deed of variation wording

Lottierose

xylophone said:

Worth considering?

Thank you I did take a look at the link but like most legal documents, it’s full of gobbledygook! I’m basically looking for an example of something I can actually understand
Please excuse my editing of your post apparently I’m not allowed to repost links yet! 

frayedknot

Are you sure the will hasn't created some sort of trust that  the grandchildren only get their share when their parents die. If no-one is currently entitled to inherit anything you can't do a DoV as no-one has anything to put into the pot to be varied.

xylophone

Thank you I did take a look at the link but like most legal documents, it’s full of gobbledygook! I’m basically looking for an example of something I can actually understand

Best to consult a solicitor?

getmore4less

It is not clear why you need a DOV.
(non of the beneficiary are under 18?)
The tax benefits will be for the beneficiaries and if non of them would have a IHT liability within 7 years they can just gift. 

kimball30

Hi Lottierose, a very interesting scenario you mention and probably a very typical one, indeed I am currently finding myself in an almost identical situation, and the solicitor I approached for help was wanting an extortionate amount of money to look at, let alone pen a DoV, so I'm wondering did you actually manage to get one drawn up and if so are you in a position to now share on please, if so Id be very appreciative?  Many thanks

Keep_pedalling

kimball30 said:

Hi Lottierose, a very interesting scenario you mention and probably a very typical one, indeed I am currently finding myself in an almost identical situation, and the solicitor I approached for help was wanting an extortionate amount of money to look at, let alone pen a DoV, so I'm wondering did you actually manage to get one drawn up and if so are you in a position to now share on please, if so Id be very appreciative?  Many thanks

You are unlikely to get a reply this thread is over 6 months old and Lottierose has not been back Heeresleitung since early April.

You might be better off starting a new thread Outlining what you are trying to do.

naedanger

kimball30 said:

Hi Lottierose, a very interesting scenario you mention and probably a very typical one, indeed I am currently finding myself in an almost identical situation, and the solicitor I approached for help was wanting an extortionate amount of money to look at, let alone pen a DoV, so I'm wondering did you actually manage to get one drawn up and if so are you in a position to now share on please, if so Id be very appreciative?  Many thanks

As already said, Lottierose probably isn't reading this forum now, so you might be better explaining your own situation in a new thread.

[A deed of variation is often not necessary because the named beneficiaries could simply accept their inheritance and then make a gift or gifts to achieve the distribution they wish. In some cases that might potentially increase the amount of inheritance tax that would be payable by their (the originally named beneficiaries') estates should they die within the next seven (I think) years. But if that is not a concern then simple gifts might be sufficient.]