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Although it is desirable to have all of your after death arrangements arranged and finalised long before the inevitable, it is not true to say that changes can’t be made after death.
Called a will variation, this is a device that is available to the beneficiaries of a deceased’s estate, enabling the beneficiaries to alter the will, as long as any beneficiaries who are negatively affected agree to the changes.
Why might you want to change a will?
- Reduce the amount of inheritance or capital gains tax payable
- Make provisions for some who was not included in the will
- Move the deceased’s assets into a trust
How do you change a will?
Although it can be very simple to introduce a will variation, this does depend on precisely what the will contains, and the changes the beneficiaries wish to make. It is always safer to consult with a solicitor.
What are the advantages?
For the beneficiary, the advantage of a will variation is that by making alterations, it allows the beneficiary to have a greater amount of control over either all, or part of the estate. If particular restrictions are met, in some cases a variation can have a retrospective effect for IHT purposes, allowing for the variation to avoid extra taxes and charges.
If you are a beneficiary of a will, and a period of two years has not yet passed since the will came into effect, it could be worth looking into a will variation.
For advice on how to proceed, or what changes you can make to better manage the bequeathed estate, get in touch with trusted asset advisors Protection Practitioner.
Estate law is complicated. To make sure you get things right, it’s vital to get professional advice before proceeding with a will variation. Always talk to a solicitor or an estate planner. For any guidance on your SSAS Pension Scheme, Asset protection and Inheritance Tax, get in touch with our friendly team of SSAS and Asset Protection experts, we’d love to help.