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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34106
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am a beneficiary in my Aunts will. My brother is POA. Her

Resolved Question:

I am a beneficiary in my Aunts will. My brother is POA. Her house recently sold and she now lives in a care home. She has other cash assests, pensions and savings. We are trying to do some tax planning to reduce IHT. The value of the total estate would be above £325,000. Assets from the recent property sale are less than that. I'm sure I read somewhere that a beneficiary of a will can ask for their inheritance while to person is still alive if they forfeit the right to their inheritance at the time of death. Is that true? If so what is it called if you do that.
Submitted: 10 months ago.
Category: Law
Expert:  Clare replied 10 months ago.

Thank you for your question

My name is ***** ***** I shall do my best to help you.

I am sorry but there is no such provision.

You have no claim whatsoever on any assets until your Aunt dies - nor can any gift now be made to reduce Inheritance Tax now that her assets have to be dealt with under the Power of Attorney

I am sorry to give disappointing news

Please ask if you need further details

Clare and other Law Specialists are ready to help you
Customer: replied 10 months ago.
Ok thanks, ***** ***** possible to purchase a life insurance policy for estate planning purposes with named beneficiary's using this money? People do this in Canada - just wondered if the equivalent existed in the UK
Customer: replied 10 months ago.
We want to be tax efficient and within the law!
Expert:  Clare replied 10 months ago.

No I am afraid that is not possible in these circumstances in the UK