A deed of variation, also known as an instrument of variation, is a legal document that the beneficiaries of a will can use to modify how the estate is distributed. Hence, you must create a modification if you wish to change who receives what or how much without contesting the will, or if you want to transmit some of the inheritance to someone who was left out. You also have two years from the date of the death to finalize these adjustments. Even though it is illegal to change a person's Will after they pass away, the probate deed of variation law does permit you to alter the inheritance rights you hold. This is done to give room for manoeuvring in the event that circumstances have altered since the will was made.
A deed of variation, also
known as a deed of family arrangement or deed of disclaimer, is a legal
document that allows you to accomplish this. With this deed of variation, you
specify the specific manner in which you would for your share of the estate to
be distributed. Only your personal share of the estate can be changed. Changes
must also be approved by any other parties whose shares in the estate will be
impacted. There may also be other parties engaged, such as executors or
charities.
Why Would A Will Need to Be
Changed After Death?
Considering that each
person's situation is unique, the following are some of the primary reasons you
might want to modify your will:
Your desire is for
someone else to profit from your portion because you don't need it all.
You want your
inheritance, or some of it, to benefit a good cause.