W & H owned matrimonial home as joint tenants. W died in March 2020 leaving £10,000 to H and remainder of her estate split as to 25% to their adult son S and 75% equally between S’s 3 children…all under the age of 18. The executors are H & S.
As I see it the consent of the infant beneficiaries is not required as the proposed arrangements are to their advantage & not to their disadvantage.
W’s estate was £250,000 (after £10,000 gift to H) plus her half share of the matrimonial home was £175,000…total £425,000 making W’s estate subject to IHT payment of £40,000.
Assuming that H will co-operate (his Will leaves his estate to S & S’s children) can there be a post death severance of joint tenancy which will then enable the use of RNRB of £150,000 thus providing £475,000 allowances and therefore no IHT payable ?
If this is possible does anyone please have a post death variation precedent that they can share (or sell) to me ?
John Edge (Retired Solicitor)
Legal Eagle Wills Ltd