make your free deed of variation

making a deed of variation online is simple. just answer a few questions and 2022世界杯32强抽签时间 will build your document for you. when you have all of the details prepared in advance, making your document is a quick and easy process.

to make your deed of variation you will need the following information:

party details

• your (ie the current beneficiary’s) details (including name and address).

• the new beneficiary’s details (including their name and address).

• the executor’s details (including their name and address).

• the deceased testator’s details  (including their name, address and date of death).

details of the will

• what is the date of the will being changed?

• are there any codicils (ie additions or alterations) to the will being changed?

gifts

• what gifts made under the will do you wish to vary? these will be either assets, money, and/or the remainder of the estate.

• if you wish to vary a gift of assets, what asset’s gift do you wish to vary? you should provide a detailed description of the asset.

  • did the testator own the asset in their sole name or jointly with you?

  • will the gift of an asset to the new beneficiary be subject to or free from inheritance tax?

• if you wish to vary a gift of money, what amount did the testator leave you under the will?

  • was this gift of money to you subject to or free from inheritance tax?

  • what clause in the will sets out the gift of money?

  • are you transferring the gift of money fully or partially to the new beneficiary?

  • if the gift of money is partially transferred to the new beneficiary, how much will the new beneficiary receive and how much will your gift of money be reduced to?

  • will the gift of money to the new beneficiary be subject to or free from inheritance tax?

• if you wish to vary the remainder of the estate, will the transfer to the new beneficiary be subject to or free from inheritance tax?

date

• what is the date of the deed of variation?

a deed of variation allows a beneficiary to redistribute an inheritance they receive under a will. to do this, a deed of variation typically includes provisions on:

parties

this section sets out who the relevant parties to the deed of variation are, including:

• the current beneficiary (ie you)

• the new beneficiary (or beneficiaries) who you are transferring all or part of your inheritance to

• the executor (or executors) of the will (ie the person, or people, who are executing the will under which you inherited)

background

this section sets out the background to the deed of variation. it explains who the testator was, when they died and that they left a will. it also sets out what you inherited under their will (ie assets, gifts and/or the remainder of the estate), which you now wish to vary.

operative terms - definitions

this section clarifies that the definitions contained in the will being varied also apply to this deed of variation. 

operative terms - will

this section sets out the gifts of assets, gifts of money and/or the residuary estate which the testator left you, the current beneficiary, under their will. where assets were left under the will, these are set out in detail in schedule 1 to the deed of variation.

it further sets out that no previous deeds of variation affected your entitlement to the assets, gift of money and/or residuary estate left under the will. this section also highlights your intention to vary your entitlement to the assets, gift of money and/or residuary estate as set out in this deed of variation.

operative terms - variation

this section sets out how you wish to vary your entitlement to the assets, gift of money and/or residuary estate as left to you under the will. 

if you’re varying your inheritance of any assets, this section sets out that the assets are to be transferred to the new beneficiary, subject to or free of inheritance tax, as set out in schedule 1.  

if you’re varying your inheritance of the residuary estate, this section sets out that your share is to be transferred to the new beneficiary, subject to or free of inheritance tax.

if you’re varying your inheritance of a gift of money, this section sets out that this is transferred to the new beneficiary, subject to or free of inheritance tax. if you are transferring a gift of money to a new beneficiary in full, this section clarifies that the full amount is to go to the new beneficiary. if you are partially transferring a gift of money, this section clarifies how much is to be transferred to the new beneficiary and how much to you.

in all cases, by virtue of the deed of variation, the new beneficiary is to be treated as being the absolute owner of the assets, the gift of money and/or the shares in the residuary estate that they will now receive following the testator’s death.

operative terms - statements

this section sets out that the applicable laws (ie the inheritance tax act 1984 and the taxation of chargeable gains act 1992) apply to the variations made in this deed of variation.

signatures

due to the nature of the deed of variation, it must be printed and physically signed by you, the new beneficiary (or beneficiaries) and the executor (or executors). this must all be done in front of witnesses. this section, therefore, includes clear signature sections for the relevant parties and the witnesses.

schedule 1 - assets

schedule 1 will appear if you inherited assets from the deceased testator and varied them under this deed of variation. this schedule sets out details relating to assets being redistributed under the deed of variation. specifically, for each asset it:

• includes a description of the asset (which should include all details relevant to the asset) so that it can easily be identified 

• specifies how the current beneficiary is entitled to the assets (ie by being the sole surviving joint owner or by inheriting it under the will)

• specifies if the current beneficiary inherited the asset subject to or free from inheritance tax (this should be set out in the will)

schedule 2 - testamentary documents

schedule 2 should include all testamentary documents relevant to this deed of variation (ie the deceased testator’s will and any codicils). the testamentary documents should be attached to the deed of variation in this schedule after you have completed the step by step interview.

if you want your deed of variation to include further or more detailed provisions, you can edit your document. however, if you do this, you may want a lawyer to review or change the deed of variation for you, to make sure it complies with all relevant laws and meets your specific needs. ask a lawyer for assistance.

understand the position of beneficiaries who are minors

while a deed of variation can be used to change gifts left to someone under a will, it shouldn’t be used where a beneficiary under the age of 18 is affected. this is because all beneficiaries who are negatively affected by the variation must agree to it. however, in terms of deeds of variation, minors under the age of 18 cannot legally agree to such a variation. as a result, this deed of variation cannot be used to vary a gift left to a minor.

comply with the time frame for making a deed of variation

a deed of variation can be made before or after the executor gets a grant of probate (ie the right to administer the deceased’s estate). however, a deed of variation generally needs to be made within 2 years of the testator’s death. for more information, read changing a will after death. 

know what changes you can and cannot make using a deed of variation

deeds of variation can be used to make a variety of changes to a will, so long as the deed of variation clearly sets out what is being changed and how. this includes:

• redirecting gifts from the intended recipient (ie you, as the current beneficiary) to someone else

• giving away an inheritance in full

• setting up a trust

deeds of variation cannot be used for certain things, such as:

• changing another beneficiary’s inheritance without their consent

• transferring a larger share of the estate to yourself (unless another beneficiary is transferring you their inheritance)

• appointing other executors or guardians than those named in the will

for more information, read changing a will after death.

be aware of increasing your inheritance tax liability

if your deed of variation varies a will in such a way that more inheritance tax is payable, the executors of the will must send a copy of the document to hmrc. this must be done within 6 months of the deed of variation being made.

if your deed of variation does not change the amount of inheritance tax, you don’t need to send a copy to hmrc.

due to the complexity of changing a will after death and varying your inheritance tax liability, we recommend that you seek specialist advice from an inheritance tax lawyer. ask a lawyer for more information.

for more information, read changing a will after death.

understand when to seek advice from a lawyer

ask a lawyer for advice if:

• the testator died without leaving a will 

• you vary the amount of inheritance tax payable under the will

• a child's inheritance is affected

• you want to vary your inheritance to set up a trust

• you want to vary your inheritance to donate money to charity

• you want to vary your inheritance of stocks, shares or marketable securities 

• you require specialised inheritance tax advice

• the testator died more than two years ago

• you are located in scotland