Deed of Variation

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Deed of Variation

Very simply, a Deed of Variation changes a Will after death and enables the beneficiaries of the deceased’s estate to alter the distribution of that estate, or relinquish a bequest from an estate, by changing the deceased’s Will. There are many reasons why it may be desirable to amend the Will of a deceased, or indeed an Intestacy. The main reason for using a Deed of Variation, is to ensure that the assets passed to a beneficiary, are protected from threats such as:
  • Divorce Settlements
  • Long Term Care Fees
  • Creditors or Bankruptcy
  • Generational Inheritance Tax
  • Remarriage After First Death
A Deed of Variation can be drafted up to two years after the date of death. Most people would like to deal with the issue of Inheritance Tax Planning and not return to the issue, confident that they have found the most efficient way to deal with their estate. Unfortunately, although extremely useful, a Deed of Variation should not be relied upon as part of an individual’s estate planning. It may be that the effectiveness is reduced by the Government in the future. However, at present, they do offer the benefiairies of a Will or Intestacy, an effective way of changing a Will after death.
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