accepting half of inheritance

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legal33

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If I as a nephew (not entitled to favoured nephew status or agricultural reliefs) inherit 40 acres of land but can only afford to accept 20 acres due to inheritance tax can I just take 20 acres or do I have to reject the entire inheritance? The 40 then gets divided amongst my aunts as the next of kin.

Thanks
 
You can't disclaim part of a benefit so it depends on the wording of the will. You need to make an appt with your solicitor BEFORE the will is probated so that this can be explored.

You also should take tax advice before doing anything.
 
If you disclaim a specific bequest, it goes into the residue and is divided to the residuary legatees - this could include you. The Executors could then "Appropriate" the residue equally amongst the residuary legatees by agreement and you could get your 20 acres depending on the values and other benefits. I have just done exactly that.

Next of kin should have nothing to do with it.

But why not take the 40 acres and sell some to pay the tax? Why give up half your inheritance?

In any case, you need to speak to a good solicitor.

regards
 
you should also talk to a good tax consultant as you ma be a farmer and entitled to farmer relief.
 
paddytt said:
But why not take the 40 acres and sell some to pay the tax? Why give up half your inheritance?
Click to expand...

If it was a house in the city I would have no hesitation selling it. Selling even 1 acre of this land which has so much emotional attachment would be unthinkable. It's an Irish thing I know.

Thanks
 
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