Deed of Variation

Deed of Variation

It is quite common for people receiving a legacy or inheritance to want to make an additional gift to family members or maybe a charity.   It could be that the beneficiaries feel that someone who has been left out of a Will should have been included, or if there was no Will they may feel that the laws of intestacy do not reflect the deceased’s wishes. A Deed of Variation may be the answer.

To make lifetime gifts can have inheritance tax implications. However, if those gifts come from the deceased’s estate then the seven year rule will not apply.   A Deed of Variation allows assets to pass free of tax to the intended recipient with the only tax, if any, being paid from the deceased’s estate.

A Deed of Variation could also be used to make inheritance tax savings by writing a trust into the Will or by giving an exempt gift to charity.

Our Recent cases

  • Increasing the legacies to the grandchildren to £20 seemed a lot of money twenty years ago when the Will was made
  • The favourite nephew felt guilty that his siblings had not been included in their Aunt’s Will
  • Placing the house in trust in order to limit the tax liability for the children with the hope the house could be passed to the grandchildren in the future

We regularly advise on Deeds of Variation, our experienced lawyers will be able to assist you with the preparation of a document which could save both tax and family unrest in the future.   We are able to quote you at the start as to the cost of the document and in the majority of cases this will be a fixed fee.

Blog Posts

Unfair dismissal and permanent health insurance (PHI)

22/05/2019

Permanent health insurance (PHI) provides employees with pay during long term sickness or incapacity.…

Read More
Upcoming Events

Managing the workforce in 2019

03/04/2019

If you employ staff or have responsibility for HR, Gotelee Solicitor’s annual employment law…

Read More
News Posts

Employers must record all working time

16/05/2019

If you attended Gotelee’s Employment Law Update at Trinity Park last month you may…

Read More

Testimonials

"I would like to say thank you for your help, support and guidance over the last two and a half years. Obviously should I need further assistance in the future I shall not hesitate to call you guys."

-

"Approachable, very efficient, always willing to take my calls and update me."

- SH

"I have used Tracey Laflin at Gotelee on a number of occasions and in my opinion, she is simply the most efficient conveyancing solicitor I have ever worked with. From the outset, she took the time to understand my specific business requirements and to date, she has exceeded all of my expectations."

- Dale Fiddy - Portobello Developments Ltd

"I don't think this house sale would have pulled together without Jo's determination and expertise. Excellent!"

- MT

"The ease that we could access and speak to Pat Smith - Thank you"

-

"“ This is the second time we have used Tracey for the conveyancing to buy our new home. She is always completely approachable, she has helped us along the way with advice and useful tips that has helped lessen the stress. We have complete confidence in her and would not hesitate to recommend her to our friends and family”.  - Peter Dawes, Cater Dawes Financial Planning "

-

"We found Rachel Dawson outstanding, polite, professional and caring."

-

"This is by far the go-to firm for any issues. You are made to feel valued from the outset and they are so confident in what they do. Wouldn't recommend any other. Thank you Hugh and Max."

- Ros Jones

"Domini was very fast and efficient in carrying out her work for me - she was also very good at explaining things to me"

-

"We were very pleased to have Jade as our solicitor, the service was excellent and we felt kept in the loop which minimised stress"

- CT

Please select preferred method of contact

* We will only contact you by telephone if you select this as primary form of contact. All web enquiries will be stored on our website for 30 days.