Deeds of Variation

FAQs

What is a deed of variation?

A deed of variation allows the beneficiary of a deceased person’s estate, to redirect some or all of their interest in that estate to others.

Who can make a deed of variation?

A deed of variation can be made by anyone who benefits under a Will or under the intestacy rules (when there is no Will). However, a child under 18 years old or a beneficiary who lacks mental capacity cannot make a deed of variation.

When can I make a deed of variation?

A deed of variation must be made within two years of the date of death to be effective.

What are the benefits of making a variation?

A deed of variation may be used to benefit the next generation such as children or grandchildren or to redress an imbalance between beneficiaries. It can also be used to make gifts to charities. There may also be tax advantages to making a deed of variation as it can reduce the amount of inheritance tax or capital gains tax payable by the deceased’s estate. A deed of variation can also be used in certain circumstances to resolve a defect in a Will, where all the beneficiaries consent to vary a Will to reflect the deceased’s true intentions.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.

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