Making a “Deed of variation and Family Arrangement”

sanfly

My mother who passed away a year ago left her estate equally to me and my sister. I want to divide my 50% share into roughly a third each for me and my two sons, however we have had no luck in selling her property at the moment.

So here is the question.
I want to give my sons a share now, so Can I legally proceed with raising a “Deed of variation” relating to my half share and give my two sons a share from my own money now, pending the Property being sold and the will being finalised.

dzug1

You have two years to do a deed of variation, so yes you could.


But it would be possible to do it informally, depending on your own circumstances and possible future IHT situation

getmore4less

What tax will you be potentially saving?

Often gifts work just as well.

How old are the kids<>18?

sanfly

getmore4less wrote: »

What tax will you be potentially saving?

Often gifts work just as well.

How old are the kids<>18?

Potentially IHT in the future and both kids areover 18

getmore4less

So the trade off is the cost of a DOV over living for 7years.

If marked then £650k and both going in 7.

Check out the cost of short term life cover against DOV

sebastianj

You will be better off by putting the property in a trust, with you and your sister in control. Once you allocate the shares to your sons, that will be it, no going back, unless you are planning to marry. Same goes for your sister, investigate your options.
seb