My step-father's Will (he died March 2021) has left money to his children and step-children.
I had intended, once my share was in my bank account, to make gifts (before the March 2023 deadline) to others via Deeds of Variation.
The money from my step-father's Will is at present in a Discretionary Trust. I have just been told that the Discretionary Trust is
(a) to be wound up "via a Deed of Variation"
(b) by Summer 2022.
Does that mean that, if I get my share from the Discretionary Trust by a Deed of Variation, I cannot then pass it on by a Deed of Variation? (I ask because I have read that the recipients of a Deed-of-Variation Gift cannot then pass it on by a further Deed of Variation for that would not be as if the person writing the Will had made the Gift.)
I am aware that I can instruct the distribution from the Discretionary Trust to go direct to those I might wish to benefit, but I am---for reasons of no relevance here---not ready to make such a decision for some time, perhaps not till January 2023, and so do not wish to be forced to do so earlier if it can be avoided.
(1) What is the legal position?
(2) If I receive money from the Discretionary Trust via a Deed of Variation, am I still able to make use of Deeds of Variation to pass money on to others (so that the Gift remains tax-free)?
(3) Can the money to be paid to me from the Discretionary Trust come to me other than via a Deed of Variation?
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