If I put in my Will that it's to be distributed to my children can it form part of their individual 335k limits and wouldn't be taxable. Correct ?
I think if not stipulated in a will the ARF (say 200k value) transfers to a surviving spouse in its entirety and is'nt taxable. Correct ?
If you leave the funds to your spouse or civil partner, the funds can be transferred to an Approved Retirement Fund in their name.
In all other cases, the funds are wound up and the proceeds are passed to your estate.
Thanks for the heads up.That's not correct I'm afraid. See the following:
So if you explicitly specify in your will that you ARF is to go to your spouse/civil partner, it is transferred in full to an ARF in their name, with no tax payable. Otherwise it will be wound up and treated as part of your estate. Tax may be payable.
More here
What you have it fine.Thanks for the heads up.
I had been under the impression that my existing will with instruction that everything passes to my wife was all I needed.
If I understand you correctly, I need to change my will when I take out an ARF and specify the ARF separately.
Hi Deauville, the advice from my solicitor was to make it explicit, which is what I did.Thanks for the heads up.
I had been under the impression that my existing will with instruction that everything passes to my wife was all I needed.
If I understand you correctly, I need to change my will when I take out an ARF and specify the ARF separately.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?