A will cannot be changed after a person’s death, however there are some legal ways to change how the estate is distributed under a Deed of Variation. This document allows the beneficiaries to be able to alter the terms of the will, as long as all parties affected are in agreement.
There are many different reasons as to why a will needs to be altered under a Deed of Variation, for example, to reduce inheritance tax liability, to include someone who was not on the original will or to resolve a family dispute. Regardless of the reason, all affected parties over 18 must consent to the alterations of the will and be mentally fit. For inheritance and capital gains tax purposes, a Deed of Variation must be executed within two years of the date of the person’s death for the changes to be valid.
Additionally, if a person dies without a valid will, a Deed of Variation can also be used to amend how the estate is distributed. This can help situations to ensure that all assets are distributed as per the wishes of the family.
As a will cannot be changed after a person’s death, the good thing is that the beneficiaries have the option to alter the distribution through a Deed of Variation, providing all conditions are met. If the family or beneficiaries believe that the will is unfair, then they can challenge this in court. However, this route would be different from going through a Deed of Variation.
