Disclaim an entitlement under a will

M

misstealeaf

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My dad died and left a will. The family home was left to my mam with all other benefits left to me. The other benefits consisted of savings, insurance policies and a death gratuity.

Is it possible for me to disclaim my interest in the death gratuity? My thinking is it would fall back into the estate and become payable to my Mam. I want her to have it. If i take it and subsequently gift it to her there would be gift tax issues whereas if she takes it directly from the estate it would be tax free to her as my dads spouse.

Can you please advise?

Thanks in advance.
 
Yes, you can disclaim, provided you are solvent! However, be careful that there is no other residual beneficiary named in the will, as your disclaimed asset could go to them. The executor should send ask you to execute a Deed of Disclaimer.

If you are personally insolvent, any disclaimer could be challenged by a creditor on the grounds that the disclaimer is a fraudulent disposition. If you are actually a bankrupt, then you are obliged to notify the Official Assignee.

Jim Stafford
 
Many thanks for your response Jim. I am legally solvent so no issue there.

The way the will was worded it stated that all other parts of my dad's estate were to go to me. There was no real specifics. The remainder of his estate encompassed savings, life assurance policy and the death gratuity.

Would it be possible for me to disclaim my entitlement yo the death gratuity only or would I have to disclaim everything? Do you need to provide a reason why you are disclaiming.

There is no other beneficiary named on the will other than my mam and I am an only child so I assume the death gratuity would definitely fall to her then?

Thanks for your help.
 
Also the probate has been lodged and the estate is nearly finalised. All funds in solicitors account now so can a disclaimer still be done as I have not received monies yet?
 
misstealeaf said:
Also the probate has been lodged and the estate is nearly finalised. All funds in solicitors account now so can a disclaimer still be done as I have not received monies yet?
Click to expand...

You really must talk to the solicitor involved. Or someone like Finola O'Hanlon

http://www.ohanlontax.ie/index.php

No connection - I just find her very accomplished

With the best will in the world, (no pun intended), no-one can properly advise you on the intricacies of your situation ( and it is intricate) without knowing all of the facts, rather than little snippets. And you really are on risk of getting it wrong by relying on advice from here.

mf
 
misstealeaf said:
Also the probate has been lodged and the estate is nearly finalised. All funds in solicitors account now so can a disclaimer still be done as I have not received monies yet?
Click to expand...

I would have thought this ought to have been done before this state as there is a Revenue document (CA 6 - I think) that is filled out listing your inheritance amounts etc. It might mean this has to be done again. Have you not discussed all this with the solicitor?
 
mf1 is correct: no-one can advise you fully unless all facts/background circumstances are known. Having said that, the correct answer to your direct question of "Is it possible to disclaim" is that it is possible to disclaim. However, perhaps your question should be "What factors should I take into account when considering disclaiming an inheritance?" Such a question, as mf1 alludes to, is much more intricate, and would be best dealt with by an experienced professional who would obtain all of the relevant background first. Some of the relevant factors/questions to ask might be:

  • Why are you going against your Dad's wishes? Was you Dad concerned about your Mam's investment abilities? What are your Mam's views on it?
  • What happens if the government reduce CAT thresholds and/or increase CAT rates so that if you inherit from your Mam in future you may end up paying more tax?
  • What would be the impact of the HSE's "Fair Deal" scheme if your Mam had to go into a nursing home?
  • What impact would the additional legacy to your Mam have on means tested pensions/medical cards etc?

Jim Stafford
 
You can disclaim but you cannot disclaim in favour of another person. This means if you don't want it then it goes to the person the law determines is next entitled to it and tht person is not always obvious.

I second everything that mf1 said above. I too recommend Finola O'Hanlon and, as a solicitor myself, I have seen and taken her advice myself in the past.
 
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