What are the circumstances of a deed of variation? Does a deed of variation have to be completed? Can a person inherit a will? Firstly, the beneficiary or beneficiaries affected by the variation need to sign the deed. This means those beneficiaries who are giving up their legacies , in whole or in part.
Secondly, the proposed new recipient of the legacy also needs to sign, in order to agree to accept the legacy. A Deed of Variation can be used by a Beneficiary of the Estate , who wishes to alter or redirect their inheritance entitlement. They can choose to redirect their share to anyone they wish, regardless of whether or not that person has been included in the deceased’s Will or is recognised under the Rules of Intestacy. We recently updated section 2. Execution of deeds (PG8) to remind customers that, where two or more people are executing a deed as a party , the same witness may witness each individual.
The variation must be made by the individual who benefits , or who would benefit , under the Will or intestacy and who is giving up that benefit. The beneficiary must be sui juris i. It can be used by anyone who inherits from a will, or rules of intestacy if there is no will in place. To be vali the deed of variation must be completed within years of death.
The person receiving the redirected inheritance can be anyone, they don’t have to be mentioned in the will.