Deeds Of Variation Solicitors
Sometimes, after someone has passed away, it may be necessary to reallocate property or assets left in a Will.
This is done using a document called a 'deed of variation'.
Our private client team have a wealth of experience undertaking such legal services.
They will talk to you about your situation and do their best to make you feel comfortable and at ease.
You can find out more by getting in touch. There is an online form on our contact page.
Alternatively, you can call 0207 936 6329 or email:info@monangozzett.com
What Is A Deed Of Variation?
When you write a Will, you do so to ensure your inheritance is passed on to your loved ones.
Your Will can never be rewritten. However, circumstances do change, and sometimes your beneficiaries may want to change what they're entitled to from your estate.
The legal way to do this is through a document called a deed of variation.
It allows people to amend details concerning how their part – and only their part - of an estate is distributed.
You can read more about the definition in our blog What Is A Deed of Variation? Understanding The Concept & Benefits.
Why Would You Need A Deed Of Variation?
So, why would you need a deed of variation?
There are two main reasons:
1. Tax Efficiency
A deed of variation can be a handy tool for reducing tax liabilities, especially those arising in older Wills that pre-date modern Inheritance Tax rules.
2. Redirecting An Inheritance
Secondly, a Deed of Variation can be used to redirect your inheritance. Whilst it is always an honour to be named as a beneficiary in a Will, there can be many reasons why you may prefer to direct your inheritance to someone else. For example:
the original Will may not include grandchildren who were born after it was written;
you may want some or all of your inheritance to go to charity;
or you would like to even things out for all beneficiaries if one child was left a smaller part than others.
There are many other reasons people may choose to take out a deed of variation. Everyone’s reasons will be unique to you and your family.
Why Choose Monan Gozzett Solicitors For Your Deed Of Variation?
Our highly experienced and friendly team has the know-how to ensure all processes involving a deed of variation run as smoothly as possible.
We understand that any dealings with wills can be emotional, which is why we are here to provide you with the professional and confident service you require at what can be a very difficult time.
If you have recently inherited the Will of a loved one and need advice on whether a deed of variation would be suitable, we're the law firm to provide the guidance you need.
You can contact our team by phone on 0207 936 6329, email, or by completing our Quick Contact Form below.
With offices in Sussex, Hampshire, Surrey, London and Yorkshire, we are able to arrange virtual or face-to-face meetings with clients. Find out more about our office locations.
Frequently Asked Questions About Deeds Of Variation
Who signs a deed of variation?
All executors and beneficiaries of the Will (aged 18 and above and of full mental capacity) must sign a deed of variation.
If a Will is not left by the loved one who passed away- and the intestacy rules apply - you can still request a deed of variation. However, all estate beneficiaries must agree to the changes and then sign the request.
Do deeds of variation need to follow a template?
A deed of variation doesn't need to follow a specific template. Still, it must meet the required criteria to be valid. We would advise taking legal advice from Wills and probate solicitors to ensure your application meets the necessary measures.
What does a deed of variation cost?
Depending on the specific circumstances, the cost of a deed of variation may vary somewhat.
The more complex a situation is, the more professional costs will apply. It is worth remembering, however, that deeds of variation can sometimes result in significant inheritance tax savings.
Is There A Deadline?
There is a legal time limit of two years from the date of death to complete a deed of variation.
Can A Deed Of Variation Reduce The Amount Of Inheritance Tax You Have To Pay?
There are many reasons why people would choose to get a deed of variation following the death of a loved one. The documents can often be an effective way of reducing both inheritance tax and capital gains tax liability.
To be clear, a deed of variation does not mean you avoid tax, but it can be a way for the deceased's loved ones to take advantage of tax reliefs and make the most of their estate.
Our team will be able to discuss the best possible actions for you and your family.
You can contact Monan Gozzett using any of the details below.
If you would like to speak to our expert legal team about this, or any related subject then please contact our team by phone on 0207 936 6329, Email or by completing our Quick Contact Form below.