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Date Posted:
27-Aug-2013 15:42:27
Varying the Will or Intestacy Rules

Changes can be made to the Will by the testator throughout their lifetime. However, after their death beneficiaries can still make changes to the Will through employing a Deed of Variation, this is a legal document that, when signed by all the beneficiaries, allows changes to be made to the Will. Below are some reasons why beneficiaries may use a Deed of Variation:

• Circumstances change after the Will was written. For instance, a new spouse of civil partner may not be accounted for in the Will.
• A claim was made against the estate under the Inheritance (Provision for Family and Dependants) Act.
• Any instructions in the Will which are unclear can be changed, if all of the beneficiaries agree.
• If all the beneficiaries are in agreement that someone has been passed over in the Will, a Deed of Variation can be used to make sure they benefit from the Will
• Wealthy beneficiaries can use a Deed of Variation so the assets they are due to receive go straight to their children or grandchildren.
• The Will can be changed in order to receive tax breaks. For instance if 10% of the estate is left to charity then beneficiaries will receive an Inheritance Tax rate of 36% as opposed to 40%.
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