Solicitors for Deeds of Variation

Anyone who is the beneficiary of a will can request changes to be made to their entitlement.

You can pass on your share of the inheritance to someone else whether they are named in the will or not. It’s up to you how you rearrange your entitlement, and the terms can be as simple or complex as you like tailored to you and your family’s needs.

For example, you can redirect some or all of your assets to different people or just one benefactor. Or you might want to give away your whole entitlement to charity or set up a trust.

The beneficiaries of the estate might decide between themselves how each other’s share should be altered so they can find a way of redistributing assets that will benefit everyone in the family.

The law only lets you change what you’re entitled to. You cannot rewrite the will, but you can amend your portion of entitlement.

This means it’s not possible to change another person’s inheritance without their consent. This includes giving yourself a larger share of the estate unless it is gifted by another beneficiary.

A deed of variation will not let you change the named executor of the will or guardians.

While you can write a Deed of Variation by yourself, it is not advisable as there may be serious legal and tax implications if it is done incorrectly.

While there’s no specific template or form to fill out, a Deed of Variation must meet certain criteria to be considered valid by the court. It’s recommended that you take legal advice on these complex matters to make sure what you’re doing is best for the estate and to ensure that the application has the best chance of being accepted.

If you need expert advice from an experienced Deed of Variation Lawyer before making the application, Rowlinsons can provide all the help you need.

A Deed of Variation is a very important document, and its drafting should be approached with great care. This is why we will always advise you to ensure you have all the necessary documentation to make the right decisions that benefit you and your family, while maintaining a legally binding document.

While each situation will be unique, you will generally need to obtain:

• The will you are looking to modify.
• Documents confirming the authority of executors or administrators, such as a grant of probate.
• Financial documents regarding taxes, assets and liabilities affecting the estate.
• A written agreement between all beneficiaries. They will also be asked to provide identification, such as proof of address.

Depending on the assets, the structure of the estate, and the contents of the will, there may be additional documentation required for your specific case. Contact Rowlinsons today, and speak to our Deed of Variation Solicitors to find out how we can help you.

Whatever way you decide to reallocate assets, these changes can only be made if all the beneficiaries who are affected by the changes and the executors agree and sign the deed.

The changes made to a will after a person has died must be made within 2 years of the date of death in order to be valid for Inheritance Tax purposes. If you are approaching this time limit, please contact Rowlinsons Solicitors today to begin the process of drafting a Deed of Variation with tailored and professional advice.

When a person dies without a will then the rules of intestacy apply. These are a specific set of rules about who can inherit and what they can receive. You can still request a Deed of Variation and all beneficiaries must agree to changes and sign the request.

The rules of intestacy are quite rigid and may not reflect the complexity of your family circumstances. This is why you may want to use a Deed of Variation to change how the estate has been divided up under the rules of intestacy.

For example, beneficiaries may choose to alter their entitlement to benefit someone not covered by the rules of intestacy, for whom the deceased would have wanted to provide such as an unmarried partner.

The process of obtaining a Deed of Variation is straightforward:

1. Beneficiaries draft a document that outlines the new distribution of assets.
2. The deed is signed by all affected beneficiaries and the executor of the will.
3. Once the court approves the Deed of Variation it becomes legally binding.

The details of these changes are submitted to HMRC if there are any changes in tax liability due to the variation, so you pay the correct amount of Inheritance Tax or Capital Gains Tax.

When putting together a Deed of Variation you must consider the effect on the estate. You need to understand the potential consequences because there may be implications for things like Inheritance Tax (IHT) or Capital Gains Tax liability.

You also need to be prepared for impediments to making the changes such as if one of the beneficiaries doesn’t consent to the changes or is not legally able to (if they are a minor, for example).