Deed of variation solicitors

Our solicitors understand that it maybe necessary to reallocate property or assets left to a person (the beneficiary) under a Will after the person who made the will has passed away. This is done under a document called a deed of variation.

For advice in relation to a deed of variation call our team on 0203 837 3658.

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Why might I need a deed of variation?

There can be logical reasons for in effect re writing a person’s Will, in some cases the Will may be relatively old and it may not have been revised in line with current family circumstances. It may help to achieve a more equitable distribution of assets in a way that is tax privileged in terms of inheritance tax. If the beneficiary of a Will was to decide to spread out the assets he/she may have inherited to other family members without a deed of variation, tax relating to ‘gifting’ would apply. However, if a deed is put in place the spreading of assets to others would be treated as being left under the will i.e. not gifted so the same inheritance tax would not apply.

There are specific terms and conditions that must be in place, for a deed of variation to be drawn up and it must be in place within two years of the date of death of the deceased. A deed of variation needs to be drawn up by a solicitor. At Stephensons we can explain the benefits and discuss with you the terms that need to be in place to draw up a document that meets your circumstance.
 
For advice in relation to a deed of variation call our legal advisers on 0203 837 3658 or send us an email via our contact form if you have any questions.
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