Changing a will with a deed of variation
A deed of variation is a very effective and often underused tax planning tool which allows beneficiaries of an estate to reallocate all or part of their entitlement under the administration of the estate.
Provided the variation is completed within two years of death, the gift under the deed will be treated as though it had been made by the deceased and ‘read back’ into the will for inheritance tax and capital gains tax purposes.
The main reasons that a deed of variation might be useful are:
- to reduce inheritance tax;
- to include charitable giving; or
- to make provision for disappointed beneficiaries who may have a potential claim against the estate.
Information we need when making your will
Here is a link to a helpful checklist of key information to gather for your solicitor before instructing them to draw up a will.
For information on legal costs
Please contact our private client team for a bespoke quotation.