The following Wills & Probate Q&A Produced in partnership with Chris Bryden of 4 King’s Bench Walk provides comprehensive and up to date legal information covering:
It is often the case that, where a dispute arises over the terms of a Will, or a claim is intimated for reasonable financial provision out of the estate by a qualifying person under the Inheritance (Provision for Family and Dependants) Act 1975, a compromise will be reached by way of a deed of variation of the Will. This is often tax efficient and allows for the beneficiaries to re-write the terms of the Will to make provision for the party bringing the challenge.
The purpose of a deed of variation is formally to record changes to the terms of the Will. So, for example, the deed of variation could re-write the terms of the distribution of the residuary estate so as
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