Providing the answers
to your legal questions
My father has excluded my brother from his will leaving everything to me – I don’t think it’s fair. Is there anything I can do about this and what are the inheritance tax consequences for me?
You can either give your brother a large financial gift from your own pocket once you receive your inheritance however for the value of this gift to fall outside your estate for inheritance tax purposes, you must survive the gift by 7 years.
Alternatively, if it is under 2 years since your father died you can make a Deed of Variation which will vary the terms of your Father’s Will to divide his estate how you wish. All parties affected by the variation must agree, but if minor children are affected the court’s permission may be required.
Certain conditions must be complied with in order for
When purchasing a property what searches are required?
When purchasing a property searches are extremely valuable and provide peace of mind that the property is not going to be effected by any particular issues or problems. Depending on the property various searches you can undertake, the most common searches are:
Local Authority Searches provide details about planning, building regulations, preservation orders, planned road schemes, parking restrictions, etc. Environmental Searches identify any problems with the surrounding area of the property, including; flooding subsidence or industrial contamination. Planning & Development Reports can reveal any development risks which may be situated within 75m of the property.
there to be no inheritance tax implications for you, these include:-
The variation must not be made for any consideration in money or money’s worth (i.e. your brother cannot compensate you in another way for the benefit he is receiving via the Deed)
It must be in writing
The Deed must contain a statement relating to the section of the Inheritance Tax Act which applies to the variation
Its vital that you obtain independent legal advice before making any changes to any inheritance that you receive to ensure all formalities have been complied with.
Contact our Wills & Probate team for further information.
Gaynor Cooke
Utility Searches give details of the infrastructure of the public water and sewer network connected to the property, including whether the property benefits from mains, drains and surface water drainage. Specialist Searches depend on the locality of the property, e.g. if the property is near a canal or river, a search of the British Waterways could confirm whether the water passes through the boundary and information on the riverbank ownership and drainage/ fishing rights.
For further information please contact a member of our Conveyancing team who will be happy to help you.
Laura Molloy
There is no guarantee that your question will be used and you will not get a personal response. The answers in this feature are for guidance purposes only and do not constitute legal advice.
enquiries@hgwalker.co.uk | 01202 881454 |
www.hgwalker.co.uk Law Spot is brought to you by Harold G Walker Your Friend-in-Law.
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