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ExperiencedLawyer
ExperiencedLawyer, Solicitor
Category: Law
Satisfied Customers: 311
Experience:  I have 14+ years of experience as a family lawyer, advising people on all kinds of relationship and family law issues.
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I am dealing with an intestate.The deceased did not leave

Customer Question

I am dealing with an intestate. The deceased did not leave a will. He had a business. He was the only named account holder. The business will fold very quickly without the grant of letter of administration. The value of the estate exceeds the Inheritance Tax threshold being a residuary estate of £485000. The widow will receive half of this as a life interests. The two sons will receive the other half immediately. The sons have agreed to the widow receiving some of their money as an interspousal transfer. In this way they get some of her money early and the grant of letters of administration can be obtained. I need a deed of family arrangement precedent quickly in order to keep the business going. Where can I find a precedent?

Submitted: 4 years ago.
Category: Law
Expert:  ExperiencedLawyer replied 3 years ago.

Hello,

My name is Mac and I can help you with your question.

The document you refer to is nowadays commonly known as a Deed of Variation (or Instrument of Variation).

As an instrument, it does not have to be drafted in one specific way, although I would recommend you use the following HMRC checklist as a guide when considering any draft document.
http://www.hmrc.gov.uk/cto/iov.pdf

Generally speaking, as a Deed of Variation can have significant tax implications, it is widely recommended that anyone considering entering into one instructs a solicitor to draw it up. However, if you are certain you want to do it yourself, you can find some suggested simple wording here ( see the second post in the list, and don't bother reading the bickering over minutiae to which some of the posters descend later in the thread).
http://m.accountingweb.co.uk/anyanswers/deed-variation/473339

Just remember also to use the checklist above when finalising it.

I hope that is helpful.
Mac