Post-death changes

Question 1

A beneficiary may disclaim their inheritance _____ or in _____, but it must be the latter for ___ and ___ purposes

Answer 1

orally, writing, IHT, CGT

Question 2

What happens to a legacy that a specific legatee disclaims?

Answer 2

It falls into the residue

Question 3

What happens if the last/sole beneficiary of the residue disclaims?

Answer 3

The residue passes through intestacy

Question 4

Does disclaiming a gift under a will prevent the person from receiving the property through intestacy?

Answer 4

No

Question 5

What does a variation allow?

Answer 5

A beneficiary to change who gets their inheritance

Question 6

What 3 conditions must be met for a variation to be treated as if D had left the property to the new beneficiary?

Answer 6

1. In writing
2. Within 2 years of death
3. Not made for monetary consideration

Question 7

What happens if the three conditions for a variation to be treated as if D left the property to the new Beneficiary are not met?

Answer 7

The gift is treated as transfer of value for IHT and deemed a disposal for CGT by the original beneficiary

Question 8

Can a beneficiary disclaim part of a gift?

Answer 8

No - a disclaimer is all or nothing

Question 9

Can a variation be made to part of a gift?

Answer 9

Yes