Deed of Variation

Redirect an Inheritance — Structured Following UK Inheritance Law

🕊️ Deceased's Details

👤 Original Beneficiary (the Variator) ?The person who is entitled to receive under the will or intestacy, and who wishes to redirect their entitlement to someone else.

👥 New Beneficiaries ?The people who will receive the redirected inheritance. You can add up to 4 new beneficiaries.

New Beneficiary 1

New Beneficiary 2

💷 Property Being Redirected ?Describe the specific inheritance being redirected. This can be a cash sum, property, shares, or the entire residuary estate. Be as specific as possible.

📊 Tax Elections ?Under IHTA 1984 s.142 and TCGA 1992 s.62, a deed of variation made within 2 years of death can be treated as if the deceased had made the disposition. Both elections are standard and recommended.

⚖️ Personal Representatives (Executors / Administrators) ?Under IHTA 1984 s.142(2A), personal representatives must join in the statement of intent where the variation results in additional tax being payable. It is best practice to include them in all cases.

🏛️ Governing Law

This template is drafted for England and Wales only.

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IMPORTANT NOTES: This Deed must be executed within two years of the date of death of the Deceased. The Variator and Personal Representative(s) must each sign as a deed in the presence of an independent witness. The witness must not be a party to this Deed nor a beneficiary. New beneficiaries should sign to acknowledge acceptance. Where the variation results in additional inheritance tax becoming payable, the Personal Representative(s) must also join in the statement of intent (IHTA 1984 s.142(2A)). If additional tax arises, a copy of this Deed and a completed IOV2 checklist must be sent to HMRC within 6 months. Even where no additional tax is due, it is advisable to retain a completed IOV2 with the estate papers.

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