Deed of variation

booty40uk

Hello all


Could someone please tell me how I would go about applying/obtaining a deed of variation on my fathers will?


It is very straight forward in that there is no inheritance tax or capital gains involved, all beneficiaries are in agreement and probate has been completed.


Thanks in advance.


Andy

getmore4less

Why do you think you need one?

If there is no tax benifit to anyone, mainly the benificiaries, then simple gifts can do the same job in most cases.

No benificiaries that will be getting less are under 18?

(DOV are mainly used by benificiaries to save tax and are only needed when there tax afairs are being delt with, the beeficiaries do the DOV not the executors)

booty40uk

Its basically to skip a generation and yes, all beneficiaries are over 18.


Thanks.

nom_de_plume

getmore4less wrote: »

(DOV are mainly used by benificiaries to save tax and are only needed when there tax afairs are being delt with, the beeficiaries do the DOV not the executors)

They can be very useful if the original beneficiary is elderly as gifted monies could still form a part of their estate.

OP - You should contact a solicitor to prepare the DOV.

jackyann

My dad had a simple will, leaving everything to his 2 children.
As neither of us were in financial hardship or claiming benefits or similar, he just asked us to gift some money to a few friends, and a proportion to other family members, and we just did it.

getmore4less

nom_de_plume wrote: »

They can be very useful if the original beneficiary is elderly as gifted monies could still form a part of their estate.
.

Only if that would cause a IHT issue if done as a PET.

Unles you can identify the tax that you might save it can quite often be a waste of money doing the DOV.

MeltonB

Following my mother's death I asked the solicitor about using a deed of variation to pass wealth to her grandchildren instead of to me as the young people desperately needed it and I didn't. (If I passed it on later there would be inheritance tax to pay on my estate). He said a simple letter would suffice providing it conformed to HMRC's regulations, so that is what we have done. A gift of the monies would have been an alternative if I was confident of surviving seven years!