Curtis Parkinson | Can a Will be Changed After Death?
Can a Will be Changed After Death

Can a Will be Changed After Death?

In short, yes, a Will can be changed after death. However, all beneficiaries whose interests are being affected must agree, and changes must be completed within two years after the person whose Will it is, dies.

Changes are made using a deed of variation. However, this doesn’t mean you’re given free rein to rewrite someone’s Will.

Common Reasons for Changing a Will

Adding a Beneficiary

A deed of variation can help to clear up any uncertainty in a Will and equalise distribution between beneficiaries. For example, the Will may be old, and family circumstances may have changed. The deceased may have left someone out of the Will. A Deed of Variation allows that person to inherit from the estate.

Better Tax Planning

From an inheritance tax (IHT) perspective, passing on some or all an inheritance may be better than keeping it in a trust for future, longer-term benefits.

Charitable Giving

In some circumstances, a beneficiary can decide to defer part, or all, of their inheritance to charity. By gifting 10% or more of the net estate to charity, the estate may benefit from a lower inheritance tax rate (IHT).

Restrictions

You can’t:

  • Make changes without agreement
  • Increase your share unless all beneficiaries agree
  • Make changes to named Guardians or Executors
  • Deliberately deprive yourself of assets for means-tested benefits or care fees

Beware

Agreement

All the beneficiaries must understand the consequences of making changes. For example, increasing the share in favour of one person and reducing another may impact IHT liability. Lack of clarity often causes arguments and, all too often, a dispute.

Timing

Variations can be made before or after the Executor(s) get the Grant of Probate. However, changes must be completed within two years after death.

Cost

The cost depends on how difficult the changes are and how many beneficiaries are involved. Still, depending on your situation, making changes can save thousands and protect those close to you.

Changes Can’t Be Revoked

Once a variation has been made, it can’t be undone.

Specialist Tax Advice

You should always consult an accountant. They will explain the IHT, Capital Gains or income tax implications.

Dying Without A Will

If a person dies without a Will (intestate), beneficiaries can still make a deed of variation. But remember all beneficiaries who stand to inherit under the laws of intestacy need to agree with any changes in writing.

A court application and permissions will be needed in cases involving minor or incapacitated beneficiaries.

Our Advice

Our specialist lawyers have many years of experience advising clients about all aspects of Wills, Trusts & Estate Planning. If you need further advice or information about altering the distribution of an estate or would like a quotation, please get in touch with us. We’re here to help.

Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.

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