A Deed of Variation allows the beneficiaries of a deceased’s estate to alter the distribution of the estate, or relinquish a bequest from an estate by changing the deceased’s Will.
The effect of a Deed of Variation is that the original beneficiary can redistribute the entitlement to another party without any tax consequences to themselves. Our probate solicitors are well-versed in making applications for Deeds of Variation and are able to offer expert legal advice relating to this area of probate law.
A Deed of Variation may be required to achieve one of the following outcomes:
Reduce the amount of Inheritance or Capital Gains Tax payable
Provide for someone who was left out of the Will
Move the deceased’s assets into a trust
Clear up any uncertainty over the will
Vary the will after settlement of a claim
The Deed must be completed within 2 years of the death, and, to be valid, the Deed must be signed by all executors and beneficiaries as outlined in the original Will.
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