Why might you need a Deed of Variation?
You may need a Deed of Variation (or a ‘deed of family arrangements’) if circumstances have changed since a Will was made.
Perhaps you would like to:
- Share your entitlement with another person not named in the Will. For example, a child who was born after the Will was made.
- Share the estate more fairly amongst beneficiaries.
- Minimise Inheritance Tax (more below).
There are other reasons why you may wish to have a Deed of Variation. All family circumstances are different. Sometimes all the beneficiaries of a Will decide together that an estate should be distributed in another way. In this case multiple deeds will be created.
If somebody has died without making a Will you can use a Deed of Variation to share their estate more fairly. When a person dies without a Will, they are said to have died intestate. The rules of intestacy are very specific and not always beneficial to family members.