Deed of Variation - what is it?

[HexBramble]

I've opened the mail this evening and found a large document from one of the main banks. It has the name of a deceased's relative on it and says it's a "Deed of Variation discretionary settlement" and also what looks like forms to see if my tax code needs to be adjusted.

I have no idea what this is. I was close to the relative that died but assumed that everything had gone to their next of kin. This next of kin became power of attorney when my relative became ill with Alzheimer's.

I don't want to to contact the relative in anyway shape or form since they guarded my relative's estate with insane jealousy and I don't want to draw attention to the fact that something was arranged by my relative prior to them getting ill thus making our relationship worse.

Sorry for the ramble - I have no idea what the document is and all banks are shut til morning!

A deed of variation is a document that replaces a will
eg if all the beneficiary of a will agree you can decide to agree a deed of variation ie change who gets what
usually it is done to make it more tax efficient

were you a beneficiary of the original will?

Thanks Eldon.

No, I wasn't part of the will and nothing has a been mentioned to me. Relative has not ,mentioned anything a at all to me.

What it should mean is that the beneficiary(s) of the estate has decided to distribute it alternatively as if the will had been written differently, and that you've now been given a share. Normally done for inheritance tax reasons. But utterly bizarre not to tell you in person what's going on.