Deed to vary the Estate of a person who has already passed away.
Here you will need to create a Legal Document called a Deed of Variation and this must be completed within 2 years of the date of death. It can be used when someone has received an inheritance, but the person would like to vary how they have inherited, possibly by way of redirecting the inheritance to someone else.
Once again this is a complex but potentially extremely effective form of planning where we would strongly suggest that you take advice.
Providing the formalities of the Deed are fulfilled any entitlements given up will, in effect, be treated as having taken place at the time of the person dying.
There are many reasons why you may wish to vary an inheritance, including:
- Protecting an individual who is vulnerable such as someone with ill health circumstances, relationship issues, or perhaps alcohol or gambling issues
- If there are Inheritance Tax issues that could be minimised or reduced entirely
- If there are InhaIf the deceased has not updated their Will and has perhaps left someone outeritance Tax issues that could be minimised or reduced entirely
- If the inheritances passed to the beneficiaries are simply not equal and fair
- Simply to clear up any uncertainties within the Will
