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07 August 2023
Large family
I act for a family of six mum (M) dad (D) and four adult children. They have for many years been close friends of Doris who has little family of her own. Doris passed away in September 2022 leaving an estate of circa £1m on which there was an IHT liability of £150 000. In Doris’s will which was made three months before her death there are several specific legacies including some of equal amounts to the four adult children with the residue going to M and D.
There is a clause in the will granting one of the adult children Bob a ‘12-month option to purchase my property situated at […] the price for which may be fixed at £300 000.’ Would the word ‘may’ be of any significance?
The probate value of this property was...
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