Society & Culture2 mins ago
division of estate subject to I.H.T.
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in awill subject to I.H.T. comprising house and liquid assets and the liquid assets are to go to one party and the house to the executor. can the executor use the liquid assets to pay off the I.H.T. . yet still keep the full house value to themselves
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It depends on the wording of the will. If the house is to go to one person and the remainder of the assets are to go to another person then you may find that this is exactly what will happen. The items specifically named go to the beneficiary named and the balance after paying IHT will go to the residual beneficiary. This may not be what the deceased intended and so it is possible to make a "Deed of Arrangement" whereby the beneficiaries agree to amend the terms of the will so that one person does not lose out in this manner. I suggest you consult a solicitor.
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