Did you know that it was possible to change or create a person’s will after they have died?
It may seem a bit strange at first thought but the provision does make perfect sense in certain circumstances – but any change must be completed within two years of the death.
Will making is one of the most important things you will do and unfortunately all too few people make a will before they die. This means they die intestate, a situation which sees the deceased’s estate allocated according to the law and not necessarily with their wishes.
Having a will in place is not only extremely important to the person making it in ensuring their wishes are followed, but also to those people left behind. The contents may have life-changing implications for beneficiaries or for those left out.
Why change or create the will?
Put simply, you can change a will after a person has died providing any beneficiaries left worse off by those changes agree and must be made within two years of the death. Reasons to make alterations can include:
- Moving the deceased’s assets into trust
- Providing for someone who was not included in the will
- Reducing the amount of capital gains or inheritance tax payable
- Clarifying any uncertainties in the will
Wills are very often made well in advance and beneficiaries may include people who pre-decease the will maker or may not include additions to the family or new and trusted friends who won’t have featured in the original will.
Just as many people don’t think it necessary to make a will, there are those who don’t remember to update it when one is made, meaning a change to the will may be appropriate after death.
Deed of Variation
To change a will you will need to make a Deed of Variation. If the Variation leads to an increase in the amount of inheritance tax to pay, a copy must be sent to HMRC within six months of it being drawn up. However, this is not necessary providing there is no change to the amount of inheritance tax due.
It’s also worth knowing that in the case of someone dying intestate and the law deciding on the allocation of the estate, changes can still be made to the inheritance through a Variation.
For further expert advice and guidance, call us on 01952 305105 or 07786 548025 or email firstname.lastname@example.org