Wills
Usually
a person prepares a will to describe how he or she would
want their property to be handled after they die. In cases
when there is no will, the laws of intestacy usually apply.
 Intestacy
refers to a situation where a person dies without leaving
a will. The next of kin or immediate family of
the deceased will
usually receive the estate following statutory rules. However,
the heirs may choose specific conditions regarding how people
benefit from the estate by creating a variation.
The amount
of inheritance tax, as well as capital gains tax, is affected
by variations. The beneficiaries must state in
the variation whether they want the variation to affect
capital gains,
inheritance tax, or both.
All the beneficiaries have to
agree to the terms of the variation before it can be made,
as they may end up inheriting
less
because of it. |
