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Where Taxpayers and Advisers Meet

probate and deed of variation application

riccardob
Posts:105
Joined:Sun May 29, 2011 10:02 am
probate and deed of variation application

Postby riccardob » Thu Mar 04, 2021 7:22 pm

Hello,

If a parent (called a) is a beneficiary of a will but wishes to direct the inherited assets to his son (called b) but b is also executor, do the assets need to be passed by b as executor to a first and the back from a to b to implement the dov or can b keep the assets straight away.
Thank you for your help

maths
Posts:8230
Joined:Wed Aug 06, 2008 3:25 pm

Re: probate and deed of variation application

Postby maths » Thu Mar 04, 2021 9:40 pm

Under the DoV "a" is redirecting their inheritance to "b"; effectively "a" is making a gift of their inheritance to "b".

If the DoV is executed before any distributions are made by the executors of the deceased's estate then as and when a distribution is made the executors simply assent what was "a's" inheritance directly to "b" (ie themselves).

If the executors have assented "a's" inheritance to "a" before the DoV has been executed then "a" simply needs to transfer it straight to "B".


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