Variation or PET?
Posted: March 7th, 2017, 5:03 pm
Quick summary:
Late FIL Estate = a fraction under the £325K limit, MIL still very much with us (83).
The intention is to split the estate (Total £650K, £400K House, £250K Cash) into 3 1/3 each for Mrs Pheid and my two daughters.
My MIL would like to give the my girls the cash now (for mortgage)
She could vary the will and gift the cash now or keep the allowance and gift the cash as a PET. What are the advantages/disadvantages of both approaches?
Regards
Pheid
Late FIL Estate = a fraction under the £325K limit, MIL still very much with us (83).
The intention is to split the estate (Total £650K, £400K House, £250K Cash) into 3 1/3 each for Mrs Pheid and my two daughters.
My MIL would like to give the my girls the cash now (for mortgage)
She could vary the will and gift the cash now or keep the allowance and gift the cash as a PET. What are the advantages/disadvantages of both approaches?
Regards
Pheid