Lawyer sheds light on unexpected benefits of rejecting an inheritance

Rich Risino

Senior Associate

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December 8, 2021

There has been an inheritance windfall in the UK, with more than 11 million people inheriting money over the past decade*. While many will benefit from using their additional wealth, some people choose to give up their inheritance for a variety of reasons.

Richi Risino, a Senior Associate with Kent solicitors’ Furley Page, specialises in inheritance advice. He explained: “There may be times when someone chooses to pass their inheritance entitlement to someone else. Redirecting an inheritance allows an individual to navigate the (sometimes) negative tax and financial repercussions of accepting it, and allows the inheritance to pass directly to their own heirs, or to a less financially secure family member.

“Changing the way an estate is to be distributed can also ensure that a family member, close friend or significant part of the deceased’s life, who would otherwise miss out, will be fairly provided for.”

An individual can choose to voluntarily vary their entitlement to inherit which gives them the opportunity to decide what entitlement to retain, what to give up and, perhaps most importantly, who to give up in favour of.

Rich concluded: “Giving up an inheritance does have consequences for you and for the estate, and you should seek legal advice before disclaiming or varying your interest so that you are content it is the right decision, and you structure it in the best way.”

Furley Page’s Private Client Team can advise on disclaiming or varying an interest in an estate, as well as on the probate process in general, to help you make sure that you are making the best decision and that your choices are clear and legally binding.

For further information, please contact Rich Risino by email rlmr@furleypage.co.uk or call the Private Client Team on 01227 763939.

 

* https://www.thisismoney.co.uk/money/pensions/article-9973249/Over-11m-Britons-received-inheritance-windfall-past-decade.html

The original blog can be accessed here >