Deed of variation

beechboy2000

Hi, I'm hoping I can get some advice regarding deed of variation.

My grandmother died in August and left her estate to her only child ( my father). My grandmothers estate was only valued at 120k which included her house valued at 110k.
My father is executor of the will and wants to give the house to me and my brother. We will most likely rent the house out.
We were advised that we will have to have a deed of variation in order to do this. I have found a couple of templates online and don't want to pay £300+ to a solicitor if we can do it ourselves.
Any advice would be greatly appreciated.
Thanks

Yorkshireman99

beechboy2000 wrote: »

Hi, I'm hoping I can get some advice regarding deed of variation.

My grandmother died in August and left her estate to her only child ( my father). My grandmothers estate was only valued at 120k which included her house valued at 110k.
My father is executor of the will and wants to give the house to me and my brother. We will most likely rent the house out.
We were advised that we will have to have a deed of variation in order to do this. I have found a couple of templates online and don't want to pay £300+ to a solicitor if we can do it ourselves.
Any advice would be greatly appreciated.
Thanks

This tells you what to do

https://www.gov.uk/alter-a-will-after-a-death

getmore4less

beechboy2000 wrote: »

Hi, I'm hoping I can get some advice regarding deed of variation.

My grandmother died in August and left her estate to her only child ( my father). My grandmothers estate was only valued at 120k which included her house valued at 110k.
My father is executor of the will and wants to give the house to me and my brother. We will most likely rent the house out.
We were advised that we will have to have a deed of variation in order to do this. I have found a couple of templates online and don't want to pay £300+ to a solicitor if we can do it ourselves.
Any advice would be greatly appreciated.
Thanks

That is not true.

Your father can just gift it.

There may be tax reasons that make DOV a more sensible option.

securityguy

beechboy2000 wrote: »

Hi, I'm hoping I can get some advice regarding deed of variation.

My grandmother died in August and left her estate to her only child ( my father). My grandmothers estate was only valued at 120k which included her house valued at 110k.
My father is executor of the will and wants to give the house to me and my brother. We will most likely rent the house out.
We were advised that we will have to have a deed of variation in order to do this

No, you don't have to use a deed of variation

However, if your father's estate plus the value of the house is greater than he IHT threshold, and your father dies in the next seven years, then his estate will be liable for inheritance tax on the gift. A DoV removes this risk.

beechboy2000

My fathers estate would be over iht threshold so I will have to get a DOV.
Thanks for the responses

Yorkshireman99

beechboy2000 wrote: »

My fathers estate would be over iht threshold so I will have to get a DOV.
Thanks for the responses

Has your father taken professional advice on IHT planning for his estate? If no suggest to him that it would be a wise move.

getmore4less

beechboy2000 wrote: »

My fathers estate would be over iht threshold so I will have to get a DOV.
Thanks for the responses

A DOV is nothing to do with you your father as the beneficiary is the one that needs to do it to get the tax mitigation for IHT so his gift does not become a PET.