Can Executors modify a will?

getmore4less

The important bit with DOV is the wording to qualify for the tax benefits for your estates.

Keep_pedalling

getmore4less wrote: »

The important bit with DOV is the wording to qualify for the tax benefits for your estates.

Which is why it’s probably best not to DIY.

jackyann

Although I'm sure that OP has now checked this out, you do need to be wary if you are in receipt of certain means-tested benefits. You also need to be aware that should there be any likelihood of you soon requiring care and intending to claim funding from the local authority, they will take a dim view of you having given money away.
I posted this for others looking at this thread.

Tom99

getmore4less wrote: »

The important bit with DOV is the wording to qualify for the tax benefits for your estates.

[FONT=Verdana, sans-serif]That's true, but if you want to DIY then the .gov checklist will help including the appropriate tax wording.

[/FONT] [FONT=Verdana, sans-serif]https://www.gov.uk/government/publications/inheritance-tax-instrument-of-variation-checklist-iov2[/FONT]

“[FONT=Verdana, sans-serif][FONT=HMRCModena, HMRCModena, sans-serif][FONT=Verdana, sans-serif]The statement must include the appropriate statutory references. For example, a statement such as “The parties to this variation intend that the provisions of section 142(1) Inheritance Tax Act 1984 and section 62(6) Taxation of Chargeable Gains Act 1992 shall apply” would mean that the variation is to take effect for both IHT and CGT.”[/FONT][/FONT][/FONT]

Yorkshireman99

Robin50 wrote: »

KeepPedalling, and others ... thank you for your comments. Been a bit hectic today so haven't had a chance to respond.

Definitely hope to have inherited long life genes! Yes we are around 70 but all the generations have tended to have children later in life, so grtgrndchildren are still infants or young children.

Having looked in a bit more detail at DOVs, I am now certain that that's the route to go. For simple cases (and it turns out my case is quite common: parents wanting to shift the balance in favour of their children) it looks like something that is doable at low cost, or DIY. There's guidance on Govt websites and the timings also appeal.

I don't want to be specific about figures, but let's the estate doesn't reach IHT threshold but does mean we'll have to get probate.

But to reiterate, I think I've found the solution I was looking for, so thank you all for your kind and helpful comments.

Please remember that it is the beneficiaries who execute the DOV's not the executors who still have to distribute the estate exacly as per the will. In other words the DOVs are done after probate is obtained. Although the question deprivation of assets has been raised it is sometimes overstated. DOA can only be proved if the disposal of the assets takes place when there really is a genuine prospect of care being required within the forseeable future. It does not give the local authority carte blanche so anthing beyond a couple of years ahead will not count as DOA though that my not stop greedy LAs from trying it on!

Margot123

Yorkshireman99 wrote: »

Please remember that it is the beneficiaries who execute the DOV's not the executors who still have to distribute the estate exacly as per the will. In other words the DOVs are done after probate is obtained. Although the question deprivation of assets has been raised it is sometimes overstated. DOA can only be proved if the disposal of the assets takes place when there really is a genuine prospect of care being required within the forseeable future. It does not give the local authority carte blanche so anthing beyond a couple of years ahead will not count as DOA though that my not stop greedy LAs from trying it on!

What about DOA with regards to any DWP claims such as Pension Savings/Guarantee Credit?

Yorkshireman99

Margot123 wrote: »

What about DOA with regards to any DWP claims such as Pension Savings/Guarantee Credit?

A good point. My main point is that in any case a DOV is of no concern to the executor. They have no involvement.