When someone dies leaving a Will they often detail how they want their assets to be distributed. This may have been the best intention of the deceased however the beneficiary may wish to vary their entitlement.
A deed of Variation (also known as a family arrangement) is a document that allows beneficiaries to rearrange or vary their entitlement due to them. Some beneficiaries may decide that their entitlement should be redirected to their children, siblings, friends or charity.
It is important to note that if you are thinking about varying your entitlement from an estate there is a time limit of two years from the death of the deceased in order to do so.
Why Vary
There are a number of reasons why you may wish to vary your entitlement;
Provide for someone who was left out of the Will
Inheritance Tax purposes
Reduce Capital Gains Tax
Even if there is no will in place it is still possible to make changes to your entitlement.
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