Yes, it is possible to vary a Will after someone has died, and there are legal provisions that allow for this. This process is typically done using a Deed of Variation, which gives beneficiaries the ability to alter how the estate is distributed, even after the death of the individual who made the Will.
What Is a Deed of Variation?
A Deed of Variation is a legal document that allows beneficiaries to change the terms of a deceased person’s Will, or even the distribution under the laws of intestacy (when someone dies without a Will). The Deed of Variation enables a beneficiary to pass on all or part of their share to someone else, for reasons such as fairness, tax considerations, or family needs.
Importantly, any Deed of Variation must be executed within two years from the date of the deceased’s death. This is the time frame during which changes can be legally made to the distribution of the estate. The Deed of Variation can be prepared either before or after the Grant of Probate or Letters of Administration are issued.
Why Would Someone Want to Vary a Will?
There are several common reasons why a beneficiary might want to change how a Will or intestacy rules affect their inheritance. Here are some of the most frequent scenarios:
1. Making the Distribution Fairer Among Family Members
A beneficiary may decide to alter the distribution of the estate to make it more equitable among family members. For example, if one child was left a larger share in the Will, a beneficiary might wish to transfer some of their inheritance to this child to ensure a more equal distribution.
2. Including Family Members Not Mentioned in the Will
Sometimes a Will may not account for family members who should have been included, such as grandchildren born after the Will was drafted. A Deed of Variation can be used to include these family members, ensuring they receive a share of the estate.
3. Reducing Inheritance Tax (IHT)
If the estate is liable for Inheritance Tax (IHT), a beneficiary may wish to vary the Will to reduce the amount of IHT payable. This could involve leaving a portion of the estate to a charity, which can qualify for tax relief and reduce the overall tax burden on the estate.
4. Clarifying Ambiguities in the Will
If the Will contains any ambiguities or uncertainties, a Deed of Variation might be necessary to clarify the intentions of the deceased. This ensures that the Will’s terms are followed as closely as possible, especially if a beneficiary feels the distribution doesn’t reflect what the deceased would have wanted.
Key Points About Varying a Will
- The Deed of Variation must be signed by all beneficiaries who are affected by the changes.
- The variation can be made for any reason, but it must be agreed upon by all parties involved.
- This process must take place within two years of the death, so it’s important to act promptly if you wish to vary a Will.
- Legal advice is essential to ensure that the Deed of Variation is valid and that all tax implications, if any, are properly considered.
Need help with varying the content of a Will?
Our team at Thornton Jones is here to assist. If you need help and advice in regard to your will or wish to make change to your will or the will of a deceased then call us today.
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Mapplewell office on 01226 339 009
☎️ Call our Ossett office on 01924 586 466
You have two years from the date of death to vary a Will using a Deed of Variation. After this period, it may become more complicated to alter the distribution of the estate, and you would likely need to seek legal advice to explore other options.
No, only those who stand to inherit under the Will (or under intestacy laws) can sign a Deed of Variation. If you are not a beneficiary, you cannot alter the terms of the Will. However, if you are a family member or someone with a financial interest in the estate, you may be able to discuss the matter with the beneficiaries.
Yes, a Deed of Variation can help reduce Inheritance Tax (IHT) by redirecting part of the inheritance to a charity, which could benefit from tax relief. This can lower the overall tax liability of the estate, but it’s important to seek legal and financial advice to ensure the process is carried out correctly.
A Grant of Probate is a legal document issued by a court that gives the executor named in the deceased person’s Will the authority to administer the estate. This includes tasks such as collecting assets, paying debts, and distributing the estate according to the Will. The Grant of Probate is essential to legally prove the validity of the Will and the executor’s right to carry out their duties. It is required when the deceased’s estate includes assets that need to be accessed or transferred, such as property, bank accounts, or investments.
Letters of Administration are similar to a Grant of Probate but are issued when someone dies intestate (without a valid Will). In this case, the court will appoint an administrator to manage the estate instead of an executor. The Letters of Administration provide the legal authority for the administrator to distribute the estate according to the laws of intestacy. This process is typically more complicated than dealing with a Will and can lead to potential disputes over who should be appointed as the administrator.
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
