What is a Deed of Variation?
It is not uncommon to be entitled to an inheritance that is not wanted or not needed. If this is the case, it is possible to vary a Will or Intestacy after death. This is done by way of Deed of Variation.
There are a number of reasons why you may wish to enter a deed of variation. These include, saving on your own exposure to inheritance tax, to provide for someone who was omitted from the will, or to pass an inheritance on to the next generation.
A Deed of Variation can also be useful when a testator has not taken advantage of the tax reliefs available and so the Will has not been drafted in the most tax-efficient manner. For a Deed of Variation to take advantage of the Inheritance Tax and Capital Gains Tax benefits available, it is essential that it be finalised within two years of the date of death, so time is of the essence.
“Martin Cooper was the perfect solicitor. Solicitous and proactive in just the right measure. Always prepared to go the extra mile. Outstanding performance.” IR, February 2019