Deeds of variation
Deeds of Variation (changing a Will after death)
After someone passes away, their assets are usually distributed to their beneficiaries. If the person left a Will, the estate will be divided according to its terms. Without a Will, the distribution follows the rules of intestacy.
However, beneficiaries might want to change how the estate is divided. Common reasons for this include:
– Adding someone who was excluded from the Will as a beneficiary.
– Maximising tax benefits.
– Diverting assets during a divorce to keep the inheritance out of a financial settlement.
– Adjusting the distribution under intestacy rules to share the inheritance more equally among relatives, friends, or stepchildren.
Changing the distribution of an estate
A Deed of Variation, also called a deed of family arrangement, allows beneficiaries named in a Will to alter how the estate is distributed. It also lets current beneficiaries add new ones to the estate.
While you can draft a Deed of Variation yourself, it’s important to understand that mistakes can lead to complex legal and tax issues. For this reason, seeking legal advice is highly recommended. Additionally, any changes must be made within two years of the person’s death.
How we can help
Our Private Client team have years of experience and can advise you on the best course of action when changing the distribution of an estate. To discuss changing a Will after death with a specialist solicitor, contact our Leeds, Sheffield or York offices by calling 0333 323 5292 or by filling in the enquiry form on this page and requesting a call back.
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