A Deed of Variation allows the beneficiaries of a Will to agree amongst themselves that the Will should effectively be re-written within two years of the death of the person who wrote the Will to enable assets to pass in a way other than that set out in the Will.
There can be a number of reasons to alter the way assets are left in a Will with the most common reason being to achieve an inheritance tax saving. Using a Deed of Variation is not, however, a device that should be relied upon as being available indefinitely for estate planning purposes. There is a strong possibility that this government may withdraw their tax-saving benefits in order to generate additional income for the Treasury.
For the time being, however, Deeds of Variation do provide some opportunities to change a Will after death. To do so all beneficiaries must agree. If beneficiaries include children they cannot give consent themselves and an application must be made to the Court for a Judge to give such consent (if appropriate) on their behalf.
Deeds of Variation are often used :
At Oak Tree Probate Solutions we can :
To find out more about how a Deed of Variation might assist you please contact us today.