Deeds of Variation
Hindsight is a wonderful thing. However it is
rare that anyone ever gets the opportunity to benefit from it.
Deeds of Variations are one of those very rare occasions.
How Hugh James can help
A Deed of Variation can
be used by beneficiaries to change entitlements under a Will or
intestacy for tax purposes within two years of the date of
death.
Reasons for a Deed of Variation
There are many reasons why
beneficiaries may wish to vary or redirect inheritances. The main
reasons are:
- To save inheritance tax
- To alter the interests under a Will
- To redirect an asset held in a joint tenancy which would
otherwise pass to the surviving joint tenant
- To provide for someone who has been omitted from a Will or who
has not been given adequate financial provision in a Will
- To resolve any uncertainty or defect in a Will
A Deed of Variation can present a major tax planning
opportunity. For example, a surviving spouse may wish to redirect
part of his or her inheritance to their children in order to take
advantage of the IHT nil rate band for the estate.
Contact us on 029 2066 0563 to
arrange your Deed of Variation.
Hugh James Deed of Variation
experience
Specific professional advice should
be obtained before a Deed of Variation is used in any particular
case.
We have a large, diverse
and experienced asset management team who specialise in all matters
relating to Deeds of Variation. Our solicitors work with each
client individually to provide the highest level of advice to
ensure the best provisions are made for you and your family now and
in the future.
Working nationwide, our
specialist solicitors offer straightforward and practical advice
with sensitivity and care and regularly prepare Deeds of Variation
for all manner of situations and clients.