John B54

Will do - thank you

Like many other 'Baby Boomers,' my wife and I find ourselves in the situation where the recently increased value of our property will, upon our deaths, mean our estate (unless diminished by care fees) would be subject to IHT under the current regulations. I have recently inherited a modest sum (c£7k) from my mother's estate and would like to pass it directly to my son and daughter. However, we have already gifted them both the £3k IHT-free maximum this year, so I wondered if a Deed of Variation to my mother's will, bequeathing my inheritance to my children instead, would be a valid method of excluding this sum from my own estate (and hence IHT-liability) were I to die within the next seven years? Thank You