Variation of Estates : Guidance Series 1

How you can vary an Estate

Many of my clients don’t realise that who gets the assets when a death occurs, CAN be changed post death.

In many cases when a person dies their Will may be out of date meaning that:
• The final intentions of the deceased are not included
• Someone is left out
• Assets go to people who don’t want them
• The way the Estate devolves is not appropriate

Examples of this are:
• The deceased had been meaning to update their Will, but didn’t
• More grandchildren have been born
• Adult children have their own Inheritance Tax problems
• Setting up only a relatively small amount into a Trust is not tax efficient

Matters can be changed to suit you and your family, so long as:
• Any changes are within 2 years of date of death
• The correct tax elections are made
• The necessary people agree to the Variation

If you need further advice about how a Variation could be the solution to an out of date Will, call me for an informal chat.