If a Will is not suitable upon a person’s death, the terms of it can be altered. Often Wills have never been reviewed and so have been written many years before a person dies. If all the people who are to benefit from the Will agree, the Estate can be varied.
Reasons for putting a Deed of Variation in place
- To avoid tax
- Sometimes a family member has been left out of a Will
- The people set to inherit don’t need the money
- Often parents will want their inheritance to skip a generation
If a property executed Deed is put in place the gift will be deemed to have gone through the Estate. If a deed is not put in place the gift will be from the person making the gift from their own entitlement. This will affect the donor’s (person who makes the gift) tax position.
It is important to note, that all variations must be put in place within 2 years of the date of death.