DEEDS OF FAMILY ARRANGEMENT

Surprising as it may seem, the beneficiaries of a deceased person’s estate are allowed to re-write the Will (provided that they are all 18 or over and in agreement) and if this is done within two years of the date of death they will also be able to benefit from any reduction in the Inheritance Tax bill that arises from the manner in which the Will has been re-written. Although Wills are occasionally varied after death simply to re-direct assets to needy beneficiaries, variations are more usually made in order to reduce the Inheritance Tax bill.

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