If you are a beneficiary under a Will or the rules of intestacy, you may wish to give up your share or part of it for the benefit of somebody else or by placing it into a Trust.
Whether there is a Will or not, the people who are due to receive their inheritance from a deceased’s estate, have an option to rearrange it. If they do not wish to receive it themselves, they may give it to somebody else or they may create a Trust.
This is commonly known as a post death variation and it is created by a Deed of Variation in writing. This does not change the Will or the Rules of Intestacy themselves, but it allows each beneficiary to handle their inheritance as they see fit.
For the variation to be effective for tax purposes as if it was made by the deceased (the “writing-back” effect), within 2 years of the date of death.
If the variation affects the tax position of the estate, the Personal Representative must be party to it and report it to HMRC.
If any affected beneficiary is a minor or lacks capacity, a variation generally requires the court’s approval because that person cannot validly consent.
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Deed of Variation From £950 (plus VAT)
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