Whilst the Will is how someone would like their estate to be distributed, sometimes people die without realising the full consequences of their wishes, in particular the tax consequences.
In some circumstances, it is possible to change the deceased’s wishes after death by using a Deed of Variation.
The most common reasons for this are:
There are two key rules before a Deed of Variation may be made:
The key time limit is two years from the date of death. If a Deed of Variation is entered into three months after the date of death and within this time limit, it can state that it is to apply for inheritance tax and capital gains tax purposes as though that had been the original position.
If the Deed of Variation is not tax driven, it can be entered into after the two year date but the original inheritance tax treatment applies as if the assets had passed under the terms of the Will.
If you would like to speak to a member of our Probate team today please contact us for supportive, expert advice.
Probate - We found Jamie to be very friendly, efficient and professional. She was a pleasure to deal with and is a credit to your organisation.
Sheltons Solicitors is a trading name of Edward Hands & Lewis Limited, a company registered in England & Wales with company number 07001422 having its registered office at City Gate House, 11 St Margaret’s Street, Leicester, LE1 3EA. The directors are Jason Hathaway, Leanne Hathaway, Andrew Robinson, Paul Stubbs and Emma Fuller. We use the word “Partner” to refer to the most senior individuals at Edward Hands & Lewis Limited and its use in connection with the business of Edward Hands & Lewis Limited should not be construed as an indication that any individual carries on business in Partnership with any other individual within the meaning of the Partnership Act 1980, or that they are personally liable to you or any other party for any acts or omissions. Individuals named as Partners owe no personal obligations to you in either contract or tort, nor does the title “Partner” mean that they have any authority to bind the firm. We are authorised and regulated by the Solicitors Regulation Authority and our registered practice number is 533589. Our VAT No. is 114080418.