deed of variation

samiam85

My dad passed away a couple of weeks ago and he was a regular on MSE forums..
The will gives everything to my mum but she wants it to go to me,
not for tax reasons because his estate was worth <310k but for conveinence.

like a lot of people on this site he has 30 accounts because he moved money when the rates changed (or when the wind changed, whichever came first) and my mum cant cope with all the changing and money moving.

So as i understand we need a deed of variation highlighting this fact.
I would like to know how to create a deed of variation and in true mse style i would like to avoid using a solicitor if possible.

Does anyone have a template that i can use or know where i can find one?

Would i then send this deed of variation off with probate to the banks instructing them to move things into my name?

edit : my parents are not married so she would not carry the iht allowance of my father


Thanks so much for your help.

gil13

I am not sure about templates or not using a solicitor what I can say is that my Father used a deed of variation when my gran died, which enabled some of her estate to pass through to us kids (3 of us) without concerns later down the line of any IHT issues. He used the solicitor that was dealing with the estate etc so I don't think it was too expensive as it was treated like an add on, personally I would use a solicitor but good luck if you go down the DIY route.

Pee

Phone around for some quotes.

If it isn't IHT planning, just be aware that it won't work for benefits. Your mother will be treated as having deprived herself of that money. This would apply to benefits like income support and to nursing home fees.

CLAPTON

The only purpose in a deed of variation is to avoid IHT.... so why are you bothering ... what IHT situation are you trying to avoid? Why doesn't she just give you the money?

Caroline73_2

CLAPTON wrote: »

The only purpose in a deed of variation is to avoid IHT.... so why are you bothering ... what IHT situation are you trying to avoid? Why doesn't she just give you the money?

like a lot of people on this site he has 30 accounts because he moved money when the rates changed (or when the wind changed, whichever came first) and my mum cant cope with all the changing and money moving.

I know that anything other than bog standard accounts would leave my mother petrified, I imagine the OP mother is the same, especially being as the the father had so many accounts, he was possibly in charge of all the money.

CLAPTON

Caroline73 wrote: »

like a lot of people on this site he has 30 accounts because he moved money when the rates changed (or when the wind changed, whichever came first) and my mum cant cope with all the changing and money moving.

I know that anything other than bog standard accounts would leave my mother petrified, I imagine the OP mother is the same, especially being as the the father had so many accounts, he was possibly in charge of all the money.

the son can deal with all the paperwork for his mother .... adding a deed of variation is just a complication

tyllwyd

I agree, I can't see what a deed of variation would achieve? The chopping and changing with bank accounts is all in the past - surely it's the executor who has to worry about that, not the beneficiary.

Or is it that his mother is the executor, and she doesn't feel able to cope with that role and they want to change the executor to the OP?

Pee

Your mother can appoint you as attorney to deal with the estate for her, if that is the problem.

sloughflint

CLAPTON wrote: »

The only purpose in a deed of variation is to avoid IHT.

Not necessarily. See here
I can't see the point of one here though.

OP, you say this is not an IHT issue.Who are the executors? They are the ones who should be dealing with all the accounts.
If your mother is sole executor,I suppose you could relieve the burden and do the bulk of the work but get her to sign where necessary.

Also are you aware that any joint accounts would automatically become your Mum's?
For simplicity, funds could be transferred to one account if that is what she prefers.

Anything other than joint accounts would have to be dealt with by the executors though.

If there are no IHT implications and your mother simply wishes to gift you the money, that seems the simplest way for you to inherit your father's estate.

samiam85

i guess iht is an issue. if she gifts me the money, and then my granny dies she will have more money, above 310k and then if she dies in the next 7 years, i hope she doesn't then i will have to pay iht on all of it.
normally i wouldn't think about this but my dad has left many holes.

thanks

Pee

samiam85 wrote: »

i guess iht is an issue. if she gifts me the money, and then my granny dies she will have more money, above 310k and then if she dies in the next 7 years, i hope she doesn't then i will have to pay iht on all of it.
normally i wouldn't think about this but my dad has left many holes.

thanks

But your mother would have a £624k IHT allowance, as she inherits your father's.