A died a year ago and left her 80% share in a property to B for life, reverting to her children on B’s death (B owned the remaining 20%). This was a rental property.
B has now died and the life interest value has to be aggregated to his free estate albeit Quick Succession Relief can be claimed.
If B received all the rent in the last year, I understand that his PRs cannot now disclaim the life interest appointed to B as he will have received a benefit - is this correct?
Yes, you are correct. As B received the rent, he will have accepted the legacy and can no longer disclaim.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals
Thanks very much Paul