Requirements for Changing a Will after Death
Can a will be changed after death? Clients often ask this question of the solicitors at SCL Wills and Probate. It is possible to change a will after death in the UK. There are specific requirements for making this change and seeking the advice of solicitors specialising in wills and probate can help you navigate the process and make the needed changes to a will.
When making changes to a person’s will after death, a main requirement is that any beneficiaries left worse off by the changes to the will must agree to the change. We encourage you to visit SCL Wills and Probate Solicitors to learn more about probate and will writing services in potters bar.
Common Reasons for Changing a Will
Family members and beneficiaries may elect to make changes to a will after a person’s death for a number of reasons. If there is uncertainty over the will or a family member was left out of the will, other family members may agree to make changes to provide for the person who was excluded or clear up any uncertainty over the will. Other reasons include moving some assets into a trust, to pass assets on to the next generation, or to reduce the amount of inheritance or capital gains taxes that must be paid.
The Process for Making Changes to a Will
If changes need to be made to a will, you will need to make a variation. When the variation is backdated to the date of the person’s death, the new beneficiaries are treated as though the inheritance had been made by the deceased for all tax purposes.
A formal document or deed is not needed. A letter can be written, provided that it meets certain conditions. The variation must be signed by people who would lose out because of the change. The document must identify the specific parts of the estate that are being changed. The variation must contain a Stamp Duty certificate, if the assets include stocks or marketable securities. If the change affects children, the parent’s signature is not enough; you may need to get the approval of the court.
In some situations, it may be necessary to send a copy of the variation to HM Revenue and Customs. If the change results in additional inheritance tax, a copy of the variation must be sent to HMRC within six months of making the change. A copy of the variation is not required, as long as the change does not change the inheritance tax that must be paid.
It is important to note that any changes to a will must be completed within two years of the person’s death. After that time, it may not be possible to make the changes. For this reason, you should not wait too long to contact solicitors specialising in probate and will writing services in London.
The process of changing a will after a person’s death can be complicated and it is important to make sure that all necessary rules and laws are followed. A solicitor specialising in wills and probate has the knowledge of the law required to help you make the desired changes.