If there is no will, the intestacy rules that govern the estate may be changed through the use of a deed of variation. It can be used to make adjustments to a Will or Intestacy, such as adding beneficiaries or altering the rules dictating how assets are divided.

 

What might cause someone to want a change?

 

Because it was not revised to reflect the deceased person's evolving circumstances at the time of their death, a will may occasionally be void or out-of-date. After the testator has passed away, beneficiaries may change their claim to an inheritance from a will by using a deed of variation, also known as a deed of family arrangement.

 

You might want to do this if you don't need your entire inheritance and would rather it to go to someone else. It can also lower the inheritance tax. You cannot edit a person's Will after they pass away, but you are allowed by law to change the inheritance you are legally entitled to. This will allow for flexibility in the event that circumstances have changed since the will was made. This can be done by using a probate deed of variation, often known as a deed of family arrangement or deed of disclaimer.

 

This deed of variation outlines the precise way you want your portion of the estate to be distributed. The only aspect of the estate that is flexible is your personal portion. Other parties must agree if the revisions will affect how much of their estate shares are affected. Additional parties may also be required, such executors or a charity. A probate deed of variation is a legal document that enables beneficiaries to change any rights associated with the estate, can be used to alter a decedent's will.

 

Asset reallocation may be advantageous to an estate's beneficiaries in a variety of circumstances, and our Deed of Variation attorneys offer the legal know-how needed to maximize the process.

 

What Justifies the Need for a Deed of Variation?

 

Beneficiaries might consider writing a Deed of Variation for a variety of reasons. There are some of the most common defences that occurs by permitting a beneficiary to alter how assets are allocated, a Deed of Variation can assist in directing resources to those who are more vulnerable or in need. This may be the case if a beneficiary wants to protect a loved one from the fees of a residential care facility or pay for any special needs.