A Disclaimer of Interest can be used by a beneficiary of all or part of an estate to effectively renounce their interest and give up their inheritance. This may be the case if the income tax burden on the beneficiary would be too severe if they were to accept the gift, or if they were in a considerable amount of debt and all of the money would have to be passed to creditors.
A Disclaimer of Interest must always be in writing and should usually be done within nine months of the person’s death and before the beneficiary has received any benefit from the gift that was made to them in the Will. For example, if you have been left a property, you must not have already received any rental income.
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A Trust is a legal agreement between three parties. This agreement is a way of managing your assets. These could include things such as your finances, investments, land or property purchases.
Here at Stirling Ackroyd Legal we understand that Inheritance tax (IHT) may be an uncomfortable subject.
At present, there are three occasions upon which IHT may be charged: