Disclaim of Inheritance - no interest in estate

S

Shawen

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Hi
I have been advised that a relative has left a small percentage in a property to me. The property is of low value, there is a relative living there and there are also several other beneficiaries who have also been given different percentages. I want to disclaim my allocation and hand it back to the estate. What would be the procedure for disclaiming? E.g. Do I go to a separate solicitor and have a disclaimer drawn up for me to sign to then give to the executor and that would be an end to it?

I have a lot of emotion around this relative and don't want to get drawn into legal proceedings or discussions about the will and dividing the estate up with the family. Looking for a way to deal with this in a straightforward manner.
Thanks for any advice.
 
No, my advice is to go back to the executor, who needs to keep track of the estate for eventual distribution.
 
mathepac said:
No, my advice is to go back to the executor, who needs to keep track of the estate for eventual distribution.
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Thank you. I have advised the executor verbally and in an email. I want to know if there is a requirement for me to do more than this. The executor has not asked me for anything following my communication. Is there a solicitor on this forum or someone with knowledge of disclaiming who could advise me what process they would use? Thanks.
 
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I'm not a solicitor but what you want is a Deed of Family Arrangement whereby the will is "technically" rewritten and agreed by everyone. As far as I know a majority can agree to this - the estates solicitor should be able to draw up the deed but you'll need the executor to agree to it all.
 
Just wondering, are there CAT implications to this. Say, if I'm bequeathed a legacy that's under the applicable threshold for me, but I disclaim it by deed (or otherwise) in favour of another party. Is it regarded as a disposition by me to the third party
OR
a disposition by the original testator direct to the third party
OR
a double disposition, first from the original testator to me, and second from me to the third party.
 
You simply inform the Executor that you are disclaiming. It is up to the Executor to send you any necessary Disclaimer documentation. However, you might not be doing your relative living in the house any favours, as if the will states that any residual should go to certain beneficiaries, then those beneficiaries would receive your share of the house.

Baby boomer said:
ay, if I'm bequeathed a legacy that's under the applicable threshold for me, but I disclaim it by deed (or otherwise) in favour of another party. Is it regarded as a disposition by me to the third party
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This could have CAT implications. The "re-gift" from you in favour of another party would be regarded as a disposition by you.

Jim Stafford
 
Jim Stafford said:
You simply inform the Executor that you are disclaiming. It is up to the Executor to send you any necessary Disclaimer documentation. However, you might not be doing your relative living in the house any favours, as if the will states that any residual should go to certain beneficiaries, then those beneficiaries would receive your share of the house.


This could have CAT implications. The "re-gift" from you in favour of another party would be regarded as a disposition by you.

Jim Stafford
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I don’t think that’s right. The disclaiming person never takes the asset and so doesn’t dispose of it.
 
RedOnion said:
It was perfectly correct in the context it was posted.
You can't 'disclaim' in favour of a specific party.
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You intimated that the person disclaiming would be treated as disposing of an asset. But that’s not correct. Yes you are correct. You can’t disclaim in favour of someone. That’s because you never take the asset to control in that way.
 
There are two possibilities:

- Disclaim in favour of someone; it’s then deemed to come from the person who’s disclaiming

- Simply disclaiming in which case it goes back into the estate
 
Thanks Everyone for lots of helpful comments.
I am going to draw a disclaimer in writing and the executor is fine with this. CAT won't be an issue as the inheritance is small.
And the sitting resident will benefit from my disclaimer as they are the majority beneficiary.
 
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