Changing a Trust after death

[TheSparklyPussycat]

My DF left money in trust for my DM for the duration of her life. DF's will specifies that on her death the trust fund wile split between me, my sibling, and the grandchildren.

I would like to change this when the time comes, so that I don't receive anything but my DC inherit more. If I gift them the money after distribution then, if I live for 7 years or less, then Inheritance Tax would be payable on the gifts.

Given that this is a trust, can a deed of variation be done when DM dies?

I think only your DM could vary it. A lawyer could maybe tell you.

I thought I'd try MN first. And post in Legal, not AIBU or Chat.

You may well be able to do a deed of variation now but this will depend on how the will is worded. It depends if your interest is vested on your father's death (this doesn't mean you receive it now but it would pass under your will if you die before your mum) or contingent on you surviving both parents. It's a very technical point so speak to a solicitor. Ideally you should do this within two years of your father's death but this may not matter if inheritance tax isn't an issue.