Devon families, after a death
Deed of Variation: changing a Will after a death
A Deed of Variation lets you redirect what you inherit, within two years of a death. Families use one to save Inheritance Tax, or to protect an inheritance in a Trust.
The two-year window
Example dates, to show how the time runs. Each block is one month.
- Example date of death
- 14 March 2026
- Length of the window
- 2 years
- Last day to sign for the deed to count for Inheritance Tax
- 14 March 2028
HMRC’s Inheritance Tax Manual says a deed must be signed within two years of the death for Inheritance Tax, and that the two years include the anniversary.
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How it works
What a Deed of Variation does
It changes who inherits, as if the person who died had written their Will that way. It’s also called an instrument of variation or a deed of family arrangement. This page is about Wills and inheritances, not leases.
Within two years
It must be made within two years of the death to count for tax.
A statement of intent
The deed must say it is meant to apply for Inheritance Tax. The change is then treated as if it were in the Will.
Your own share
Each beneficiary can redirect only what they inherit. Others don’t need to sign unless their share changes. If the change means more Inheritance Tax is due, the personal representatives, who deal with the estate, must sign the statement too.
With or without a Will
It works when there was a Will, and when the intestacy rules (the law’s default rules when there is no Will) decided who inherits.
From a death to a varied Will
The death The two-year clock starts.
Within two years Everyone giving up a share signs the deed, with a statement of intent.
Within six months of signing A copy goes to HMRC, but only if more tax is due.
The result Tax is worked out as if the Will had said it.
Why families use one
Six reasons to vary an inheritance
There are six common reasons to vary an inheritance, and most are about saving tax or protecting what a family member inherits.
Protect an inheritance in a Trust
Redirecting a share into a Trust can place it under the control of Trustees. Ask us whether it suits your family.
Skip a generation
If you don’t need the money, it can pass straight to your children. It can then be taxed once rather than twice.
Use the home allowance
Passing a share of the home to children or grandchildren can bring in the extra £175,000 allowance.
Leave more to charity
If 10% of the estate goes to charity, the Inheritance Tax rate on the rest can fall to 36%.
Provide for someone left out
This could be an unmarried partner, or a grandchild born after the Will was written.
Reduce capital gains tax
Sharing an asset between more people can use more of the tax-free allowance each person has for capital gains when it is sold.
Before you sign
What to know first
Four points decide whether a deed works, and each is easy to miss.
Two years is strict
The time limit is set in law and cannot be extended. Start well before it runs out.
More tax means telling HMRC
If the change means more Inheritance Tax is due, HMRC must have a copy within six months.
Children need a court
If a change affects a child under 18, only a court can approve it on their behalf.
Not a plan in itself
Don’t rely on your family varying your Will later. The rules can change, and your family may not agree. Will writing
How we work with you
Three steps, with a written plan and fee before you decide
You see a written plan and fee before you decide to go ahead, in three steps. Michael Doctors has 27 years of estate planning experience and is a STEP Affiliate Member. He comes to you, anywhere in Devon and the South West, or meets by video.
1. A first conversation
We look at what you own and who you want to provide for, and tell you plainly whether you need to do anything.
2. Your written plan
You get a written summary of the options that suit your family, and the fee to put them in place.
3. Implemented then supported
First drafts are normally 10 working days from instructing our solicitors depending on workload. Signed documents usually take one to two months and sometimes longer depending on complexity and client approval of drafts. Registering trusts with HMRC takes some weeks, and the Land Registry can take 12 months or more after that.
Michaels & Co is a specialist estate planning consultancy. Legal document drafting such as preparing trusts, applying for probate, HM Land Registry & HMRC work is carried out by our preferred partners, who are SRA-regulated solicitors, full STEP members and Tax & Trusts Corporations. All work submitted is compliance checked throughout the process through to delivery to you, the client.
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“Michael has been an excellent person to deal with and I’m very happy with the outcome.”
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Questions
Deed of Variation questions, answered
A Deed of Variation must be made within two years of the death. These answers cover common questions.
How much does a Deed of Variation cost?
It depends on the estate and whether a Trust is involved. You see a written plan and fee before you decide to go ahead.
Can I do a Deed of Variation without a solicitor?
You can, but mistakes are costly. If the deed misses the statement of intent or the deadline, the tax benefit is lost. Our partner solicitors draft it for you.
What are the disadvantages of a Deed of Variation?
The two-year limit is strict. Once you redirect a share, it’s no longer yours. If a child under 18 is affected, only a court can approve it for them.
How long does a Deed of Variation take?
It must be signed within two years of the death, and it takes as long as it takes everyone to sign and for any Trust to be set up. Start well before the deadline.
Can an executor change a Will after death?
Not on their own. Executors must follow the Will. Beneficiaries can change what they receive with a Deed of Variation.
Does everyone in the Will have to agree?
No. Each beneficiary can redirect their own share. Anyone whose share would be reduced must sign too.
Related: Inheritance Tax planning Family Protection Trusts Wills Probate
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