Deeds of variation

The law allows a will to be varied or the intestacy provisions (where no will exists) to be altered for up to two years from the date of death.

Reasons for putting in place the deed of variation to achieve this include:

• to improve the tax efficiency of the will for inheritance tax or capital gains tax planning purposes
• passing on assets to a younger generation when the beneficiaries are already wealthy and do not wish to make their own inheritance tax position more difficult
• to rectify an injustice, for example of someone who would have been expected to benefit from the will is omitted.

The deed must be put in place within two years of a death, and be agreed to by the relevant beneficiaries.

For more information on how we can help you, please contact us on 01702 339222 or at privateclient@btmk.co.uk