Deeds of Variation was last modified: March 28th, 2023 by
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When someone dies leaving a Will they often detail how they want their assets to be distributed. This may have been the best intention of the deceased however the beneficiaries of the Will may wish to vary their entitlement. A Deed of Variation (also known as a Deed of Family Arrangement) is a document that allows beneficiaries to rearrange or vary their entitlement due to them. Some beneficiaries may decide that their entitlement should be redirected to their children (the next generation), siblings, friends or charity. A deed of variation can be used to vary the entitlement under a Will or to vary the entitlement of a beneficiary under the intestacy rules when someone dies without a Will. It is important to note that if you are thinking about varying your entitlement from an estate there is a time limit of two years from the date of death of the deceased to do so. There are a number of reasons why you may wish to vary your entitlement; To achieve its aim, it is always important to remember the time limits and requirements for incorporating the correct tax statements for a deed of variation to be effective as intended. If done correctly, they offer a great deal of flexibility and scope for tax planning. To contact P.A.Duffy & Co Solicitors, please call our Dungannon office on 028 8772 2102 or Dublin office on 01 533 7860. Alternatively please complete a confidential Online Enquiry Form and we will soon be in touch.
Why Vary a Will?