Deeds of Variation
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There can be many reasons for using a Deed of Variation, which can include:
- to reduce the tax liability of the estate or of a beneficiary,
- to redistribute the assets according to all the beneficiaries’ wishes, or
- to settle a dispute, or potential dispute, over the estate or Will or
- you may want to make a gift to charity or to pass on property to the next generation
Whatever your circumstances we can advise you and draft a Deed of Variation to ensure you achieve your objectives.
A Deed of Variation is a legal document that allows beneficiaries of an estate to alter the distribution of assets set out in a Will or intestacy rules after someone has passed away. This can be done for various reasons, such as reducing Inheritance Tax (IHT), redistributing assets more fairly among family members, or ensuring dependents receive appropriate financial support.
A Deed of Variation can be used when all affected beneficiaries agree to the changes, and it must be completed within two years of the date of death. It is often used for estate planning purposes, ensuring assets are distributed in a way that benefits the family while optimising tax efficiency.
No, a Deed of Variation does not typically require court approval. However, all beneficiaries who are impacted by the change must provide their written consent. If the variation affects a minor or someone lacking mental capacity, approval from the court may be necessary.
Yes, a Deed of Variation can help reduce Inheritance Tax by redirecting assets to a spouse, charity, or beneficiaries who are tax-exempt. This is particularly useful if the deceased’s Will did not take full advantage of available tax exemptions, such as the spousal exemption or charitable donations.
Yes, if someone dies without a Will, their estate is distributed according to the Law of Intestacy. Beneficiaries can still use a Deed of Variation to rearrange the distribution of assets to better reflect the family’s wishes or financial needs, provided all affected parties agree.
Arlingsworth Solicitors will guide you through the process of drafting and executing a legally valid Deed of Variation, ensuring it meets all HMRC requirements and helps you achieve your estate planning goals. Whether you need to reduce inheritance tax liabilities, provide for additional beneficiaries, or redistribute assets, our expert private client lawyers offer tailored legal solutions.
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