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Where Taxpayers and Advisers Meet

Double deed of Variation?

Planetruth
Posts:2
Joined:Fri Feb 22, 2019 4:28 pm
Double deed of Variation?

Postby Planetruth » Fri Feb 22, 2019 4:37 pm

Hello

I'm hoping that someone may know the answer for this:

my mum made a deed of variation to me, from my Dad's estate last year but is now terminally ill herself.
I haven't yet received the money from my mum into my bank (she says there is a two year window)
I am now wondering whether it would be a)legal and b)relatively simple
to make my own deed of variation, deferring the original sum to another family member instead of myself?

Would I have to hold the funds myself first or would this render void any further deed, or means of passing on the money?

The sum is about £50,000

Any advice gratefully received.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Double deed of Variation?

Postby AGoodman » Fri Feb 22, 2019 6:38 pm

I'm afraid you cannot make two variations in relation to the same property and only the original recipient (your mother) can vary with the benefit of IHT relief.

Planetruth
Posts:2
Joined:Fri Feb 22, 2019 4:28 pm

Re: Double deed of Variation?

Postby Planetruth » Sat Feb 23, 2019 12:34 am

Thankyou so much for this reply !!! - not what I wanted to hear, but I had been trying
to find a definitive answer all day.
Ruth


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