March 30, 2021
Have you recently inherited and plan to change your share of inheritance by giving it to family, friends, or donating to charity? Do you wish to share part of your inheritance with others? If so, you should consider a ‘Deed of Variation’.
A Deed of Variation is used for a number of reasons including tax purposes and passing inheritance to other family members.
What is a Deed of Variation?
In short, it is a document that allows a beneficiary of an estate to alter or redirect their inheritance entitlement. It allows for flexibility in the event that circumstances have changed since the will was drawn up.
You are only able to change the share of the estate that you are inheriting. If another beneficiary’s share of the estate is affected by the Deed of Variation, they would also need to agree those changes.
A Deed of Variation can also be used when someone has passed away without a Will.
Why might I need to alter a will?
Here are just a few reasons why you may wish to alter the Will: –
- Your circumstances have changed and you no longer require the inheritance and wish for it to benefit another person or persons
- There is a more tax efficient way of distributing the estate
- You wish for some or all or your inheritance to be donated to charity
- You want to ensure fairness to all beneficiaries where some inherit smaller amounts than others
It is important to note that a Deed of Variation must be made within two years of the person’s death.
Wallace Robinson & Morgan Limited are based in Solihull and Dorridge and serve clients across Birmingham and the West Midlands, Warwickshire, Worcestershire and further afield. Our team of Private Client Lawyers are happy to help if you are considering changing a Will by a Deed of Variation
If you would like to discuss your matter, please call 01564 779393 (Dorridge) or 0121 7057571 (Solihull) and ask to speak to a member of the Will and Probate team or email us at firstname.lastname@example.org.
This article is for general information purposes only. It does not constitute technical, financial, legal advice or any other type of professional advice and is no substitute for specific advice based on your individual circumstances. We do not accept responsibility or liability for any actions taken based on the information in this article. For more information, please click here.