Deed of Variation Solicitors
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A recipient is under no obligation to accept a gift. Accordingly a beneficiary of a legacy in a will is entitled to require the executors or personal representatives to deal with the gift to the beneficiary in some other way than simply giving it to the beneficiary, provided doing so does not disadvantage any other beneficiary.
The beneficiary may wish to “vary” the gift to them for personal and/or tax reasons. A typical example might be when someone who does not feel they need the money inherits something, and prefers to gift their legacy to someone else who they think needs the money more than the actual beneficiary does. Such a variation might be more tax efficient than the beneficiary accepting the gift themselves, and then seeking to gift it on.
This product comprises our preparation of a deed of variation for you on your instructions, and the incumbent advice we will need to give you concerning the surrounding circumstances.
How long will it take?
We don’t generally do anything for new clients until our process of client retention has concluded – this involves agreeing the scope of what we are doing for the price (our terms are below), setting-up our client record, and producing the bill (payment in advance is required for all new clients).
After that, the production of the deed is a job that we can undertake in a few hours once we can schedule it in our workflow, that can depend on how busy we are at any particular time. We would not usually take-on a job for which we could not engage within about a working week.