Deed of Variation

castleton

Hello!
I wonder if someone can offer advice.
I will inherit some money.It comes to me because I am the nextof kin and the person died intestate.
I do not wish to keep this money but give it to my son.
Is there a way of doing the deed without a solicitor?
Does anyone know of a template on line if can be done?
Has anyone an idea of a rough cost using a solicitor?
I would be grateful for any advice anyone can offer.
Thanks

GuidoT

Can you just not take receipt of the money and pay it to your son.

Sorry if that seems obvious.

AlwaysAllie

There may be inheritance tax issues depending on how much money is involved. You may be better posting this on one of the financial baords.

AA

RAS

Hi

You actually need to "alter" the will, so need to speak to the executor.

squeaky

Hiya,

I'll move you across to the Cutting Tax board since they cover Inheritance Tax and so may be able to help you.

Good luck

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Pitlanepiglet

You need proper advice, I doubt that you can do this, the law prescribes what happens when a person dies intestate and I don't think there is any way for you to vary the law in the situation. It's the problem of people not making wills, the state prescribes what happens not the individuals involved.

Dillence

I think that a deed of variation is used to amend a will. If the person died instestate then there will be no will to amend.

You are best to consult a solicitor, they will let you know any fees and if the money can go direct to your son.

Mojisola

castleton wrote: »

I wonder if someone can offer advice.
I will inherit some money.It comes to me because I am the nextof kin and the person died intestate.
I do not wish to keep this money but give it to my son.
Is there a way of doing the deed without a solicitor?
Does anyone know of a template on line if can be done?
Has anyone an idea of a rough cost using a solicitor?
I would be grateful for any advice anyone can offer.

As the person died intestate you can't do a deed of variation.

I think it used to be that if you refused your share as designated by the intestacy rules that it eliminated your descendants from receiving anything as well. Has this been changed?

Why you want your son to receive the money instead of you may be important. If you are receiving means-tested benefits and refuse an inheritance, you can be assessed as if you did receive it and lose entitlement to the benefits.

CLAPTON

why do you not just give the money to your son?

no costs, no solicitors

castleton

Not recieving any benefits.I am lucky in that I have enough to live on and both in work.Next generation could make more use of it.
I have made provisional enquiries with solicitor and they want £500 to do Deed of variation ( alot of money ).
If I have to do it I will, just wondered if there was a cheaper way?

Mojisola

They can't do a Deed of Variation is there is no will.

Just accept the inheritance and write a cheque for your son.