Even the best-laid Wills sometimes need adjusting. That’s where a Deed of Variation comes in — it allows beneficiaries to rewrite how an estate is distributed, within two years of death, with full tax effectiveness.
Why is this useful?
- To redirect assets to children or grandchildren.
- To make charitable gifts that reduce IHT.
- To fix oversights in an old Will.
Analogy: Think of it as a legal “edit button” for Wills — but with a time limit.
But here’s what people often forget:
- If any of the beneficiaries are under 18, a Deed of Variation can’t be done on their share. Children can’t legally consent, and the court won’t do it on their behalf.
- The same applies if the Will sets up a trust. Trustees don’t have free rein to vary what’s been written — they’re bound by the terms of the trust.
- All affected beneficiaries must agree.
- It can’t be done if assets are already sold or spent.
- HMRC watches closely for abuse.
So if you’re planning to leave assets to children, grandchildren, or through a trust, don’t rely on a Deed of Variation to “fix it later.” You need to get the planning right up front.
Sometimes simpler is better
For some families, a straightforward Will leaving everything to children, backed up with a Letter of Wishes, can work really well. The Will sets the broad framework, while the Letter of Wishes gives executors and trustees flexibility to share things out fairly among grandchildren or great-grandchildren.
For example: “I’ve left everything to my kids, but please share it out with the grandchildren and great-grandchildren as you think best — I couldn’t face trying to list them all here!” It won’t suit every family, but in some, it’s a practical move that means the Will actually gets written — rather than put off indefinitely.
Practical tip: See a Deed of Variation as a safety net, not a plan. If your Will involves minors or trusts, it’s not available — so planning carefully now is essential.
Call to action: Review your Will now. A simple plan, backed by a clear Letter of Wishes, can be far better than an over-complicated Will that never gets written.
Back to You are not Immortal – a practical guide to a delicate topic – IHT
