42 thoughts on “Deed of Variation: Your Questions Answered”
My husband died just over a year ago leaving his half share of the house in trust to our two sons. All monies passed to me. All our bank accounts were joint except for an isa and premium bonds in his name. These have now,after a year,passed to me. I would like to share that sum of money between my sons by a Deed of Variation. Would there be any problems inherent in doing that?
In your case, a deed of variation may not be the best route to take. A deed of variation is typically used for tax purposes, to direct inheritance elsewhere without incurring additional tax.
If you were legally married to your husband at the date of his death then any assets you received from his estate would not have incurred a charge to inheritance tax due to spouse exemption.
If may well be that at this stage it would be more tax efficient for you to make a gift to your sons directly; this is called a potentially exempt transfer. If you survive for seven years following the date of the gift the value of the gift will fall outside of your estate for inheritance tax purposes.
It is important that you take advice on your specific circumstances before you decide which option is best for you and your estate. Please call me on 01376 567280 or email me at bryony.wilmshurst@cunningtons.co.uk to arrange a mutually convenient appointment.
My wife’s will direct s me as her sole Executor and Beneficiary.. Can I redirect by DOV her 50% interest in our TENANTs IN COMMON bungalow ,to our/her daughter and claim the RNRB of £175000. The 50% value of the bungalow (value on date of her death ) above £175000 deducted from her NRB of £325000 Will now FATHER and DAUGHTER now have a 50% each in the bungalow after re registration with the Land Registry?
I would suggest you contact us to obtain advice in respect of your enquiry as although the answer is yes, you can do a deed of variation within two years of the date of your wife’s death – the residence nil rate band is not lost if you do not. Any used residence nil rate band can be reclaimed on your death by your Personal Representatives in certain circumstances. It may not be in your best interests to do a deed of variation at this time.
I lived with my mother for over 12 years as her carer and have 2 siblings. My mother created a new will without my knowledge making a lifetime gift of her house as security for me. Upon her death my siblings contested her will and said they wouldn’t agree to it so the executor with probate advice had a DOV created whereby the property was transferred into my sole name so at some point after a year the house to be sold for them to be given 50k each. I am obviously being made homeless which goes against my mother’s wishes. My siblings are saying that the executor is responsible for their money even though I am the registered owner of the property because the house is not selling quick enough. Do they have a case against the executor and can they force the sale of the house say by auction Thank you for your help
A testator (someone that makes a will) is not obliged to tell anyone that they are doing so.
Likewise, someone cannot “agree” or “object” to a will, just because they do or do not like it. A valid will is what it is and it is going to be binding.
What the rights and liabilities attaching to the occupation of a property by the beneficiary under a will are, will depend on the wording of the will.
We are not certain how the property could have been placed into your name, effectively disregarding what would be called a “will trust” without your involvement, and we are also not certain the basis upon which your siblings contested the will. It is certainly the case that in some contentious probate litigation, a settlement is reached which involves entering into a deed of variation. However, we would need to spend time going through matters with you before we could provide advice.
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My husband died just over a year ago leaving his half share of the house in trust to our two sons. All monies passed to me.
All our bank accounts were joint except for an isa and premium bonds in his name. These have now,after a year,passed to me.
I would like to share that sum of money between my sons by a Deed of Variation.
Would there be any problems inherent in doing that?
Thank you for your enquiry.
In your case, a deed of variation may not be the best route to take. A deed of variation is typically used for tax purposes, to direct inheritance elsewhere without incurring additional tax.
If you were legally married to your husband at the date of his death then any assets you received from his estate would not have incurred a charge to inheritance tax due to spouse exemption.
If may well be that at this stage it would be more tax efficient for you to make a gift to your sons directly; this is called a potentially exempt transfer. If you survive for seven years following the date of the gift the value of the gift will fall outside of your estate for inheritance tax purposes.
It is important that you take advice on your specific circumstances before you decide which option is best for you and your estate. Please call me on 01376 567280 or email me at bryony.wilmshurst@cunningtons.co.uk to arrange a mutually convenient appointment.
My wife’s will direct s me as her sole Executor and Beneficiary..
Can I redirect by DOV her 50% interest in our TENANTs IN
COMMON bungalow ,to our/her daughter and claim the RNRB
of £175000. The 50% value of the bungalow (value on date of her death ) above £175000 deducted from her NRB of £325000
Will now FATHER and DAUGHTER now have a 50% each in the bungalow after re registration with the Land Registry?
Thank you for your enquiry.
I would suggest you contact us to obtain advice in respect of your enquiry as although the answer is yes, you can do a deed of variation within two years of the date of your wife’s death – the residence nil rate band is not lost if you do not. Any used residence nil rate band can be reclaimed on your death by your Personal Representatives in certain circumstances. It may not be in your best interests to do a deed of variation at this time.
I lived with my mother for over 12 years as her carer and have 2 siblings. My mother created a new will without my knowledge making a lifetime gift of her house as security for me.
Upon her death my siblings contested her will and said they wouldn’t agree to it so the executor with probate advice had a DOV created whereby the property was transferred into my sole name so at some point after a year the house to be sold for them to be given 50k each.
I am obviously being made homeless which goes against my mother’s wishes.
My siblings are saying that the executor is responsible for their money even though I am the registered owner of the property because the house is not selling quick enough.
Do they have a case against the executor and can they force the sale of the house say by auction
Thank you for your help
A testator (someone that makes a will) is not obliged to tell anyone that they are doing so.
Likewise, someone cannot “agree” or “object” to a will, just because they do or do not like it. A valid will is what it is and it is going to be binding.
What the rights and liabilities attaching to the occupation of a property by the beneficiary under a will are, will depend on the wording of the will.
We are not certain how the property could have been placed into your name, effectively disregarding what would be called a “will trust” without your involvement, and we are also not certain the basis upon which your siblings contested the will. It is certainly the case that in some contentious probate litigation, a settlement is reached which involves entering into a deed of variation. However, we would need to spend time going through matters with you before we could provide advice.