I am a beneficiary of a will, can I decline bequest so that the amount does not effect my own IHT?

Answer 1

You certainly can. If you want to avoid any possibility of IHT, you mustn't try to specify who is to take the gift in your place (unless you want it to pass to a charity). The gift will pass under the will either to someone else (if an alternative recipient was named in case you died before the "testator") or (if no substitute was named) to the "residuary beneficiary/ies" - those who get what is left after all gifts of specific items and cash sums have been distributed.

My answer is a somewhat simplified version of a subject which can occasionally be rather more involved, so check with a solicitor (if solicitors are advising the executors, they might help)but what you want to do can certainly be done.

To make the position clear beyond doubt, it might be worth making a Deed of Variation of the will. Those who benefit from your generosity should be asked to pay the legal costs involved.

Answer 2

You can decline whatever you wish. The amount will just be divided between the remaining beneficiary's

Answer 3

Ask your lawyer to investigate the contents of the will and what is in the will itself and basically just ask them to go over the contents of the will and you can accept what you like or not with the expert advice from them without it effecting anything else...

Answer 4

Yes you can tell them you don't want it. They will share it amongst all the others but if you like you can send it to me and I'll spend it on your behalf. smile

Answer 5

Yes, just inform the executor.

Answer 6

yes you don't have to accept it. They'll make you sign something to refuse it that's all

Answer 7

ask a lawyer