Template for Deed of Variation anyone?

[Comfysock]

Anyone have any templates? I am giving a big percentage of inheritance to a family member ... not sure how much yet and I know I can do this via a Deed of Variation and as its straight forward doesnt need to be done via a solicitor etc.

But need a template anyone help wirh is if you have done it before?

You don't have to produce a deed or a formal document. A simple letter will do as long as it meets the conditions set out in this checklist.

Ah ok, are you talking from experience @prh47bridge would like to see some kind of template.

Or is it as simple as saying...

I would like to give some of my inheritance to another receipient of our DF's will who is named as XXX to enable them to purchase a property as they will be homeless once the sale of our DF's house completes and where they reside currently. Other recipients of the will are in agreement to my decision and have signed below to state this.

If you are only giving up your own inheritance, you don't need the signatures of other beneficiaries. You are the only person adversely affected. However, whilst it isn't strictly necessary, I would recommend getting your signature witnessed.

You need to say that you intend this to have effect for Inheritance Tax and Capital Gains Tax.

Yes will do. Out of 4 of is 3 of us will be giving up some of inheritance.

Sorry what does this bit mean...
You need to say that you intend this to have effect for Inheritance Tax and Capital Gains Tax.

Honestly, have an appointment with a solicitor and get it drafted up properly. I work in private client, it won't cost much but could cost you a lot in tax if you don't do it properly.

Ive been quoted £600/700 to get it done via 2 solicitor quotes...who said it could be done ourselves

We paid £600 to a solicitor a couple of years ago but thought it was worth it to get it done properly and know everything was watertight.

It means what it says. That you intend this variation to have effect for tax purposes. If you don't say that, it is pointless doing the variation. You may as well just give them some money and risk them having to pay IHT and/or CGT on it somewhere down the line.

We found a template online and used that. Can't find the provider off hand but we had to sign up for a free trial of the provider to download it ....and then unsubscribed quick.
I retyped / amended it so we only had one document to sign (template was one deed per beneficiary making variation)
Following the template meant we got all the legal bits included.
Also quoted £600 18 months ago.
Solicitor doing probate saw it and didn't say it wasn't valid so I assume it was good enough.

If the Deed affects the Inheritance Tax position you will need to get it signed by the Executor and it will also need to be sent to HMRC. Bear in mind whether for example it will affect the entitlement to the residence nil rate band.

In the deed, You don’t need to give any reason for making the variation nor do you need to say that the other beneficiaries are in agreement but you must say who the new beneficiary is.

(Also, it’s only a deed if you follow the specific formalities for executing a deed, otherwise it’s just a letter of variation)

Good post op, I tried finding a template online and couldn’t, I too would be interested to find one for similar purposes to yourself.

If anyone posting on this thread did manage to find a template or can recommend some wording to use I would be extremely grateful. I simply want to pass some money down to my daughter from the money I inherited. The amounts involved are small hence I do not want to involve expensive solicitors if at all possible. I feel it should be possible to do yourself in simple cases such as mine as even the Government website says "You don’t need a formal document or deed - you can write a letter as long as it meets these conditions."
Thanks