Deeds of variation

A will can be varied where an individual inherits property and wishes to revise the terms. This is likely to be for family or tax reasons. It can be achieved by executing a deed of variation, as long as the recipients are all over the age of 18 and sane.
To be effective for IHT planning, the deed must

  • Refer to the will, intestacy or trust;
  • Be signed by all those who would otherwise have benefited;
  • Be executed within two years of death;
  • Contain a signed statement that the variation is to have effect for IHT as if the deceased had made it;
  • Have no consideration for moneys worth.

Deeds of variation are typically used when the original terms of the will are not tax efficient. For example if the deceased passed the full estate to a spouse instead of using the nil rate band to transfer assets to children.

Click here to go to our infomation on nil rate band will trust.

This page refers to the Law of intestacy for England and Wales