FAQs

Once a deed of variation has been signed, it cannot be revoked. Therefore, it's vital to take careful consideration when making the deed.

No. If the deed of variation meets all the necessary requirements and all parties have signed, it doesn't have to be registered. By signing, the parties enter into a legally binding agreement of what has been set out in the deed.

Any beneficiaries who are worse off as a result of the variation outlined in the deed must agree and sign the document.

The personal representatives must also sign if the tax position changes.

Yes, a deed of variation must be witnessed.

A Deed of Variation cost from £600 plus vat but can save you and your family many thousands of pounds.

A Deed of Variation is an agreement of changes to a deceased's Will which a beneficiary wishes to make. Any changes are taken to have been stated by the deceased and so do not affect the tax position of the person giving up their share of the estate.

A Deed of Variation is a powerful way to save substantial sums in tax.

A Deed of Variation can be prepared and executed after a grant of probate is obtained. However, it must be completed within 2 years of the date of death.

In order for any Inheritance Tax or Capital Gains Tax changes to apply, the Deed of Variation must be executed within 2 years. A non-tax driven Deed of Variation can be entered into after 2 years, although it will mean that the original beneficiary will be treated as having made a lifetime gift and must then survive for seven years. If he/she does not survive this period then their estate may pay more Inheritance Tax than would have been due originally.