Changing A Will After Someone Has Died
If you go by the books, then you will know that it is possible to change a will even after a person has passed away. Under different circumstances, however, there may not be any need to change the Will.
Why You Wish To Modify A Will?
- To get a cut on the amount of the inheritance tax that needs to be paid by the beneficiaries.
- To get aid in the tax planning or the tax position for the beneficiary. For instance, when the property is passed to the children of the elderly beneficiary in a direct manner, it leads to the prevention of inheritance tax once the elder parent dies.
- In case all the legal beneficiaries come in terms and agree with the conditions stated by the Will, then it can be changed by a deed of variation.
- If all the beneficiaries agree and there are no children under the age of 18, then changing the Will is a much simpler task carried out.
- If kids are there, then you should submit an application to the court for approval. Since it is always a relief to avoid court applications, in this case, the alternative ways need to be discussed first.
- In case of care cost planning, if the Will has been varied with the idea of avoiding home costs, the authority can choose to ignore the alteration while they are going to conduct the assessment.
What Happens In The Absence Of Will?
When a situation arises in which there is no Will, the Rules of Intestacy are applied. The beneficiaries of the Will can, however, agree to the intestacy rules among themselves to vary the process of distribution of available assets.
To reduce the amount of inheritance tax liability, a deed of variation can put into use. If the concerned assets are transferred to an individual who is facing problems with the inheritance tax, they can decide to pass the assets to their children directly, thus reducing their available assets. In such a scenario it is stated that the deceased has made the gift and not the original beneficiary.
Enhancing The Bequest Of A Needy Recipient
If there is a requirement to enhance the inheritance of a needy recipient, one can use the deed of variation, like civil partner or other half. This matter is applicable in intestacy. One might have to pay an amount of minimum £250,000 to the beneficiary.
Any beneficiary can choose to reject the assets or gifts under the Will anytime they want. This is called Disclaimer. It is feasible to disclaim all the settlement under a Will and the entitlement on the intestacy. However, the disclaimer needs to be mentioned before enjoying the gift. For instance, a beneficiary cannot disclaim a house or property once they have lived in it. Also if they have received shares as assets, they cannot disclaim them if they have enjoyed the dividends.
Once the asset has been disclaimed, the beneficiary will have absolutely no control over the assets. During such conditions, the estate takes the property back.
You can contact our professional lawyers at What Is Probate UK and get to know more about changing a will.