We appreciate that not everyone gets around to making a Will or otherwise updating an existing one already in place before they die.
Regular changes in Tax law may also mean a previously tax efficient Will is no longer as efficient as it once was.
Our experienced Estate Administration and Tax lawyers can help in these situations with the preparation of a simple Deed to vary the terms of someone’s Will after their death or to vary the deposition of their estate if they did not leave a Will at all. These types of legal document are known as Deeds of Variation.
It is increasingly common for families to use Deeds of Variation to ensure Estate and Succession Planning outcomes are achieved.
Deeds of Variation allow you to;
Set up trusts to increase asset protection.
Redirect estate assets to bypass a generation of your family in a tax efficient way.
Redirect estate assets to maximise Inheritance Tax reliefs and exemptions.
There are also other reasons why you may want to consider a Deed of Variation and if you would like further advice on this area or if you think we can help, please contact any member of our specialist Tax and Trusts team.