Tuesday, September 21, 2010

can a sole beneficiary of a will refuse some of the benefits when due, in favour of a 3rd party, by amendment.

I have read that a will can be amended upto 2 yrs after the death of the owner, is this in exceptional cases only and how complicated would it be.

The owner of the will became deceased in 2006 and execution of the will has started but this only required name changes because all assets were held in joint names, including the home. Total assest do not exceed £500,000 and all were to be transferred to the spouse. The spouse has now stated a preference to not accept the benefit of the other half and would like the will to pass this benefit straight to her first born child, thus saving Inheritant tax on the death of the second parent. Is this still possible and could it included property and OEICs. If so where would one find the best people to do this.