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In order for a Deed of Variation to come into effect, it must be approved by all beneficiaries affected by the change in the Will and if any children are affected negatively by the changes then the Courts will need to be involved in determining whether or not the amendment can be authorised. There is a process to work to when creating a Deed of Variation and the team at Franklins will be able to advise on what should be considered and the necessary drafting.
Use of a Deed of Variation, for whatever reason, may also lead to a larger term reduction in the Inheritance Tax due on the Estate if the beneficiaries receiving the inheritance. Careful planning is required. Franklins can offer advice if you feel that registering a Deed of Variation could be beneficial.
Is used by beneficiaries to formally record variations or changes to their benefit under a Will.
No, unless it comes as a result of a challenge to a Will or intestacy.
Yes in certain circumstances, not all the time.
Yes can do for the beneficiary, in that it stops their estate from increasing if they are already wealthy.
To allow beneficiaries the chance to undo mistakes in Wills without adverse consequences.
The beneficiary, unless agreed to by the executors.
The beneficiary or beneficiaries making the changes and the executor, if different, if tax becomes due or there is a refund.
If you have any questions about deeds of variation, please don’t hesitate to contact our team of experts who are on hand and ready to help you.
