A Deed Of Variation can be used to change a will up to two years after the date of death where all those affected by the alteration agree to the change. Typically it is used to redirect the stated benefit in a will form, say a child to, say, a grandchild to keep down the inheritance tax potential on the child’s estate; specialist advice should be obtained from a solicitor on this potentially useful tool. The effect of the Deed Of Variation is to rewrite the will as if the deceased person had made the new and altered instructions in their will.

-Extract from The Good Retirement Guide 2019 by Kogan Page, edited by Alan Esler Smith.