When a loved one passes away, there may be situations where the distribution of their estate no longer aligns with their or the beneficiaries’ wishes. In such cases, it may be possible to change the terms of the will even after death. This is achieved through a Deed of Variation—a legal tool that allows beneficiaries to adjust how the estate is divided.
What Exactly Is a Deed of Variation?
A Deed of Variation is a legal document that enables beneficiaries to alter the distribution of assets in a deceased person’s estate, whether the will is valid, or the estate is being distributed according to intestacy rules. If this change is made within two years of the date of death and the proper procedures are followed, the amendment is considered as though it was originally made by the deceased. This can have significant benefits, particularly in reducing inheritance tax or capital gains tax.
Why Would You Need a Deed of Variation?
A Deed of Variation can be helpful in several circumstances, including:
- Tax Efficiency: It may be used to minimize inheritance tax for both the estate and the beneficiaries by redistributing the assets in a way that is more tax efficient.
- Adjusting the Will: Sometimes, a beneficiary might want to share part of their inheritance with others, such as family members or charities, who were overlooked in the original will.
- Correcting Oversights: It can also rectify situations where the testator left someone out, or when certain individuals or causes need to be included under the intestacy laws.
How Can We Help at Harold G Walker Solicitors?
At Harold G Walker Solicitors, we offer tailored legal advice for those considering a Deed of Variation. Our services include:
- Evaluating Your Situation: We’ll assess whether a Deed of Variation is the right approach for your case.
- Providing Tax and Legal Guidance: We’ll help you understand the potential consequences of modifying the will and how to best navigate any tax implications.
- Handling the Legal Details: We’ll ensure that the Deed of Variation is drafted correctly, signed, and legally binding to ensure that the changes are valid.
The Steps Involved in Creating a Deed of Variation
- Initial Consultation: Discuss your needs with our team to explore the best options for your situation.
- Make a Decision: Based on our advice, decide the changes you’d like to make to the will.
- Drafting the Deed: Our solicitors will prepare a draft Deed of Variation that reflects the changes you’ve agreed upon.
- Finalizing the Changes: Once reviewed, the Deed of Variation will be signed and executed in line with legal requirements.
How Long Does the Process Take?
In most cases, the process of preparing a Deed of Variation takes around 2-4 weeks, provided all beneficiaries are in agreement. Speak to one of our experts today who can provide you with a more accurate timescale after an initial meeting.
If you’re considering modifying a will after death, a Deed of Variation can provide flexibility and significant benefits, including tax efficiency and fairer distribution of assets. At Harold G Walker Solicitors, our expert team is here to guide you through the process, ensuring all legal requirements are met. Contact us today for professional advice and take the first step toward securing the best outcome for your estate and beneficiaries