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.
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Probate - Jamie was amazing and really helped us through the process following mums death.
Mrs D Reynolds
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