Deed of variation questions

itwasntme001

If a BTL property is passed onto children according to the Will, can a deed of variation be used to "skip a generation" after the property has been sold (with the cash proceeds held by the children)?  Or can a deed of variation be done only as the same form of asset that was initially inherited?

Whether the BTL property is sold or continued to be held after inherited by children, do all the children in the Will need to sign and agree to the deed of variation if only one child wants to do this for his share (to pass onto his own children)?

Assume everyone is an adult etc.

Keep_pedalling

As long as it is done within 2 years of the death yes. Only the children who wish to pass their share on need to sign the DoV.

If the GC are not already home owners, making them joint owners of a rental property is almost certainly a bad idea.

Marcon

Looking at your previous questions, you're asking an awful lot of stuff about tax and heading into pretty complex areas, especially if your parents are considering giving you part of their current property.

Nobody here has the full facts, and nobody here is insured to give advice (or even information!). Given that the amounts involved are substantial, a STEP professional would surely be worth considering rather than random comments on the internet? It could be money well spent...and not taking proper advice could be a very false economy indeed.

itwasntme001

Keep_pedalling said:

As long as it is done within 2 years of the death yes. Only the children who wish to pass their share on need to sign the DoV.

If the GC are not already home owners, making them joint owners of a rental property is almost certainly a bad idea.

Thank you for your helpful response as always.

Just to confirm, even if the BTL is not sold, only the children who wants to pass their share on needs to sign?  I thought if it is a joint asset like a BTL as opposed to just cash, all the beneficiaries need to approve.

itwasntme001

itwasntme001 said:

Keep_pedalling said:

As long as it is done within 2 years of the death yes. Only the children who wish to pass their share on need to sign the DoV.

If the GC are not already home owners, making them joint owners of a rental property is almost certainly a bad idea.

Thank you for your helpful response as always.

Just to confirm, even if the BTL is not sold, only the children who wants to pass their share on needs to sign?  I thought if it is a joint asset like a BTL as opposed to just cash, all the beneficiaries need to approve.

Any reply to the above?

Keep_pedalling

itwasntme001 said:

Keep_pedalling said:

As long as it is done within 2 years of the death yes. Only the children who wish to pass their share on need to sign the DoV.

If the GC are not already home owners, making them joint owners of a rental property is almost certainly a bad idea.

Thank you for your helpful response as always.

Just to confirm, even if the BTL is not sold, only the children who wants to pass their share on needs to sign?  I thought if it is a joint asset like a BTL as opposed to just cash, all the beneficiaries need to approve.

That is correct, however I would advise you to sell and distribute the proceeds rather than financially tie the beneficiaries together through house ownership especially if any of them are not already home owners.