Division of will Query

Curiousmike

New Member
Messages
4
Hi Folks

Looking for thoughts on scenario below

Two siblings jointly inherit their aunts estate, the estate consists of a house valued at 700k and money valued at 500k

Sibling A wants to keep house and Sibling B wants to take money. Sibling A had lived in house with aunt for five previous years therefore would be eligible for Dwelling Relief Exemption however the crux of my question is would Dwelling relief apply on full value of property for Sibling A or only on her half portion of property as the will left entire estate to both siblings without specifying how assets should split.

My question is if Exemption doesn’t apply on full value of house for Sibling A is there any way legally to amend so that she receives full value of house as her inheritance and then full relief would apply, I read something about a deed of appropriation is that something that could be used in this scenario to redirect assets so A takes full house as inheritance and B takes cash and then A gets full Dwelling relief?

Thank you
 

mf1

Frequent Poster
Messages
4,223
The people involved need specific tax and legal advice.

I'd be sending them off to these people:

And see this very helpful link to one of their publications:


mf
 

Bronte

Frequent Poster
Messages
13,632
When the OP is discussing such large figures they would do well to listen to the advice MF gave.
 
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