Deed of variation

hectorh

Seeking help in wording of deed of variation of will. Uncle died 18 months ago leaving small amounts to a charity and another to friend. Remainder of the estate (which is money held in saving accounts) to myself and my wife ( I am the executor).
We wish to vary will so as to give our daughter a specific sum of money from our share of the estate. Is there a template available that I could use for the DOV or any suggestions please. I appreciate that wording has to be spot on. Many thanks in anticipation

RAS

It doesn't need a specific template. Just write a letter and keep a signed copy with your will.

Notepad_Phil

RAS said:

It doesn't need a specific template. Just write a letter and keep a signed copy with your will.

Though there are some specific bits of text you need to add to ensure that tax is properly dealt with. Take a look at https://www.gov.uk/alter-a-will-after-a-death and especially read the pdf in the link contained in the section "You do not need a formal document or deed - you can write a letter as long as it meets these conditions.".

Keep_pedalling

Does your joint net worth plus the inheritance take you into or near IHT territory? 

If not you could simply gift your daughter the money.

hectorh

Yes, unfortunately or fortunately whichever way you look at it . Quite a considerable sum over the threshold

tetrarch

You can do this yourself. I used the wording from this

https://www.accountingweb.co.uk/any-answers/can-i-draw-up-a-simple-deed-of-variation-myself

Regards

Tet

poseidon1

tetrarch said:

You can do this yourself. I used the wording from this

https://www.accountingweb.co.uk/any-answers/can-i-draw-up-a-simple-deed-of-variation-myself

Regards

Tet

Interestingly the variation was appropriate for the kind of  simple diversion of cash contemplated by the OP of this thread, 

Unfortunately for the original questioner in the Accountingweb thread,  it was entirely unsuitable as a template to vary the devolution of a property ( the CGT certificate was omitted as an example).

SevenOfNine

We used a solicitor, I was concerned about specific wording & the amount was a £100,000 so in comparison the fee was a drop in the ocean for complete peace of mind for us.