A Deed of Variation is a document completed by a beneficiary after someone's death to redirect assets they are due to inherit to someone else.
So long as it satisfies the legal requirements, it is useful for a number of reasons such as reducing IHT or future IHT planning, to create a trust and to give assets to other people. If you do not use a Deed of Variation and give the inherited assets away, you would need to survive seven years.
If you have inherited in the last two years, considering a Deed of Variation as part of your estate planning is wise.
All assets can be varied including assets held jointly with someone. You can vary all or part of your inheritance to one or more beneficiaries, including to a trust.
A Deed of Variation must be completed within two years of person who has died to be effective. This is a very strict requirement and cannot be extended.
The Lawyer in London