After someone dies, it is possible for the beneficiaries of their estate to make changes to the distribution of the estate, instead of following the terms of the Will or the rules of intestacy if they died without a Will. This can be done using a Deed of Variation which must be signed within 2 years of the date of the death.
There may be circumstances following a death where the beneficiary in the Will or those entitled to inherit under the rules of intestacy wish to change the way in which the estate is distributed. This would mean that the distribution of the estate no longer aligns with the terms of the Will or the rules of intestacy.
There may be several reasons why you want to change the distribution of an estate:
- You do not need all of your share and want it to benefit someone else.
- Making the distribution equal between the beneficiaries if it is not equal in the Will.
- To set up a trust for a minor child or disabled beneficiary.
- Providing for someone who was not included in the Will.
- Providing for someone who the rules of intestacy do not apply to, such as a partner or stepchild.
- Inheritance Tax planning reasons, such as including a charity as a beneficiary to reduce the amount of Inheritance Tax that needs to be paid by the estate or bypassing your estate to save inheritance tax on your subsequent death.
If you are considering making changes to someone’s Will through a Deed of Variation or if you simply wish to explore your options, we are here to offer our assistance. Our experienced lawyer, Katherine Oakes, is able to provide a free initial meeting to discuss your requirements and provide expert guidance on the process of using a Deed of Variation to modify a Will and discuss any other suitable options based on your needs.
Your peace of mind and satisfaction are paramount to us, and we are committed to helping you make well-informed decisions when it comes to estate planning and Will adjustments.
Please do not hesitate to contact us to schedule your free initial meeting with Katherine Oakes.