Deeds of Variation

Please note that for inheritance tax purposes the executors and beneficiaries, if they all agree, can sign a Deed of Variation which will amend the Will of the deceased for inheritance tax and capital gains tax purposes.  HM Revenue and Customs will allow the variation to go ahead as if the terms of the Deed of Variation had been set out in the Will.

The use of a Deed of Variation in this manner can be useful for beneficiaries who would otherwise seek to make gifts and have to rely on the seven year survivorship rule for making such gifts.

The use of a Deed of Variation allows gifts to be made as if they had been effected by the deceased's Will.

We would be pleased to advise you in more detail on the use of Deeds of Variation for inheritance tax planning purposes.

The executors and beneficiaries must execute a Deed of Variation within two years of the date of death.

Any assets which are transferred to a beneficiary cannot be returned to the estate for onward distribution under a Deed of Variation. 
Deeds of Variation can also be used in cases where the deceased did not leave a Will.

Please refer to our website pages in respect of Wills and Inheritance Tax Planning

Contact us on 01484 538121 so that we can help you.