A lot of people don’t realise that you can change a person’s will after their death, as long as any beneficiaries left worse off by the changes agree. There are many reasons why changing a person’s will might be desirable.
For example you might want to:
- change the amount of Inheritance or Capital Gains Tax payable;
- provide for someone who was left out of the will (for example pass the inheritance on to the next generation);
- move the deceased’s assets into a trust; or
- clear up any uncertainty over the will.
To change a will you need to make what’s known as a variation. It doesn’t have to be by formal deed, you can use a letter or other document. But it must be signed by all of the people who would lose out because of it. If it affects the interests of children or other unborn beneficiaries, you’ll probably need to get Court approval. For a variation to take effect for Inheritance or Capital Gains Tax purposes, it must be made within two years of the death and contain a statement that those signing the variation intend it to take effect for tax purposes. You may also need to send a copy to HMRC. If there’s no will the law of intestacy applies. You can make changes to an intestacy in the same way as if there’s a will.
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A lot of people don't realise that you can change a person's will after their death, as long as any beneficiary is left worse off by the changes agreed. There are many reasons why changing a person's will might be desirable. For example, you might want to change the amount of inheritance or capital gains tax payable, provide for someone who was left out of the will, pass the inheritance on to the next generation, move the deceased's assets into a trust, or clear up any uncertainty over the will.
To change a will, you need to make what's known as a variation. It doesn't have to be by way of formal deed. You can use a letter or other document, but it must be signed by all of the people who would lose out because of it. If it affects the interest of children or other unborn beneficiaries, then you'll probably need to get court approval. For a variation to take effect for inheritance or capital gains tax purposes, it must be made within two years of the date of death and contain a statement that those signing it intend it to take effect for tax purposes. You may also need to send a copy of that document to HMRC. If there's no will, the law of intestacy applies and you can make changes to an intestacy in the same way as if there's a will.