A Post Death Variation works by allowing the beneficiary of a Will to redistribute the assets they received within the Will. 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.
When Can a Post Death Variation Take Place?
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.
Why Do I Need a Solicitor for a Post-Death Variation?
A Solicitor can help navigate the complex laws surrounding what happens with a person's estate on their death.
It is possible to write a deed of variation by yourself, but we strongly advise against this as there are likely to be complex legal and financial tax implications if you don’t get it quite right.
Our Private Client Team with expertise in tax, trusts and estates has 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.
Click here to make an appointment with a member of the Private Client Team or call 01225 762683.
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