deed of variation

[Ribera30720]

Does anyone have experience of using Deed of Variation downloaded from internet? Easy to use? No problem in executing when required? Looking at using to change terms of will. Any information would be appreciated.

[Barmaid]

I personally would not use one from the internet unless the change was very very simple. Every simple case is different and careful drafting is required. To be effective under taxation legislation there are also quite strict rules and certain phraseology that are required. If you give me some idea of the changes you wish to make, I can give you some more advice. However, a competent solicitor should be able to draft one reasonably cheaply.

[Ribera30720]

Thanks for your reply ... I did approach our family solicitor - they quoted me 800 pounds plus VAT! Seemed rather a lot when I can download the document for well under fifty pounds. Basically my father left my mother the house when he died in 2007 and my mother wants to transfer the house into my name.

[Barmaid]

�800 is ludicrous!! Think for something that simple you should be able to get it done for �150.

Make sure the first part recites parties. This should be your mother and (can include you) but should also include the execs if there are taxation implications. Then recite the name of deceased, address, date of death, will, probate and terms of the will.

After the recitals, you come to the main part of the Deed which shoudl say that clause x of the will should be read as follows: (insert new wording).

Then there is the s142 IHTA and s62(6) TCGA statements and the stamp duty certificate (should be category M).

Then the attestation - each party signs and has his signature recorded.

[Barmaid]

doh - for recorded read "Witnessed" and the witnesses should also sign and insert their addresses.

Sorry, doing two things at once.

[Ribera30720]

Thank you SO MUCH! Really appreciate your time. I wil investigate other solicitors before attempting DIY !!

[Barmaid]

Try using a member of STEP or the Probate Section of the Law Society. This type of stuff is like falling off a log to them and they should be able to do it really easily. There is no more than an hour's work in this for someone who knows what they are doing.

[Ribera30720]

Brilliant - thanks again I will do that

[oldmaggie]

I know of a similar case where the mother made a deed of variation on her husbands will over 2 years after he died when probate hadn't been granted (complicated farm ownership etc) she made over a farmhouse to one daughter another objected and now 9 years later after a lot of money paid to lawyers it is still not resolved. Why not just transfer the house to your name once your mother has been registered as legal owner with the land registry or if she makes you joint owner when she dies it automatically becomes yours

[dzug]

To save on Inheritance Tax, oldmaggie. The DoV will cost much less than the potential IHT on a gift of the house.

[Barmaid]

To expand on dzug's answer a DoV, rewrites the will so that as from death, the gift of the house will be as if dad had made it under his will. This can have important IHT consequences (eg if mum does not survive 7 years there will be no tax implications under a DoV but there will be under a gift) and CGT consequences. Furthermore, as it effectively is a bequest from father, it is the only way that I think is likely to be effective to avoid potential care home charges since it is not mum depleting her assets but a gift from dad (although this has never been tested in court yet).

[Ribera30720]

Thanks to everyone for all the advice - very much appreciated.