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Deed of variation – not just to save inheritance tax

Piggy bank which is full, coins spilling over to the side

The usual reason for entering into a deed varying a will within 2 years of death, is to secure an inheritance tax reduction or to skip a generation so that a gift is removed from an affluent beneficiary and diverted to his impecunious children.

We have recently been involved in another scenario where a deed of variation came to the rescue.  A will had left children of the deceased rather dissatisfied because the principle of equality had been ignored.  The siblings were able to reach a satisfactory arrangement amongst themselves and the will was varied accordingly.  It was also able to set out the basis on which jointly owned property would be held.

Inheritance tax, no change is likely until 2020 an...
Ken Dodd – tax efficient to the last