Understanding the Deed of Variation
A Deed of Variation is a legal document used by beneficiaries to update a deceased person’s will, allowing alterations to any entitlements associated with the estate to be made. Ordinarily, the way in which an estate is to be distributed after death is usually detailed as part of a person’s will. However, a change in circumstance following the passing of the deceased could result in an inadequate provision for the beneficiaries involved.
A Deed of Variation must be completed within two years of the deceased’s passing. Here at Cohen Knights, our expert team can help advise, plan, and implement a Deed of Variation, helping you through the process’ legal complexities.
Key Benefits of a Deed of Variation
Protect the interests of the beneficiaries with a Deed of Variation, granting you greater control over the distribution of the deceased’s assets in the face of changing circumstances.
- Redirect assets to those who are in need.
- Reduce Inheritance Tax liability.
- Reduce Capital Gain Tax liability.
- Amend the Will to include newborn beneficiaries.
Control
Deeds of Variation gives beneficiaries greater control of either all or part of their interest in the estate, allowing them to distribute their assets aptly.
Trust
Redirecting assets to Trusts can prevent those assets being subject to Inheritance Tax burdens in the future.
Protection
Assign assets to those who are more vulnerable or in greater need, allocating significant assets and funds to help loved ones with special requirements.
Estate Management
Act against an outdated Will that fails to account for circumstance, including the way the estate is distributed, include significant others and more.
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