A death bed Will by which Testator devised entire estate equally between his three adult daughters each of whom will have a vested interest and will receive a sum not exceeding £100,000.00
Now the testator has died it transpires that one daughter is in receipt of benefits. With the wisdom of hindsight we would have recommended a Discretionary Trust. I imagine that any Variation or even Disclaimer could be treated as a deprivation of assets.
Any suggestions?
Caroline Coles,
Waughs
Your concerns about deprivation are well founded.
The beneficiary could use the money to or towards the purchase of a property, as the capital value of one’s own home is not taken into account for the purposes of assessing a person’s capital when considering eligibility for means-tested benefits.
Jill MacMahon
Thackray Williams LLP
Thank you Jill - this is a very practical suggestion. I do not know whether she owns a property already - if she does and there is a mortgage perhaps this could be reduced? Or maybe even an extension or improvements? If not we will be looking for something very ‘bijou’ on less than £100k in the South East!!!
Caroline Coles,
Waughs
Glad to help. You might try a shared ownership scheme, so that the cost of the purchase element is more manageable. Might get Housing Benefit for the rental element.
Good luck!
Jill MacMahon
Thackray Williams LLP