VARYING THE TERMS OF A WILL AFTER DEATH

If someone has died leaving a Will which does not meet the needs of all the people who should benefit from the estate it may be possible for the beneficiaries named in the Will to agree to change its terms.

This is referred to as a “Deed of Variation” or a “Deed of Family Arrangement”.

This may be advisable because the Will was made some time before death or because it does not make the best use of current tax planning opportunities. It may be that the children of the deceased wish to pass on their inheritance to their own children without inheritance Tax becoming payable. Or perhaps the Will does not include someone who should have been left a legacy – for example a grandchild who was born after the completion of the Will and was therefore not named in it.

Any variation of the Will must be completed within the 2 years of the date of death. It must be agreed to by everyone who would receive a lesser share of the estate as a result of the deed being completed. The beneficiaries must be all old enough to agree to a variation.

If no Will was left then it may be possible for the people who are benefitting under the laws of intestacy to agree to distribute the estate in a different way. This may be because they wish to include legacies that they agree that the deceased would have liked to make, or because it is more tax efficient. They may also consider that it is fairer to the surviving spouse to give them a bigger share of the estate then they might have received on intestacy.

Nicholson Portnell have a specialist Wills and Probate department with solicitors who are members of the specialist Society of Trust & Estate Practitioners. If you wish to discuss the above or any other matter please do not hesitate to contact Alan Douglas, Sara Frost or Rebecca Griffiths on 01434 603656 or reception@nicholsonportnell.com