If property or money has been left to you in a deceased person’s Will and you wish to pass some or all of that inheritance on to someone else, you can achieve this by making a deed of variation. This allows beneficiaries and executors to vary the terms of a Will so as to allow for there to be a distribution in favour of someone else. Such an arrangement can be used to provide for others who may have a greater need for the property or to benefit from tax advantages.
Deeds of Variation can be arranged within two years of the date of death and are mainly completed for tax planning purposes or care home fee planning.
There are complicated rules as to how this can be done – especially where the deed of variation has tax implications. We can advise on all the options open to you.