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It is possible to vary the terms of a will from which you benefit by drawing up what is called a 'Deed of Variation'. This can be a highly effective way of saving inheritance tax.
You sign a 'Deed of Variation' asking for all or part of your inheritance to be given to someone else. You can do this even if you've already accepted the gift in question but you must do so within two years of the deceased person's death. For tax purposes, the gift is then treated as if the new beneficiary was entitled to the gift directly under the terms of the will.
Deeds of Variation cannot be used to reduce gifts unless the person who's received the gift agrees. Therefore you can't reduce gifts given to minors or those suffering from mental disabilities.
If a member of your family has died within the last two years without making a tax efficient will please contact our Private Client team to see how a Deed of Variation could minimise inheritance tax.
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Private Client 
