In the case of a demonstrative gift, if there are insufficient funds in the specified source the balance is paid from the general estate, unless otherwise instructed in the Will.

Gifts within 7 years of the Will coming into effect are within the scope of the Inheritance Tax calculation.

The above is a top level summary, more detail on how these terms are used for Inheritance Tax purposes can be found at this link to the HMRC Inheritance Tax manuals.

Wills in English
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