Postby IanDarkwater » Mon Jan 02, 2017 11:55 am
The instrument you are discussing does not need to be a deed; it's just an Instrument of Variation. Only solicitors & similar can write Deed & charge to do so.
There's no set format. You don't need a solicitor or other professional to write it for you tho' I think that you would be daft to write something this important yourself. There are things the IoV should say/contain that you could easily get wrong if you DIY.
It should be witnessed.
You only need the agreement of those beneficiaries who's position is changed by the IoV. Beneficiaries who's position is unchanged don't need to be involved.
If the IoV changes the tax payable of the estate then the executor(s) need to sign the IoV but they can't refuse.
You only need to tell HMRC about the IoV now if the IoV changes the tax position of the estate.
The whole point of an IoV is, FOR TAX PURPOSES, the change is counted as if the will were different. the alternative of a gift of an inheritance by a beneficiary may have Inheritance Tax consequences if the beneficiary dies within 7 years of making the gift.