DIY Deed of variation.

starlights

Please can you tell me if anyone has done their own deed of variation.
I think this is quite a simple one but every time I read up about it there is always the ‘seek legal advice’ warning.
I say I think it is simple but perhaps I am being naive.
My mother passed away earlier this year and in her will everything, including her house, passes to me and my brother.
I have 2 children who could really do with a financial injection right now and would like them to have a set sum of money each from my share of the house when it is sold.
There is no inheritance tax to pay as the property is well below the threshold. There are no trusts or any other complications.
What could be the worst thing that would happen?

starlights

I should add that both children are in their 30s.

Dave_5150

Why do you need a Deed Of Variation? What is to stop you giving your children that set sum of money from your share of the estate once you recieve it?

starlights

I might die within 7 years.

Rodders53

Is YOUR estate likely to exceed the IHT threshhold when you get the bequest from Mum? 
Only if the answer is YES is a DoV worth doing. 

https://forums.moneysavingexpert.com/discussion/6464024/deed-of-variation-dov is a very recent thread on the same DoV subject.

starlights

Thank you. IHT is maybe there-or thereabouts as house prices seem to be going up every week. 

Thank you for the link, I wonder why I didn’t find it when searching. I must try harder.

It would seem that If I do a DoV letter, be clear about what and how bequest is being varied, ensure tax clause is understood and added and then duly signed by all parties and witnessed it should be ok. If not then the money would be treated as a gift from me with everything that entails.

JGB1955

I followed the advice at Change a will after a death - GOV.UK (www.gov.uk) when splitting my inheritance 3 -ways with my adult children. Just wrote a letter, attached it to the probate certificate.  I didn't have it witnessed but that would probably be a good idea in order to cross your Ts and dot your Is.  I was sole executor.

Spendless

Are you in receipt of any means tested benefits? I don't know for sure but there might be implications if you are. 

starlights

Spendless, No not in receipt of benefits. Thanks.