The terms of a Will may be changed after then testator has died if all the beneficiaries affected by the change agree to it. The change should be made by a deed (commonly called a Deed of Variation) and if it is made within 2 years of the testator's death it is treated, for Inheritance Tax purposes, as if the testator had changed their Will.
This useful provision may be used to reduce the Inheritance Tax liability of the estate of the testator or, possibly, the estate of a beneficiary by redirecting assets to their family etc.
This information shall not be deemed to be, or constitute legal advice. We are not responsible for any loss as a result of acts or omissions taken in reliance of this information.
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