Refusal of inheritance

beerguts

BACKGROUND:
A relative has informed me that he has left some property to me in his will. Normally this is a good gift to get however he has also put provision that upon my death this property will transfer to another relative of his. The reason he has done this is due to me not having any children and possibly not having any in the future.
Due to this I have lost all interest in receiving the property and would like to exclude myself from his will. The problem I have is that he is quite elderly and would probably not want to return to his solicitor to update the will.

Question.
Is there a process where I can exclude myself from the will once he is deceased?

I am a novice when it comes to these legal issues and any advice is very welcome

endacl

Weird question. Refuse free property for as long as you're alive? Each to their own, I suppose, but weird...

Why not respect his wishes, and say thanks?

Atlantic Dawn

He can't put such a provision in as to where the assets go upon your death once you die after he does. It will be yours to do whatever you want with.

Perhaps he meant that when he dies if you are already dead it will go to the other relative, this would be fine as far as I know. You can ofcourse exclude yourself from the will in which case your share goes back in to the estate to be split with whoever else was named in the will.

Louis Friend

Atlantic Dawn wrote: »

He can't put such a provision in as to where the assets go upon your death once you die after he does. It will be yours to do whatever you want with.

Perhaps he meant that when he dies if you are already dead it will go to the other relative, this would be fine as far as I know. You can ofcourse exclude yourself from the will in which case your share goes back in to the estate to be split with whoever else was named in the will.

This is completely incorrect.

The OP is being left a life interest/life tenancy, which is pretty standard stuff. The asset then goes to someone else.

An inheritance can be “disclaimed” quite easily after the man’s death.

headtheball14

endacl wrote: »

Weird question. Refuse free property for as long as you're alive? Each to their own, I suppose, but weird...

Why not respect his wishes, and say thanks?

Well it depends if the property is useful or of value. They won't be able to sell it or mortgage it if it will go elsewhere.
Basically they will be required to pay any due taxes, rates etc .
For example say you are left a poorly maintained property in the country . You can't borrow to improve it. You just have to keep paying the water rates tax etc for somewhere you may never want to visit or live in.
My understanding is that you can disclaim inheritance. It will then be distributed in line with rest of the will .

ziedth

Atlantic Dawn wrote: »

He can't put such a provision in as to where the assets go upon your death once you die after he does. It will be yours to do whatever you want with.

Perhaps he meant that when he dies if you are already dead it will go to the other relative, this would be fine as far as I know. You can ofcourse exclude yourself from the will in which case your share goes back in to the estate to be split with whoever else was named in the will.

I have no legal understanding of this nor have I looked it up but I do know when my Grandmother willed her house to her children it was a requirement that the house would be passed onto me and my brother - Its a relatively long story so I won't go into details of why this is the case but just to make the point that it is a similar condition in that will to above.

Tails142

You could always rent it out for income.

mickuhaha

You can renounce your inheritance if you choose.

If the will is phrased as suggested, it would be a life tenant situation. If accepted, you would have use of the property for your lifetime but also liable for it's maintenance. You would be required to keep the asset in a similar condition as received so as it can be passed on death.

You would want to consult your own solicitor and not that of the estate when this happens.

beerguts

Thank you all for the genuine advice,
Just to confirm it is a Life interest that I am been left. However the property is in a poor condition and because of the way it is been left I doubt that it would be easy to get a mortgage on it to do it up as it needs extensive work.

Dunfyy

Ask to see the will

beerguts

Dunfyy wrote: »

Ask to see the will

You cannot ask that of another adult. This aspect relates to me but there could be other provisions for others that are entirely private that I have no business in knowing. Cop on

mickuhaha

You could have the option to purchase the asset off the remainderman/party due to inherit on your death. You would need to consult with them or their representatives via the executors.

Have you asked, without being confrontational, why it's being left to you in such a way? And are you sure it's not a mix up, and he doesn't mean that someone else will get it in the event that you're dead before him?

If he's leaving you anything, it means he was thoughtful enough to include you in the first place. Is it possible he is perhaps lumbering you with something you don't want, entirely by mistake? I'd have a conversation with him about it.


To include a little backstory; i know a family, 2 parents both alive (albeit in their 90s) and 7 kids. The 7 kids found out, about 5-6 years ago, that the family home was left to everyone. Whereas six of the family had their own homes (some in other countries) one of them didn't, and rented. With some discussion, a few of the kids explained that if the house is left to them all, then it will invariably end up sold and no one will 'inherit' it. The parents wanted the house to stay in the family, but obviously weren't thinking along those lines and just assumed it would remain in the family forever (never happens once a bit of greed enters the mix).

The idea was that the least fortunate child would always get the house, but they amended the will accordingly once they realised the house would eventually end up sold and out of the family, or that one would have to carry a mortgage to get it. Sometimes people write wills without realising the consequences, and an honest conversation can often help clear it up.

jimmycrackcorm

beerguts wrote:

Thank you all for the genuine advice, Just to confirm it is a Life interest that I am been left. However the property is in a poor condition and because of the way it is been left I doubt that it would be easy to get a mortgage on it to do it up as it needs extensive work.

If it's a life interest so that the deeds or folio isn't transferred into your name then it is going to be pointless.

If it goes into your name then it's an interesting question about what happens when you add value to the property.

AutoTuning

Accept it and lease it to someone else for the duration and enjoy the income.

coylemj

beerguts wrote: »

Question.
Is there a process where I can exclude myself from the will once he is deceased?

Yes there is. You can send a letter to the executor of the estate disclaiming the inheritance. You will have no tax issues and that will be the end of it.

But consider your options..... ..

AutoTuning wrote: »

Accept it and lease it to someone else for the duration and enjoy the income.

Or, if you're not interested in becoming an (accidental) landlord, ask the person who will inherit the place after your death to buy out your interest. This would allow them to instantly convert their inheritence to cash, by buying you out and then selling the place or renting it out. Rather than wait years for you to pop your clogs.

beerguts

coylemj wrote: »

Yes there is. You can send a letter to the executor of the estate disclaiming the inheritance. You will have no tax issues and that will be the end of it.

But consider your options..... ..



Or, if you're not interested in becoming an (accidental) landlord, ask the person who will inherit the place after your death to buy out your interest. This would allow them to instantly convert their inheritence to cash, by buying you out and then selling the place or renting it out. Rather than wait years for you to pop your clogs.

Thank you sir that is very good advice. The option for the other party to buy me out wouldn't be a runner as we are close relatives and if I suggested for them to buy me out it would destroy our relationship. I will just have to disclaim the inheritance when the time comes. It is a Lost opportunity for me but its just the way it has panned out.

Thanks to all who responded with genuine advice it has been a big help