Changing a will after death

Posted on 25th September 2022 by Streets Inheritance Tax


Image to represent Changing a will after death

In certain circumstances, a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the date of death. However, beneficiaries who would be left worse off by the change must give their agreement before any changes can be made.

This is most often done to reduce the amount of Inheritance Tax or Capital Gains Tax payable, to help someone who was left out of the Will, to move the deceased’s assets into a trust or to clear-up uncertainties relating to the will. For example, a grandparent may have left assets to a grandchild but did not update his / her will when another grandchild was born.

As we mentioned, a Deed of Variation can only be executed upon the agreement of all the beneficiaries and executors. It is more complicated if children are involved as they cannot themselves consent to changes.

For some readers, this might be a timely reminder not just of the importance of having a will but also of ensuring it is updated as circumstances change over time.


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


Tax chores if managing a deceased person’s estate

When someone dies, their personal representative (executor or administrator) must value their estate to determine if Inheritance Tax (IHT) is due. This involves assessing assets, debts, and handling tax obligations throughout the estate’s


How to give away your house

There were some big changes to Inheritance Tax (“IHT”) announced in the recent Budget but the freezing of the nil rate band at £325,000 and the residence nil rate band at £175,000 until April 2028 is one that has gone under the radar.  However, as property values increase ...


Tax return for deceased person

Inheritance Tax (IHT) impacts estates over £325,000, with rates of 40% on death and 20% on certain gifts. A 36% reduced rate applies if 10% of the estate is left to charity. Executors must value estates and may need to file tax returns for the

You might also be interested in...