An inheritance from a loved one is their final gift to you which would serve as a wonderful reminder of the person who has made it all possible.
However, in certain instances you might think that other people, perhaps family members, charities or anyone you feel could benefit more from an inheritance, should have received it. Well, did you know that you can change who receives an inheritance after the estate has been distributed?
A Deed of Variation allows you to make changes to a deceased persons Will. An example of this is where an individual dies and leaves all that they own to their spouse. The question at this point is that with the onset of time and perhaps ill health is it wise to inherit all of a former spouses’ estate? A deed of variation could instead make more sense so that assets bypass them completely and instead pass directly to their children to use as a deposit for their first home, pay off a mortgage or help grandchildren with university fee’s.
The most important thing to remember is that there is a two-year window. Any deed of variation must be drawn up within 24 months of the death of the deceased and must be signed by all the executors and beneficiaries of the estate to be valid.
Rules are often complicated, and this is where advice becomes essential. One of our qualified advisers will help guide you through the entire process. If you would like to speak to one of our advisers regarding this or any other financial matter, then please contact our office on 01778 342291 to arrange a FREE initial discussion.