Unwanted Inheritance

Have you inherited something that could be better used elsewhere.   How does a deed of variation work.

A deed of variation is something that a Beneficiary of an estate is able to use within two years of the deceased passing to correct unintended consequences, correct errors, distribute things in a way that suits the current family circumstances, or just make better inheritance tax planning possible. It can be used if there is a Will or if the estate is intestate. It only affects the individual beneficiary wishing to make the variation it doesn’t change anything for the other beneficiaries, so they do not need to be involved or agree with the variation. The change, when made, is treated as if the deceased made the instruction themselves. If there are any immediate Tax implications, then you may need to involve the Executors/ administrators of the estate. If you are considering making a change then get in touch and we can talk you through what is involved.