Deed of Variation

Question 1

Deed of variation

Answer 1

• Must be made within 2 years of the testator death by way of formal deed / letter / written document
• It must be signed by those affected / person who will lost the property / beneficiary of the will
• Must show the funds that are being varied and that it is the trust that will benefit
• It must contain a statement saying that the variation is intended to take effect for IHT purposes
• Must specifically refer to the Will
• No consideration for money or moneys worth
• Legal rep must sign if IHT (or more IHT) becomes payable