What is a Deed of Variation?
It is possible in some circumstances to change a person’s Will after they have died. Likewise, if no Will has been made, it is possible to change how a person’s estate is distributed after their death. These changes can be made through a Deed of Variation.
Some of the common reasons for needing a Deed of Variation are:
- The Will may not have been updated for many years and may not reflect the deceased person’s most recent wishes and the beneficiaries are in agreement to change the terms;
- It can save tax being paid from the estate by giving assets to a beneficiary who is exempt from tax for example, a spouse or a charity;
- It can be used by a beneficiary to help with their tax or estate planning and may enable the family to put assets in a Trust.
There is a two year time limit to consider for any variations. After this deadline the Deed will not be effective for saving tax payments.
When creating a Deed of Variation, the document needs to be agreed by the beneficiary who is changing their entitlement.
How can SAS Daniels help with Deeds of Variation?
By creating a Deed of Variation you can:
- Make provisions for your children or other dependants;
- Save inheritance tax;
- Resolve a dispute in the estate;
- Allow a person to inherit assets they may have missed out on;
- Create a Trust to protect assets for future generations.
Our specialist team can help you vary the terms of someone’s estate by:
- Preparing the Deed;
- If required, sending the Deed to HMRC to reclaim any inheritance tax;
- Discussing your own estate and helping you plan more effectively for your family.
We will also take the time to advise you on the benefits of varying a deceased person’s estate and look at your family circumstances to help you plan for your future beneficiaries. Each person’s situation is different so we get to know your needs, in order to tailor our advice and leave you feeling reassured and confident that the advice you receive is the right advice for you.
For more information on a Deed of Variation, please contact our Estate Administration & Probate team via our contact form or call us on 0161 475 7676.
Job Title: Partner
Phone: 01260 282351