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"Simple" Deed of variation to change from 3 to 1 beneficiary?
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Cacti24
Posts: 13 Forumite
Hi - please can I double check the following?
Our sister passed away, leaving an estate under the IHT threshold - mainly being her flat (or the equity in it as it has a mortgage)
She left her estate to me and our two brothers. B1 and I would like to change the will via a DOV so that everything goes to B2*.
Our reasoning is that B1 and 1 already have houses, B2 doesn't. Therefore he can pay off the mortgage and own the flat - without any complications of second property stamp duty etc
So if we just do our own Deed of Variation letter and get it fully signed and witnessed, we just need to hold it with the Will in case any one ever asks? There is no impact to IHT in us doing this as there is no IHT to pay either way. We just want to take ourselves out of the chain of ownership
Does this sound ok? Anything to watch out for?
(B1 & I are also much more financially secure and we both think our sister would have wanted this for our brother too)
Our sister passed away, leaving an estate under the IHT threshold - mainly being her flat (or the equity in it as it has a mortgage)
She left her estate to me and our two brothers. B1 and I would like to change the will via a DOV so that everything goes to B2*.
Our reasoning is that B1 and 1 already have houses, B2 doesn't. Therefore he can pay off the mortgage and own the flat - without any complications of second property stamp duty etc
So if we just do our own Deed of Variation letter and get it fully signed and witnessed, we just need to hold it with the Will in case any one ever asks? There is no impact to IHT in us doing this as there is no IHT to pay either way. We just want to take ourselves out of the chain of ownership
Does this sound ok? Anything to watch out for?
(B1 & I are also much more financially secure and we both think our sister would have wanted this for our brother too)
0
Comments
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I don’t see any problem with that.1
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