Deed of Variation (Changing a Will after Death)
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Deed of Variation - What does it mean?
A Deed of Variation is an official document that allows the beneficiaries to change who inherits the estate. A Deed of Variation can either be made by the beneficiaries of a will or by the people who stand to inherit under the rules of intestacy.
Why may you want to change someone's Will after their death?
There are a number of reasons you may want to change someone’s will after their death, including:
- The Will was written a long time ago. For example if the Will doesn’t include children or grandchildren who were born after it was written
- You don’t need all of your share and want it to benefit someone else
- You want to reduce the Inheritance Tax bill. There may a more Tax efficient way to distribute the estate.
- As a family you’d like to even things out for all beneficiaries
- You’d like your inheritance, or part of it, to go to charity
The particular reason why you want to change someone’s Will will be unique to you and your family.
Popular questions about Deeds of Variation
If the Will was written a long time ago, or there was no Will, the distribution of assets may not provide for the best result for the recipients. For example, there could be others who are in greater need of the funds, to save tax by giving additional assets to charity, or to redirect assets qualifying for inheritance tax relief. The most important thing to remember is that there is a two year time limit from the date of death to prepare a post death variation.
In cases where there was no Will and the estate was passed using the rules of intestacy, again the recipient of any assets, may wish to look at redistribution of them.
A solicitor can help navigate the complex laws surrounding what happens with a person’s estate on their death.
We strongly advise against writing a Deed of Variation yourself as there are likely to be complex legal and financial tax implications if you don’t get it right.
At Goughs solicitors, our team of specialists have expertise in tax, Trusts and estates and have years of experience helping people change a Will after someone’s death. We can advise you on the best course of action no matter how simple or complex your requirements.
For more information on Deeds of Variation, please click here.
Alternatively, if you would like to make a Deed of Variation, please speak to our specialists today.
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