As the cost of living increases some parents are considering giving their children their inheritance early, when they may need it most, rather than making their children wait until they have passed away. But other than the Inheritance Tax complications… could there be another complication regarding double portions?
The presumption against double portions is not to cause dispute between family members but to preserve fairness. If a parent has made a Will leaving a child some money, but then decides to give them some money in their lifetime (excluding regular gifts made from income and gifts made within the annual gifting allowance etc) the presumption is that the gift be treated as an advancement on their inheritance, rather than an additional gift. The onus is on the receiver to prove otherwise.
There are numerous factors which require consideration when relying on this presumption, should you have any concerns regarding the above at Hewitts we have experts who can answer any queries you may have.
