11 minute read
LEGAL
Sue Owens Senior Partner
NORTHAMPTON 29 Billing Road Northampton NN1 5DQ 01604 622101 KETTERING 15 Station Road Kettering NN15 7HH 01536 523434 bmtclaw.co.uk
Can I give up or amend a legacy after someone has died?
While the specific terms of any will are up to the individual who makes it, after they have died there may be circumstances where those left behind wish to pass their legacy onto someone else.
“Beneficiaries are not obligated to accept their inheritance, whether under a will or under the terms of intestacy,” says Sue Owens, Head of the Wills and Probate team at Borneo Martell Turner Coulston. “There may be a number of reasons why beneficiaries wish to give up their interest in an estate, ranging from purely financial to the more personal.”
Often a will may have been made several years prior to a person’s death and family circumstances have changed. This could mean that their estate passes in a way which is no longer the most appropriate for the needs of their family, or in a way which is no longer tax efficient.
For example, when children are young, it is likely to be sensible to leave an inheritance by way of a trust. However, if you are the adult child of someone who has done so, the cost implications and administrative duties of dealing with a trust may no longer be worthwhile. Alternatively, the deceased person may have left their estate to their children equally, but now one is more financially independent than the other and content to forgo their own share to benefit their sibling.
Many wills are drafted to be as tax efficient as possible based on circumstances at the time of drafting, and it may be the case that changing circumstances and new tax rules mean that the will terms no longer achieve the desired effect.
Where there is no will In the case of an estate where there is no will, intestacy rules will prevail and this may not provide for those left behind in the fairest way possible. Changing the way an estate is to be distributed can allow you to ensure that someone who would otherwise miss out will be provided for. For example, intestacy does not provide for unmarried couples, no matter how long term or serious the relationship. Varying an intestate estate of someone in this situation can allow for the deceased’s partner to inherit rather than, say, the deceased’s sibling.
Again, saving tax may be a consideration. Intestacy rules are designed to ensure that close family members are provided for and they have little concern for tax planning. As such, varying those provisions might be advantageous when it comes to how much tax an estate will be liable to pay.
Disclaiming a legacy If you simply do not wish to receive a gift due to you from an estate, without being concerned about who else should, you may disclaim your inheritance. You may disclaim your gift in full as long as you have not accepted any part of it. If you are due to receive several gifts from the same estate, you can disclaim any one or more of them without necessarily giving up your right to the others.
If you disclaim any one individual gift you give up your right to that gift in its entirety. The estate will then be distributed as though you have died before the testator and the will or intestacy rules will determine who should receive your gift instead. You have no control over its destination. For this reason, disclaiming is not as common as the alternative, which is to enter a deed of variation.
A deed of variation A variation of an estate is in the hands of the person seeking to vary the will and a beneficiary, so has a much greater level of control than disclaiming. If you do not wish to receive your entire entitlement under a will, or under intestacy, you can vary your entitlement without giving it up altogether.
If you vary the share of an estate which is due to you, you can decide who should receive the inheritance in your place. It could be that you feel another beneficiary (or even someone who is not already entitled to a share of the estate at all) is more deserving or more in need so that you wish that person to receive your share.
Alternatively, it may be that it is more tax efficient overall if the inheritance is redirected to a specific person. Due to the extra control a variation offers, it is often the preferred choice for a beneficiary who has chosen not to receive some or all of their inheritance.
How to vary an estate If you choose to alter your entitlement, either by way of disclaimer or variation, you will need to do so within two years of the date of death for it to retrospectively effect inheritance and capital gains tax. A disclaimer may be made verbally, but it is best to record the decision in writing. A variation must take place in writing. It is important to note that some trusts and other more complex provisions may not be variable in the same way as a straightforward gift will be. It is always best to seek legal advice upon your own individual circumstances.
How can we help? If you do not wish to benefit from an inheritance, there is no obligation on you to accept it. Giving up an inheritance does have consequences for you and for the estate, and you should seek advice before disclaiming or varying your interest so that you are content it is the right decision, and you go about it in the best way.
Our solicitors can advise you 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 Sue Owens on 01604 622101 or email her at susan.owens@bmtclaw. co.uk – BMTC Law have offices in Northampton and Kettering – face to face or online meetings available. Home visits by appointment.
A fitting tribute to the unit that changed the war
Pilot Veteran George Pritchard with Andrew Lewer MP
The Photographic Reconnaissance Unit played a significant but little-known role for Britain in the Second World War. Now Andrew Lewer, MP for Northampton South, is campaigning for a permanent monument to its service. He has been inspired by the story of his constituent 98-year-old George Pritchard, a wartime PRU pilot who went on to set up the business that created the world’s first heart pacemaker and built jet engine blades for Rolls Royce.
The destruction by the Luftwaffe of a local Kent factory making ammunition boxes is where my story begins. The mass killing of a 16-year-old factory worker’s colleagues, initiated an abrupt change in the life and fortunes of my constituent George Pritchard that would have significant repercussions far beyond the war.
Teenager George immediately joined the RAF and a year later was being trained to be a pilot and going on to fly de Havilland Mosquitos for the little-known Photographic Reconnaissance Unit (PRU). The PRU was crucial in providing vital same-day intelligence which underpinned major operations such as D-Day and the Dambusters raid: Over the course of the war, they amassed over 26 million images.
He flew frequently deep into enemy territory on clandestine missions, armed only with speed, courage and a good dollop of luck. These were perilous missions. The PRU had the secondlowest survival rate of any allied aerial unit during the conflict, with 452 casualties, including 145 lost with no known grave.
The cost of those young lives was great, and George was one of only two airmen from his squadron who survived the war. He recounted to me an occasion when a Focke-Wulf 190 sneaked up behind to shoot him down. He put the nose down 5 degrees and put the throttle ‘through the gate’ outpacing the state-of-the-art German fighter. The outstanding performance of the ‘Wooden Wonder’ with its two supercharged Rolls-Royce 61 engines saved his life that day.
The story of George after the war is just as remarkable. Thinking there was not a lot of hope starting career as a civilian pilot, he setup a small electrical engineering company. He went on to produce Britain’s first heart pacemaker, control stations for nuclear power plants, design switching relays for Concorde and jet engine blades that are still in service with Rolls Royce to this day.
The reason I got to know George was through my Parliamentary Colleague Andrew Bowie, the MP for West Aberdeenshire and Kincardine. I was delighted to follow his lead in campaigning for a fitting national monument for those airmen of PRU. I attended and spoke at a recent parliamentary debate on the issue. There are only four living airmen from the PRU. I am proud to say that my Northampton South constituent George, now entering his 99th year, is one of them.
This is why I am campaigning with George for a national memorial, to set in stone the names of those brave airmen who, to paraphrase John Maxwell Edmonds, gave their today for our tomorrow in a unit that helped change the course of the war. >> To find out more about the campaign you can visit www.spitfireaa810.co.uk/national-memorial
Start your journey with Ousedale Sixth Form
Ousedale Sixth Form has a long tradition of success, consistently achieving excellent results at GCE Advanced Level in all subjects and vocational routes. They have excellent study facilities and all classrooms are fitted with the latest technology. With over 400 pupils in their Sixth Form, Ousedale are proud to offer an ambitious, broad curriculum. Here is what one of their pupils has to say:
I am studying Biology, Chemistry, Maths and Further Maths as well as undertaking an EPQ. The dedication of the excellent teachers at Ousedale Sixth Form (especially throughout the pandemic) has made me feel calm and relaxed as I progress to my final exams. I feel involved in my lessons and am confident that I have access to all the resources required for my subjects. I came to Ousedale Sixth Form for the excellent teaching but I discovered the best thing about it is the positive community spirit of the students and staff. Whilst writing my personal statement and preparing my university application, I was supported and helped by several members of staff and even fellow students. I would recommend studying here because if you aspire to excellence, you will find people here to help you get there.” Ivo - Ousedale School.
Ousedale’s new Sixth Form Prospectus 2022/24 which includes details about their facilities, opportunities available and the courses they will be offering, is now available to view on their website. They will also be launching their new Sixth Form introduction video on Thursday 6th January.
Ivo - Ousedale School pupil
>> Visit their website for full details www.ousedale.org.uk
Ousedale Sixth Form
Students are: Well prepared to leave Sixth Form and pursue their goals… Sixth Form students feel that sta support them well. Students appreciate the varied sessions on personal development… Committed teachers use their excellent subject knowledge to ensure that all pupils, and particularly pupils with special educational needs and/or disabilities (SEND), achieve well.
Students achieve well at Ousedale Sixth Form:
• Top performing school in Milton Keynes at A Level/vocational courses • Typically, a third of students gain a place at Russell Group universities, including Oxbridge • Dedicated careers department with established relationships with a range of organisations • Dedicated UCAS and ‘widening opportunities’ team
OFSTED (January 2020)
At Ousedale School:
• We consider all applications • We personalise and tailor the curriculum to meet the needs of our students • We believe that Further Education opportunities should be accessible and available to as many young people as possible • Provision includes a wide range of A Level and vocational courses. We also provide extensive opportunities for personal development
Sixth Form students at Ousedale benefit from:
• Specialist sta in a range of A Level and vocational courses • A purpose built Sixth Form Centre and excellent IT and study facilities • Wide-ranging enrichment activities including DofE, national competitions, music, ‘InvestIN’ courses and debating • Bursary funding available, including travel • High level of pastoral support and a dynamic Student Leadership Team • Excellent progression rates to Higher Education/Apprenticeships • Opportunities to participate and compete in sport and perform in the Arts
Sixth Form Open Evening
Thursday 6th January 2022, 5.30pm-8.30pm
at our Newport Pagnell Campus
Presentations will be held at: 5.30pm, 6.30pm and 7.30pm Presentations will be followed by a tour of the Sixth Form To book on one of our three presentations, visit our website to register for the event: www.ousedale.org.uk
Tickets are limited to ensure social distancing, book early to avoid disappointment!
Newport Pagnell Campus - The Grove, Newport Pagnell MK16 0BJ Tel: 01908 210203 Headteacher: Mr Andy Burton Olney Campus - Aspreys, Olney MK46 5LF Tel: 01234 717480 www.ousedale.org.uk
