Establishing a Deed of Variation
In order for a Deed of Variation to come into effect, it must be approved by all beneficiaries affected by the change in the Will and if any children are affected negatively by the changes then the Courts will need to be involved in determining whether or not the amendment can be authorised. There is a process to work to when creating a Deed of Variation and the team at Franklins will be able to advise on what should be considered and the necessary drafting.
Inheritance Tax Implications
Use of a Deed of Variation, for whatever reason, may also lead to a larger term reduction in the Inheritance Tax due on the Estate if the beneficiaries receiving the inheritance. Careful planning is required. Franklins can offer advice if you feel that registering a Deed of Variation could be beneficial.