When a will is written, it sets out the wishes and requirements of the deceased. It says to whom they want their possessions and estate to be left to, and it can even state their wishes for their funeral. Most people understand a will to be set in stone, and unable to be changed after the testator’s death. However, that is not necessarily the case. It is possible to change a will after the testator’s death, but this can only be done by creating a deed of variation.
And, even if there is no will, a deed of variation can still be sought. Deeds of variation can also be used to vary the distribution of an estate which is to be dealt with under the rules of intestacy.
When a will is written, it sets out the wishes and requirements of the deceased. It says to whom they want their possessions and estate to be left to, and it can even state their wishes for their funeral. Most people understand a will to be set in stone, and unable to be changed after the testator’s death. However, that is not necessarily the case. It is possible to change a will after the testator’s death, but this can only be done by creating a deed of variation.
And, even if there is no will, a deed of variation can still be sought. Deeds of variation can also be used to vary the distribution of an estate which is to be dealt with under the rules of intestacy.
But why would you want to change a will?
There are a variety of different reasons, some with more merit than others. For example, it could be that someone feels they should have inherited at least something from the estate, and wish to change the will to reflect that. Perhaps there is an error in the will and it needs to be amended before it can be executed. Maybe family circumstances have changed since the will was written, with beneficiaries having died, or divorced. It could even be about saving money on inheritance tax. Each case will need to be looked into carefully before a deed of variation can be written, and it is best to speak to an expert before beginning if you are not sure whether your reason for wanting a deed of variation is required or necessary, then just give us a call.
If a will is to be changed after death, then it must be done within the first two years, and any inheritance tax or capital gains tax must be dealt with. Not only this, but anyone that a change of the will will affect must agree to the changes without being coerced or receiving any financial compensation.
If these conditions are met, then a deed of variation may well be required.