Deed of Variation

sunsetboulevard

Is it possible to do a DIY Deed of Variation? If so, do you know where I can find a template for one?

Uncle died, myself and my father are the executors, trustees and only beneficiaries. Everything to be split 50/50, no property, just money in bank accounts, a few shares and some kind of annuity (whatever that means). Father wants to give his half to me. If father needs care he has enough of his own savings to pay for that.

What happens to the Deed of Variation? Does it get sent to someone, maybe HMRC at some point?

I want to try and avoid using a solicitor if I can, unless I get really stuck with anything.

Thanks.

Keep_pedalling

Is your father's estate in IHT territory? If not would this inheritance push it that way?

If neither of those apply he can simply gift his share to you without the need for a DoV.

sunsetboulevard

Yes, if he takes the inheritance he will be well into IHT territory. If he doesn't take it he will probably be just under.

Yorkshireman99

Jo101 wrote: »

Yes, if he takes the inheritance he will be well into IHT territory. If he doesn't take it he will probably be just under.

Given the money involved it would be false economy to DIY it.

sunsetboulevard

Yorkshireman99 Yes, as you say it's probably best I don't attempt any DIY on the Deed of Variation. Think I will have to get a solicitor to draw something up when the time comes. Thanks for your reply.

newbutold

My Mum did a diy deed of variation when my Nana died. So yes it is possible to diy it.

newbutold

Plus according to gov.uk, you don't even need a formal document.

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

sunsetboulevard

newbutold, thanks for your reply. I'll have a read through that link in a while.

Yorkshireman99

newbutold wrote: »

My Mum did a diy deed of variation when my Nana died. So yes it is possible to diy it.

I did not say it could not be a DIY job but knowing how picky HMR&C can be, and the possible financial consequences, it is IMHO, false economy.

sunsetboulevard

Yorkshireman99 I think if it looks too complicated for me and if I'm in any doubt about what I'm doing I'll get a solicitor to do it. Like, you say, I don't want HMRC querying anything. I could do without that at this moment in time. I think sometimes I think 'oh, I'm not paying someone to do that for me, I'll give it a go myself' and then I mess up and it costs me twice as much.

Yorkshireman99

That was my point! The problem is it is hard to know if you have got it wrong until too late. I would like to think, probably wrongly, that I could do my own will. However, I have personally seen the consequences of others doing that so I would never do so. Lawyers make a lot of money sorting out mistakes that could have been avoided with a little professional help. Good luck anyway.