Although it's not possible to directly alter a person's will after their passing, there are ways to modify the effects of the will. These modifications require the consent of all affected parties, either through voluntary agreement or by court order.
People often make changes to wills for various reasons, some of which include:
Adjusting inheritance shares
Sometimes, beneficiaries may not want their share of the inheritance. They might choose to redirect it to another individual or a favourite charity. This can also help reduce the inheritance tax.
Equal distribution
Beneficiaries may wish to distribute assets more equally among themselves, especially when there's disparity in the amounts left to different beneficiaries.
Inclusion of new beneficiaries
If important individuals like children or grandchildren are born after the will was drafted, adjustments may be needed to include them.
Aligning with true intentions
If the deceased discussed changes to the will but didn't make them before passing, the will can still be updated with unanimous agreement from the affected parties.
Addressing perceived unfairness - If someone believes they were treated unfairly or excluded from the will without reasonable cause, they can request changes, often through the 1975 Inheritance Act.
Rectifying mistakes
Errors in the will's wording or the designated assets can lead to confusion. A will can be modified to correct these issues, either through a deed of variation or court application.
To benefit from these changes while avoiding inheritance or capital gains tax, adjustments must generally be made within two years of the individual's death.
How can you modify a will's effects?
There are two primary methods for changing the impact of a will:
Deed of disclaimer
This legal document allows a beneficiary to refuse their inheritance, passing it to others or into the residuary estate. It's suitable when the gift isn't clearly designated or shared jointly.
Deed of variation
Also known as a deed of family arrangement, this document enables beneficiaries to alter the distribution of assets outlined in the will. All affected parties must consent to the changes.
It's essential to consider the implications of these changes on the estate as a whole, including inheritance tax implications. Additionally, it's important that all parties understand and agree to the modifications.
Changes when no will exists
Even without a will, the distribution of an estate can be altered if the parties affected by the "rules of intestacy" agree. The rules of intestacy govern estate distribution when no will exists, and beneficiaries can redirect their shares in such cases as well.
If disagreements arise, legal remedies such as the 1975 Inheritance Act can be pursued, particularly when dependents or excluded individuals believe they should be included.
In conclusion, while altering a will directly after someone's passing isn't possible, the effects of the will can be changed through voluntary agreement or court intervention. These changes can help ensure that the distribution of assets aligns with the true intentions of the deceased and the needs of the beneficiaries.
Will writing with Wills.Services
If your new will is not written correctly, it will not be valid in the eyes of the law and could put your loved ones and estate at risk.
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