Lawyers for Changing a Will After Death

A Will may not always reflect the current needs or circumstances of your family. With a deed of variation, you can make adjustments to better suit your situation. Common reasons for Changing a Will After Death include:

• You don’t need all or part of your inheritance and would like it to benefit someone else.
• You want to make a charitable donation from your share.
• Children or grandchildren born after the Will was written haven’t been included.
• You’d like to ensure fairness, for instance, if one family member has been left less than others.
• There’s a more tax-efficient way to divide the estate.

If you think a deed of variation might be the right solution for you, our experienced Deed of Variation Solicitors are here to help you through the process.

For the progression of a deed of variation to run smoothly, you must have the correct documents. These include the original Will, indicating the deceased’s final wishes, along with any grant of probate or letters of administration to legitimise the executors’ authority to manage the estate. You will also need the financial records of the estate’s assets and liabilities, as these are critical for understanding the full extent of the estate that needs modifying.

Alongside this, you must obtain consent from all beneficiaries affected by the proposed changes; this is crucial for the deed’s legal validity and assures all parties involved are happy with the alterations. It ensures all beneficiaries agree with the redistribution and prevents future complications and disputes.

Prompt and strategic planning is crucial in securing the full range of tax advantages. For a deed of variation to positively impact inheritance tax and capital gains tax, you must execute it within two years following the deceased’s passing. This timing is essential for beneficiaries aiming to optimise tax benefits associated with the variation.

There are numerous benefits to a deed of variation, including:

• Tax efficiency: Beneficiaries can achieve a more favourable tax position by redirecting inheritance, which could alter the amount of inheritance tax and capital gains; this is particularly worthwhile when considering the long-term financial help to an estate and its beneficiaries.
• Estate planning flexibility: A deed of variation provides some post-death estate planning flexibility that can be invaluable in adapting to unforeseen changes or ensuring fair and impartial estate distribution benefiting all parties involved.
• Support for charitable causes: Redirecting part of an inheritance to charity aligns with humanitarian values and has associated tax reliefs, enhancing the estate’s tax efficiency.
• Addressing family dynamics: Many families have needs and circumstances that evolve over time. A deed of variation allows for redistributing assets to support members either not considered or inadequately provided for in the original Will.

We can draft the deed of variation relatively quickly, often within a few hours, depending on our workflow and schedule. Our skilled Deed of Variation Solicitors aim to efficiently integrate new tasks into our workflow, typically starting work on new projects within a working week of initial engagement.

We know how important your time is and how sensitive these matters can be. Therefore, we strive to ensure the process from initial consultation to executing your deed of variation is as smooth and efficient as possible whilst never compromising on the quality and personalised attention that embody our services.