If certain legal conditions are fulfilled it is possible to vary the terms of the deceased’s Will after the death so that existing gifts in the Will can be varied or even new gifts to new beneficiaries made. Such changes need to be incorporated in a Deed of Variation which we can attend to. This deed must be completed within two years of the date of death. It is necessary that those existing beneficiaries affected by a variation of the Will consent to it.
A Deed of Variation could be necessary to increase a legacy that the deceased made in their Will many years ago to someone and which the executors and other beneficiaries in the Will feel should be increased. Or a person or charity who recently became important to the deceased can be benefited through a Deed of Variation.
Considerable benefit can be gained in terms of reducing Inheritance Tax payable on your death if you are a named beneficiary in a deceased's Will and you 'pass' your inheritance over to say your own children through a Deed of Variation.