MAKE YOUR FREE Deed of Variation
What we'll cover
What is a Deed of Variation?
A Deed of Variation allows a beneficiary (ie someone who inherits under a will) to change their entitlement under a will after the testator (ie the person who made the will) has died. Deeds of Variation are used to alter or redirect all or part of an inheritance entitlement to someone else, regardless of whether they were included in the will.
For use in England and Wales only.
When should I use a Deed of Variation?
Use this Deed of Variation:
-
if you have inherited under a will
-
to change your entitlement to an inheritance by passing all or part of it on to another person
-
when less than 2 years have passed since the deceased’s death
-
if a beneficiary under the age of 18 is not affected
-
if the will is governed by the laws of England and Wales
Sample Deed of Variation
The terms in your document will update based on the information you provide
This document has been customised over 22.6K times
Complies with relevant laws
Ask a lawyer questions about your document
Download and sign your document
DEED OF VARIATION
This deed is dated .
Parties
- of ,
(the Current Beneficiaries);
- of ,
(the New Beneficiary); and
- of ,
(the Executor).
Background
- of , (the Deceased) died on leaving a will (the Will) dated listed in Schedule 1 along with other relevant documents and events, together, the Testamentary Documents.
- The Current Beneficiary inherited the (as defined below) and wishes to vary them as set out below.
OPERATIVE TERMS
Definitions
- The definitions in the Will shall apply to this deed.
Will
- Any previous Deeds of Variations did not affect the Current Beneficiary's entitlement to the.
- The Current Beneficiary wishes to vary their entitlement to the under the Will as follows.
Variation
- By this deed the Current Beneficiary is varying their entitlement to the under the Will so that the Will shall have effect as if:
- The New Beneficiary shall be treated for all purposes as having been the absolute owner of the as from the Deceased's death subject to any inheritance tax attributable to it.
Statements
- The provisions of section 142(1) of the Inheritance Tax Act 1984 and section 62(6) of the Taxation of Chargeable Gains Act 1992 shall apply to the variations made by this deed.
This deed has been entered into on the date stated at the beginning of it.
| Signed as a deed by | |
| in the presence of: | |
| Witness signature | |
| Name of witness | |
| Address | |
| Occupation | |
| Signed as a deed by | |
| in the presence of: | |
| Witness signature | |
| Name of witness | |
| Address | |
| Occupation | |
| Signed as a deed by | |
| in the presence of: | |
| Witness signature | |
| Name of witness | |
| Address | |
| Occupation | |
SCHEDULE 1 - TESTAMENTARY DOCUMENTS
About Deeds of Variation
Learn more about making your Deed of Variation
-
How to make a Deed of Variation
Making a Deed of Variation online is simple. Just answer a few questions and Rocket Lawyer will build your document for you. When you have all of the details prepared in advance, making your document is a quick and easy process.
To make your Deed of Variation you will need the following information:
Party details
-
Your (ie the current beneficiary’s) details (including name and address).
-
The new beneficiary’s details (including their name and address).
-
The executor’s details (including their name and address).
-
The deceased testator’s details (including their name, address and date of death).
Details of the will
-
What is the date of the will being changed?
-
Are there any codicils (ie additions or alterations) to the will being changed?
Gifts
-
What gifts made under the will do you wish to vary? These will be either assets, money, and/or the remainder of the estate.
-
If you wish to vary a gift of assets, what asset’s gift do you wish to vary? You should provide a detailed description of the asset.
-
Did the testator own the asset in their sole name or jointly with you?
-
Will the gift of an asset to the new beneficiary be subject to or free from inheritance tax?
-
-
If you wish to vary a gift of money, what amount did the testator leave you under the will?
-
Was this gift of money to you subject to or free from inheritance tax?
-
What clause in the will sets out the gift of money?
-
Are you transferring the gift of money fully or partially to the new beneficiary?
-
If the gift of money is partially transferred to the new beneficiary, how much will the new beneficiary receive and how much will your gift of money be reduced to?
-
Will the gift of money to the new beneficiary be subject to or free from inheritance tax?
-
-
If you wish to vary the remainder of the estate, will the transfer to the new beneficiary be subject to or free from inheritance tax?
Date
-
What is the date of the Deed of Variation?
-
-
Common terms in a Deed of Variation
A Deed of Variation allows a beneficiary to redistribute an inheritance they receive under a will. To do this, a Deed of Variation typically includes provisions on:
Parties
This section sets out who the relevant parties to the Deed of Variation are, including:
-
the current beneficiary (ie you)
-
the new beneficiary (or beneficiaries) who you are transferring all or part of your inheritance to
-
the executor (or executors) of the will (ie the person, or people, who are executing the will under which you inherited)
Background
This section sets out the background to the Deed of Variation. It explains who the testator was, when they died and that they left a will. It also sets out what you inherited under their will (ie assets, gifts and/or the remainder of the estate), which you now wish to vary.
Operative terms - definitions
This section clarifies that the definitions contained in the will being varied also apply to this Deed of Variation.
Operative terms - will
This section sets out the gifts of assets, gifts of money and/or the residuary estate which the testator left you, the current beneficiary, under their will. Where assets were left under the will, these are set out in detail in Schedule 1 to the Deed of Variation.
It further sets out that no previous Deeds of Variation affected your entitlement to the assets, gift of money and/or residuary estate left under the Will. This section also highlights your intention to vary your entitlement to the assets, gift of money and/or residuary estate as set out in this Deed of Variation.
Operative terms - variation
This section sets out how you wish to vary your entitlement to the assets, gift of money and/or residuary estate as left to you under the will.
If you’re varying your inheritance of any assets, this section sets out that the assets are to be transferred to the new beneficiary, subject to or free of inheritance tax, as set out in Schedule 1.
If you’re varying your inheritance of the residuary estate, this section sets out that your share is to be transferred to the new beneficiary, subject to or free of inheritance tax.
If you’re varying your inheritance of a gift of money, this section sets out that this is transferred to the new beneficiary, subject to or free of inheritance tax. If you are transferring a gift of money to a new beneficiary in full, this section clarifies that the full amount is to go to the new beneficiary. If you are partially transferring a gift of money, this section clarifies how much is to be transferred to the new beneficiary and how much to you.
In all cases, by virtue of the Deed of Variation, the new beneficiary is to be treated as being the absolute owner of the assets, the gift of money and/or the shares in the residuary estate that they will now receive following the testator’s death.
Operative terms - statements
This section sets out that the applicable laws (ie the Inheritance Tax Act 1984 and the Taxation of Chargeable Gains Act 1992) apply to the variations made in this Deed of Variation.
Signatures
Due to the nature of the Deed of Variation, it must be printed and physically signed by you, the new beneficiary (or beneficiaries) and the executor (or executors). This must all be done in front of witnesses. This section, therefore, includes clear signature sections for the relevant parties and the witnesses.
Schedule 1 - assets
Schedule 1 will appear if you inherited assets from the deceased testator and varied them under this Deed of Variation. This schedule sets out details relating to assets being redistributed under the Deed of Variation. Specifically, for each asset it:
-
includes a description of the asset (which should include all details relevant to the asset) so that it can easily be identified
-
specifies how the current beneficiary is entitled to the assets (ie by being the sole surviving joint owner or by inheriting it under the will)
-
specifies if the current beneficiary inherited the asset subject to or free from inheritance tax (this should be set out in the will)
Schedule 2 - testamentary documents
Schedule 2 should include all testamentary documents relevant to this Deed of Variation (ie the deceased testator’s will and any codicils). The testamentary documents should be attached to the Deed of Variation in this schedule after you have completed the step by step interview.
If you want your Deed of Variation to include further or more detailed provisions, you can edit your document. However, if you do this, you may want a lawyer to review or change the Deed of Variation for you, to make sure it complies with all relevant laws and meets your specific needs. Ask a lawyer for assistance.
-
-
Legal tips for making a Deed of Variation
Understand the position of beneficiaries who are minors
While a Deed of Variation can be used to change gifts left to someone under a will, it shouldn’t be used where a beneficiary under the age of 18 is affected. This is because all beneficiaries who are negatively affected by the variation must agree to it. However, in terms of Deeds of Variation, minors under the age of 18 cannot legally agree to such a variation. As a result, this Deed of Variation cannot be used to vary a gift left to a minor.
Comply with the time frame for making a Deed of Variation
A Deed of Variation can be made before or after the executor gets a grant of probate (ie the right to administer the deceased’s estate). However, a Deed of Variation generally needs to be made within 2 years of the testator’s death. For more information, read Changing a will after death.
Know what changes you can and cannot make using a Deed of Variation
Deeds of Variation can be used to make a variety of changes to a will, so long as the Deed of Variation clearly sets out what is being changed and how. This includes:
-
redirecting gifts from the intended recipient (ie you, as the current beneficiary) to someone else
-
giving away an inheritance in full
-
setting up a trust
Deeds of Variation cannot be used for certain things, such as:
-
changing another beneficiary’s inheritance without their consent
-
transferring a larger share of the estate to yourself (unless another beneficiary is transferring you their inheritance)
-
appointing other executors or guardians than those named in the will
For more information, read Changing a will after death.
Be aware of increasing your inheritance tax liability
If your Deed of Variation varies a will in such a way that more inheritance tax is payable, the executors of the will must send a copy of the document to HMRC. This must be done within 6 months of the Deed of Variation being made.
If your Deed of Variation does not change the amount of inheritance tax, you don’t need to send a copy to HMRC.
Due to the complexity of changing a will after death and varying your inheritance tax liability, we recommend that you seek specialist advice from an inheritance tax lawyer. Ask a lawyer for more information.
For more information, read Changing a will after death.
Understand when to seek advice from a lawyer
Ask a lawyer for advice if:
-
the testator died without leaving a will
-
you vary the amount of inheritance tax payable under the will
-
a child's inheritance is affected
-
you want to vary your inheritance to set up a trust
-
you want to vary your inheritance to donate money to charity
-
you want to vary your inheritance of stocks, shares or marketable securities
-
you require specialised inheritance tax advice
-
the testator died more than two years ago
-
you are located in Scotland
-
Deed of Variation FAQs
-
What is included in a Deed of Variation?
This Deed of Variation template covers:
-
who initially inherited under the will (ie the current beneficiary)
-
who will inherit under the Deed of Variation (ie the new beneficiary)
-
details of the deceased testator and their will
-
which gifts under the will are being varied (ie gifts of assets, money or the remainder of the estate)
-
how the gifts are being varied
-
-
Do I need a Deed of Variation?
While you can’t rewrite someone’s will after they’ve died, you can change what you’re entitled to from the estate. The estate is the sum of the deceased’s personal assets and can include real estate and savings along with other assets.
You will need a Deed of Variation if you wish to change a person’s will after their death to distribute your inheritance in a different way to what’s set out in the will. This Deed of Variation details how you want your inheritance under the will to be distributed. You can only change your own share of the estate.
You can redirect your inheritance to anyone, regardless of whether or not they initially inherited under the will.
-
What gifts can be varied?
You can use this Deed of Variation to change how gifts of assets, money or the remainder of the estate are to be distributed.
Gifts of assets (also known as ‘specific gifts’) are gifts that relate to specifically identifiable property (eg a piece of jewellery).
Gifts of money (also known as ‘pecuniary gifts’) are gifts for a set amount of money.
Gifts of the remainder of an estate (also known as ‘residuary gift’) relate to what’s left of the estate after all other gifts have been distributed and any debts and inheritance tax have been paid. Such residuary gifts are often the biggest share of an estate. Residuary gifts can be of all or a proportion of the remainder of an estate..
For more information, read Elements of a will.
-
What are the beneficiaries?
The beneficiaries are individuals (or organisations, eg charities) who will inherit assets or money as set out in the will being varied. The will identifies and defines who the (current) beneficiaries are and the inheritance they will receive. For more information, read Elements of a will.
The Deed of Variation includes two types of beneficiaries: the current beneficiary and the new beneficiary.
The current beneficiary is the individual who inherited under the deceased’s will. The current beneficiary is the individual who can use a Deed of Variation to change their inheritance entitlement. In other words, you, the person completing the Deed of Variation, are the current beneficiary.
The new beneficiary is the individual to whom the current beneficiary is passing all or part of their inheritance entitlement using a Deed of Variation.
-
Are changes under a Deed of Variation subject to inheritance tax?
When making changes to your inheritance entitlement using a Deed of Variation, you can choose whether the new beneficiary will receive the gift subject to or free from inheritance tax.
Where a gift is free from inheritance tax, the current beneficiary will be liable for any inheritance tax payable. Where a gift is subject to inheritance tax, the new beneficiary will be liable for any inheritance tax payable.
-
Can a Deed of Variation be used to change inheritance tax liability?
A Deed of Variation can be used to change your inheritance tax liability (either by increasing or decreasing the amount of tax payable). However, we recommend that you Ask a lawyer if you wish to change the amount of tax payable.
For more information on the consequences of changing your inheritance tax liability, see Changing a will after death.
Due to the complexity of changing a will after death and varying inheritance tax liabilities, we recommend that you seek specialist advice from an inheritance tax lawyer. Ask a lawyer for more information.
Our quality guarantee
We guarantee our service is safe and secure, and that properly signed Rocket Lawyer documents are legally enforceable under UK laws.
Need help? No problem!
Ask a question for free or get affordable legal advice from our lawyer.
