If a loved one has died, naming you as a beneficiary in their will you can choose whether or not to accept their gift. There may be many reasons why you might chose to decline, you may not need the gift and instead want to pass the benefit onto someone else, you may not want to increase the size of your own estate, or you may want to reduce inheritance tax liability.
In this series of four blogs, Shelly Wainwright, wills and probate lawyer at Ansons Solicitors, explains how to use a deed of variation to change the terms of a will after someone has died, and answers the four most frequently asked questions:
If you are benefiting from someone’s will but do not need or want it then you can change your share of the will so that it passes to someone else. Alternatively, if the person who has passed away was a loved one and was the joint owner of your property, you may wish to protect their share of the property from third party claims.
Making a deed of variation may have implications on the legal ownership of assets and inheritance tax liability. You should always take independent legal advice before signing any such document.
For more information on deeds of variation, or any other wills and probate matter, contact Shelly Wainwright in the wills and probate team, on 01543 267 984 or email email@example.com. Ansons Solicitors has offices in Cannock and Lichfield, Staffordshire.