Deed of Variation

voip03

Shall I first submit deed of variation for aunt then do the IHT for uncle, or submit both of them at once

Keep_pedalling

voip03 wrote: »

Shall I first submit deed of variation for aunt then do the IHT for uncle, or submit both of them at once

First you need to confirm how the house was owned. If as you suggest it was held as joint tenants, then the the whole house passed to him automatically and Is out of the scope of a DoV.

You did say you were going to take professional advice, so you really need to do that before doing anything ease.

getmore4less

Keep_pedalling wrote: »

First you need to confirm how the house was owned. If as you suggest it was held as joint tenants, then the the whole house passed to him automatically and Is out of the scope of a DoV.

You did say you were going to take professional advice, so you really need to do that before doing anything ease.

Start with this thread

http://trustsdiscussionforum.co.uk/t/post-death-severance-of-joint-tenancy/7586

voip03

I had the meeting with one probate and IHT specialist. I was told that I cannot use DOV on my aunt’s will.
Because

• Cannot reverse, because the property has already been transferred in my late uncle’s name.
• Aunt’s will beneficiary is not alive any more.

wizzywilc

I can't comment on the property issue, but it is certainly possible to do a DoV when the beneficiary of the will has died. My husband was the sole executor and beneficiary of his mother's will. Her estate was below the IHT limit. When he died a year later, the executors of his will were able to do a DoV to redirect her estate to her grandchildren, considerably reducing the IHT payable on his estate.

voip03

Thank you for all your advise! Can you advise me what steps I should take to do a DoV?
Also, can I use the DoV to change the joint tenancy to tenancy in common?

Tom99

voip03 wrote: »

Yesterday I had the meeting with one probate and IHT specialist. I was told that I cannot use DOV on my aunt’s will.
Because

• Cannot reverse, because the property has already been transferred in my late uncle’s name.
• Aunt’s will beneficiary is not alive any more.

I don't think that advice is correct. The fact that assets have been passed to the beneficiary of the 1st will does not prevent those assets being redirected by a DOV.
The fact that the Aunt's beneficiary is no longer alive does not stop the 2nd level beneficiary who now inherits the house from signing a DOV redirecting the house from the Aunt's estate direct to themselves rather than via the Uncle's estate.
I think the DOV can include the appropriate wording to sever the joint tenancy before then redirecting the asset.

SevenOfNine

We used a STEP registered solicitor to do the DoV we required to redirect an inheritance that came to us by default (no will), to our grandchildren.

Cost was about £500 but in the grand scheme of things amounting to approx. £140k, £500 was peanuts in order to ensure all terminology contained in it was legal & watertight.

voip03

We have finally have finished the deed of variation. Now I'll need a probate for the remaining property value. The value is less than the inheritance tax threshold (after the deed of variation). 

Could you please advise me on which form i should fill out? Is it IHT205 or IHT400.

castle96

Are there no example D ov V on line?