savings institutions involved. They confirm that the accounts are held in my mother's name (NOT "The Late Mrs... as I told you earlier).


 


BWs


C

Expert:  JGM replied 3 years ago.
Thank you for your reply. If the savings are still in the name of your mother then they have not yet vested in you. If you decline the legacy they will remain in her estate and pass to whoever else is entitled to inherit from your mother. That would not necessarily be your niece and nephew I presume.

Your own will isn't relevant here as it won't apply until you pass on.

It may be that the way this will have to be dealt with is that you take the legacy and immediately gift it to your niece and nephew. If you survive them for seven years then no inheritance tax is paid on these by your estate.

Happy to discuss further.
Customer: replied 3 years ago.

Thank you JGM - excellent service. One more thing - d'you know a suitable form of words (or a site I could find such) for


 



  • renouncing/declining; or

  • gifting


 


the legacy ?


 


Many thanks


 


CCG

Expert:  JGM replied 3 years ago.
Here's a style for renouncing a legacy. You don't need anything for a gift. Just evidence of the date the gift was made?

I, [​] residing at [​] considering that I have been advised that I have an entitlement to claim a [​] SHARE of the net moveable estate of my [​] the said [​] who formerly resided at [​] and who died on [​] and that I should take independent legal advise regarding the same DO HEREBY IRREVOCABLY RENOUNCE my all rights competent to me in the estate of the late [​]. IN WITNESS WHEREOF: these presents are subscribed by me

At ​(place)

on the​day of

before the following witness

(Witness)







(Full name)




(Address)












(Occupation)




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