Inheritance question
#1
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Inheritance question
When someone dies and an estate is shared out, what happens if at a later date after this there is another member of the family who should have been considered?
Is it a case of tough $hit and they have missed out or can the solicitors be contacted?
TIA.
Is it a case of tough $hit and they have missed out or can the solicitors be contacted?
TIA.
#2
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basically yes- tough $hit.
a will can be changed by the survivors, but EVERY BENEFICIARY must sign the "deed of variation"
ok, i'm not a tax expert, however i am a qualified accountant and have done exams on inheritance tax.
as the person is named as the "remainderman" (as in everyone else gets specific things, and s/he gets everything not mentioned in the will) pays ALL the inheritance tax, they can give anything they want away to someone else. likewise anyone who thinks its unfair can give anything they want to the person who was missed out. (free from any tax problems - i think)
i think thats the easiest way
the person who is left out can't do anything about it themselves- unless they can get everyone else to agree to a re-write, or to give them some stuff/ cash.
there are probably a few exceptions to this, like if tehy can prove that the will was unlawful- signed under pressure or fraudulantly etc
a will can be changed by the survivors, but EVERY BENEFICIARY must sign the "deed of variation"
ok, i'm not a tax expert, however i am a qualified accountant and have done exams on inheritance tax.
as the person is named as the "remainderman" (as in everyone else gets specific things, and s/he gets everything not mentioned in the will) pays ALL the inheritance tax, they can give anything they want away to someone else. likewise anyone who thinks its unfair can give anything they want to the person who was missed out. (free from any tax problems - i think)
i think thats the easiest way
the person who is left out can't do anything about it themselves- unless they can get everyone else to agree to a re-write, or to give them some stuff/ cash.
there are probably a few exceptions to this, like if tehy can prove that the will was unlawful- signed under pressure or fraudulantly etc
#3
Originally Posted by DonnieDarko
basically yes- tough $hit.
a will can be changed by the survivors, but EVERY BENEFICIARY must sign the "deed of variation"
ok, i'm not a tax expert, however i am a qualified accountant and have done exams on inheritance tax.
as the person is named as the "remainderman" (as in everyone else gets specific things, and s/he gets everything not mentioned in the will) pays ALL the inheritance tax, they can give anything they want away to someone else. likewise anyone who thinks its unfair can give anything they want to the person who was missed out. (free from any tax problems - i think)
i think thats the easiest way
the person who is left out can't do anything about it themselves- unless they can get everyone else to agree to a re-write, or to give them some stuff/ cash.
there are probably a few exceptions to this, like if tehy can prove that the will was unlawful- signed under pressure or fraudulantly etc
a will can be changed by the survivors, but EVERY BENEFICIARY must sign the "deed of variation"
ok, i'm not a tax expert, however i am a qualified accountant and have done exams on inheritance tax.
as the person is named as the "remainderman" (as in everyone else gets specific things, and s/he gets everything not mentioned in the will) pays ALL the inheritance tax, they can give anything they want away to someone else. likewise anyone who thinks its unfair can give anything they want to the person who was missed out. (free from any tax problems - i think)
i think thats the easiest way
the person who is left out can't do anything about it themselves- unless they can get everyone else to agree to a re-write, or to give them some stuff/ cash.
there are probably a few exceptions to this, like if tehy can prove that the will was unlawful- signed under pressure or fraudulantly etc
Presumably, the Administratos/Executors knew nothing about the existence of this long, lost relation. If so, and reasonable enquiries were made to establish the pool to which the estate should be paid, then it seems to be hard luck. Although if the person was known but couldn't be found, the Administrators/Executors should have paid his share into court to await his eventual emergence.
#4
Originally Posted by SPEN555
When someone dies and an estate is shared out, what happens if at a later date after this there is another member of the family who should have been considered?
Is it a case of tough $hit and they have missed out or can the solicitors be contacted?
TIA.
Is it a case of tough $hit and they have missed out or can the solicitors be contacted?
TIA.
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