You can change your will as many times as you want in your lifetime but ….
Can you change a Will made by someone who has died?
You can. You can change a person’s Will after their death, as long as any beneficiaries left worse off by the changes agree.
But why would you want to do this?
It may be necessary or advisable to:
- Balancing up bequests made to beneficiaries – if, for example, one child was left a smaller percentage than another.
- Providing for someone who was left out of the Will – such as when a grandparent leaves assets to the oldest grandchild, but does not update their Will when another grandchild is born.
- Rewriting the distribution of the estate so that it passes on in the most inheritance tax-efficient way – and to minimise capital gains tax liability (you may want to use a variation to a will to reduce inheritance tax liability by skipping a generation; donations to charity in a Will can also help reduce the amount of inheritance tax which is due).
- Clear up any uncertainty in a badly drawn Will.
- In some circumstances, to ensure you can benefit from the very valuable Residential Nil Rate Band.
If you want to alter the distribution of a loved one’s estate you need a Deed of Variation. This can be done before or after probate is obtained, and is separate from obtaining a Grant of Representation. Any changes must be made within two years of the death of the deceased.
Surprisingly you can also do this if there was no will.
Contact Nalders Solicitors today for advice on a Deed of Variation, to see if it is possible in your case and if it will help.
Remember ….
While it is possible to change a will after someone has passed away, this should serve as a timely reminder of the importance of keeping a will updated during your lifetime as circumstances and the law change.
Contact Nalders today for a Will review and up to date advice on how the inheritance tax rules have changed.