Deeds of Variation

A deed of variation allows the beneficiaries of an estate to vary the terms of the will or the intestacy rules, and to redirect some or all of their interest in the estate to others. The variation of the interest will then be ‘read back’ as if it was made in the will itself.

The deed must be executed within two years of the date of death to be effective for inheritance tax purposes. It can be made by anyone over 18 with mental capacity who stands to benefit under a will or the intestacy.

A variation may be useful for tax planning purposes to enable adult children inheriting their parents’ assets to pass all or part of their inheritance to their own children without this being treated as a lifetime gift and potentially using up their own inheritance tax allowance. It can also be used to minimise inheritance tax by making gifts to charities and to address an imbalance between beneficiaries and to make provision for someone who may have been left out in exchange for excluding their right to bring a claim under the Inheritance (Provision for Family and Dependants) Act 1975.

City office

Ronald Fletcher Baker LLP
326 Old Street
London EC1V 9DR

Telephone
020 7613 1402

Fax
020 7613 2711  

 

West End office

Ronald Fletcher Baker LLP
77A Baker Street
London W1U 6RF
DX: 42722 Oxford Circus North

Telephone
020 7467 5757

Fax
020 7467 5758

Manchester office

Ronald Fletcher Baker LLP
111 Piccadilly
Manchester M1 2HY

DX: 6967003 Manchester 94 M

Telephone
0161 694 4404

Fax
0161 638 0930

Istanbul Office

Ronald Fletcher Baker Danismanlik Hizmetleri Avukatlik Ortakligi
Hakki Yeten Caddesii
Selenium Plaza, No:10 C
K:16, Fulya Sokak
Sisli, Istanbul.

Telephone
07736 364222

Emergency number

07538 490647

Ronald Fletcher Baker LLP is authorised and regulated by the Solicitors Regulation Authority. Company number OC345891

City office ID 512598
West End office ID 523362.
Manchester office ID 630156

V.A.T. registration number: 2206798 63VAT

"Partner" denotes a senior member of the LLP or an employee with the equivalent standing.

PII cover - QBE Insurance (Europe) Limited. For further details please contact Rakeebah Rahim

Solicitors Regulation Authority Standards and Regulations

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Photography: Camilla Greenwell

 

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