This is a useful method for allowing beneficiaries of a Will to rearrange the distribution of the deceased`s estate.
It provides the beneficiaries with the ability to change who will benefit from the Will especially as family circumstances may have changed since the Will was first made.
It could be used to provide for a beneficiary who was accidentally left out of the Will or maybe the beneficiaries are the deceased`s adult children who are now financially secure and wish the assets of the deceased to pass directly to the grandchildren.
It can also be used to make the Will more tax efficient, although recently with more generous Inheritance Tax exemptions being provided by the Government this is less so, but such a Deed still serves a useful function.
There are however strict rules which must be followed for the Deed to be valid:
It must be made within 2 years from the date of death and all the beneficiaries of the Will who stand to lose their inheritance must all agree.
Contact our office and to speak with an expert if you wish to discuss such matters further and they will be happy to provide advice and guidance through the process.