Post-death Variations Of A Will

In certain circumstances, a beneficiary to an estate may decide that they do not wish to inherit. For example:

  • they may already be wealthy and concerned for their own inheritance tax status; inheriting wealth from someone’s estate may compound the problem and affect any succession planning they had been implemented;
  • they may decide to pass wealth onto the next generation as younger generations have a greater need;

In these situations, beneficiaries under a Will or intestacy may vary their entitlement and re-direct it to an individual or organisation of their choice by way of Deed of Variation. From a tax perspective, this is a more efficient approach (as opposed to inheriting and then gifting) as it means the funds bypass the beneficiary’s personal estate altogether for IHT purposes.

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