It is quite common for people receiving a legacy or inheritance to want to make an additional gift to family members or maybe a charity. It could be that the beneficiaries feel that someone who has been left out of a Will should have been included, or if there was no Will they may feel that the laws of intestacy do not reflect the deceased’s wishes. A Deed of Variation may be the answer.
To make lifetime gifts can have inheritance tax implications. However, if those gifts come from the deceased’s estate then the seven year rule will not apply. A Deed of Variation allows assets to pass free of tax to the intended recipient with the only tax, if any, being paid from the deceased’s estate.
A Deed of Variation could also be used to make inheritance tax savings by writing a trust into the Will or by giving an exempt gift to charity.
We regularly advise on Deeds of Variation, our experienced lawyers will be able to assist you with the preparation of a document which could save both tax and family unrest in the future. We are able to quote you at the start as to the cost of the document and in the majority of cases this will be a fixed fee.
"Prompt, helpful, polite and very professional service"
"I would like to say thank you for your help, support and guidance over the last two and a half years. Obviously should I need further assistance in the future I shall not hesitate to call you guys."
"“ This is the second time we have used Tracey for the conveyancing to buy our new home. She is always completely approachable, she has helped us along the way with advice and useful tips that has helped lessen the stress. We have complete confidence in her and would not hesitate to recommend her to our friends and family”. - Peter Dawes, Cater Dawes Financial Planning "
"Domini was very fast and efficient in carrying out her work for me - she was also very good at explaining things to me"
"The ease that we could access and speak to Pat Smith - Thank you"
"We found Rachel Dawson outstanding, polite, professional and caring."
"Jade made the process of buying our first home quick, easy and took the stress out of a new chapter of our lives"
"Jade Shelton was absolutely fantastic!! Professional and proactive at all times."
"I have used Tracey Laflin at Gotelee on a number of occasions and in my opinion, she is simply the most efficient conveyancing solicitor I have ever worked with. From the outset, she took the time to understand my specific business requirements and to date, she has exceeded all of my expectations."
- Dale Fiddy - Portobello Developments Ltd
"I don't think this house sale would have pulled together without Jo's determination and expertise. Excellent!"