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 advisors will help
guide you through the entire process. If you would like to speak to one of our advisors
regarding this or any other financial matter, then please contact our office on
01778 342291 to arrange a no-obligation initial discussion.