Back To “Deed of Variation: Your Questions Answered

42 thoughts on “Deed of Variation: Your Questions Answered”

  1. Where, if anywhere, does the Deed of variation need to be sent, please note there is no question of inheritance tax and ~Probate has been completed

    1. Thank you for your comment.

      We are sorry but we would not be able to give specific advice on our website even if your comment was more detailed.

      We can only assume that you refer to the variation of a Will after someone has died, in which case a private client solicitor would be able to tell you what needs to happen.

      We can hesitantly point you here… https://www.gov.uk/alter-a-will-after-a-death but you should probably obtain independent legal advice; the circumstances leading to and consequences of varying a Will are things to be considered, especially as any tax benefit can only be obtained once. Subsequent variations, if this becomes necessary, will not have any tax benefit.

      It is generally best to have a professional look at the matter, even if it is a cost that you do not want to incur. Getting it right first time is likely going to be important.

  2. I intend a Deed of Variation of Intestacy and to have this written back to date of death by adding relevant statement re IHT and CGT. My aim is to divert part of my inheritance (sole next of kin) to my family member whilst retaining remainder. IHT has been paid from estate and want a property and part of remaining money to the new intended beneficiary. Not sure how this part (so that I have been accountable for IHT on whole estate and not the new beneficiary. Also I have been advised re “incorporation of a notional will” with wording as if the deceased wrote it and naming me as Executor within (I was Admistrator as intestacy), and with the Deed not naming the new beneficiary, nor stating what is my intention re what goes to the new beneficiary and have concerns as know it is important for all to be correct first time. Please advise of any pitfalls re this.

  3. I am expected to inherit a percentage of the property of my father’s estate split between 4 siblings. For the purpose of reducing my future IHT, I wish to redirect my share of the inheritance away to my 3 adult children by using a deed of variation. In doing this, will it affect my children to lose their first-time buyer status?

    1. Thank you for your enquiry. A deed of variation can only be executed after someone has died and for tax purposes is only effective if signed within the two years after the date of death.

      If your father’s property is sold and the net proceeds of sale split between your children then no, it will not affect their first time buyer status as they will not have owned the property. If however the property is transferred to them then yes, as they own a property they will no longer be first time buyers if they go on to buy a property in the future.

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