A Deed of Variation is required if you want to make changes to a will after the person in question has died.
They are commonly used to:
- save Inheritance Tax
- provide for someone who has been omitted from a will or who has not been given adequate financial provision in the will
- alter the interests under a will
- redirect an asset held in a joint-tenancy which would otherwise pass to the surviving joint-tenant
- resolve any uncertainty or defect in the will
However, it’s not always possible to vary the dispositions effected by a will because:
- all beneficiaries who are interested in the property which is to be redirected must consent
- agreement must be reached within two years of the death in question.
In addition, problems can arise if some beneficiaries are under 18 or under any greater age as specified in the will.
