Disclaimer of Interest

Trusts Discussion
1

My clients mother passed away. The only asset in her estate was the property she was living in . My client is also residing in the same property. The property is owned equally as tenants in common between my client and his mum . The mum in her will left her share of the property to all five of her childen including my client

The other four childen don’t want their share of the property and want their share to go my client

The mother passed away 3 years ago and therefore we cannot do a deed of variation

Can the four benefeciaries sign a deed of disclaimer or a deed of assignment

Any other suggestion would be appreciated

Thank you

Umesh Gohil
Bell Maison

2

I would have thought a Deed of Family Arrangement can still be done but without the IHT & CGT elections as they are out of time. The other siblings need to be aware, I think, that this is a PET for each of them.
Michael Packham
Standley & Co

3

Need to also be aware of CGT as it also be a disposal by each of them, although they will each have the benefit of their own allowances. But it depends on if the value has increased by more than those in the 3 years.

Kamlesh Samji
KRS Estate Planning

4

Check the wording of the will to see what effect the disclaimer will have

Simon Northcott

5

The gift should be by way of assignment.

The use of a disclaimer may result in the benefit passing elsewhere
(particularly if any of the siblings have children).

Others have commented on the tax situation.

Paul Saunders