Deed of Variation

Introduction

Welcome to our guide on Deed of Variation, a legal document used to change the terms of a Will. In this comprehensive guide, we will explain what a Deed of Variation is, how it works, and the benefits of using it. We will also discuss the requirements for a Deed of Variation, how to create one, and when to use it. By the end of this article, you will have a better understanding of how a Deed of Variation can help you modify a Will to meet your needs.

What is a Deed of Variation?

A Deed of Variation is a legal document that allows beneficiaries to change the distribution of assets outlined in the Will. The Deed of Variation effectively rewrites the Will, as if it was done by the deceased themselves. The document allows beneficiaries to redirect their share of the inheritance to other beneficiaries, charities, or even remove themselves entirely.

How does a Deed of Variation work?

A Deed of Variation works by changing the distribution of the estate to the beneficiaries. All beneficiaries must agree to make the changes and sign the document. Once it is signed, it becomes legally binding. The Deed of Variation can change the distribution of assets to the beneficiaries, the amount of assets received, or the timing of the distribution.

Benefits of using a Deed of Variation

The primary benefit of using a Deed of Variation is that it allows beneficiaries to change the distribution of assets in the Will. Additionally, a Deed of Variation can help to reduce the inheritance tax liability of the beneficiaries, by redirecting their share of the inheritance to other beneficiaries or charities.

Requirements for a Deed of Variation

To create a Deed of Variation, there are several requirements that must be met. Firstly, all beneficiaries mentioned in the Will must agree to the modifications. The Deed of Variation must also be made in writing, signed by all beneficiaries, and must state that it is intended to vary the terms of the original Will.

Creating a Deed of Variation

Creating a Deed of Variation can be done through a professional Estate Planner or by using a template document. There is an element of risk should you wish to use a template document as the document must be formatted correctly to ensure that the document meets the legal requirements of a Deed of Variation. An Estate Planner can help to ensure that the document is legally binding and meets all the necessary requirements.

When to use a Deed of Variation

A Deed of Variation can be used in various situations, including:

  • To redirect assets to other beneficiaries
  • To provide for individuals who were not included in the original Will
  • To correct any errors or omissions in the original Will
  • To equalise the distribution of assets among the beneficiaries

Conclusion

In conclusion, a Deed of Variation can be a useful tool for beneficiaries of a Will to modify the distribution of assets outlined in the Will. By using a Deed of Variation, beneficiaries can redirect their share of the inheritance to other beneficiaries or charities, and correct any errors or omissions in the original Will. However, it is essential to ensure that all legal requirements are met when creating your Deed of Variation.

If you are looking to modify the terms of a Will, a Deed of Variation can be an effective tool to help you achieve your goals. At Twilight Group, we specialise in providing expert legal advice and support for individuals looking to create a Deed of Variation. Contact us today to schedule a consultation and learn more about how we can help you modify a Will to meet the needs of you and the other beneficiaries.

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