An elderly relative has gifted different sums to their four children over the course of a lifetime (all gifts now over seven years old).
In 2015 these gifts were all recorded in a letter signed by all four children and the elderly relative, expressing that these previous gifts would be evened out to be equally fair between all beneficiaries from the remaining inheritance i.e. specifically stating that when the earlier gifts were calculated in addition to any residual inheritance, each child would benefit equally.
In 2017, the elderly relative rewrote their will to leave some monies to their grandchildren, but the residue to be split equally to their four children as previously, the letter of 2015 was NOT referenced.
There are no family issues and the amounts involved would be about 20% of the inheritance, and less than £50,000 in the most extreme case.
The question is "what is the executors legal position in this regard please"? Are they legally obliged to follow the Will and ignore the earlier letter, or can the letter be considered.
Also, Assuming no issues with the beneficiaries is there any legal concern with the distribution taking in to account the gifts?
I can't help feeling a clarifying Codicil is a sensible way forward but for various reasons prefer to avoid this so would appreciate any thoughts on the potential issue please?
Happy New Year to all.
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch