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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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Deed of VariationMy ex wife died last year and her will

Customer Question

Deed of Variation
My ex wife died last year and her will left everything to my three children. To avoid the IHT they entered into a Deed of Variation, sharing £325k between themselves and leaving the Residuary Estate to me (around £175k). However, they want to give me just 25% of the Tax saved (about £20k) and pass the rest directly to their children (my grandchildren). My accountant friend says this is illegal and they must distribute the money as per the Deed and it is then up to me to give money to the grandchildren. She also says that even though no money has yet been paid from the estate it is now legally mine and if I were to die tomorrow it would form part of my estate. My question is - can the Deed of Variation be nullified - i.e. could they decide they made a mistake, leave the will as it is and pay the IHT? If not, what pressure can I put on them to hand over the money? Probate has been granted, the house sold and there are just a few shares to dispose of so the money will be available in a week or so.
Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Customer: replied 2 years ago.

I do need an answer fairly soon. Let's give it another 48 hours or so but after that I might have to consult a lawyer.

Expert:  Nicola-mod replied 2 years ago.
We will continue to look for a Professional to assist you.
Thank you for your patience,
Expert:  Clare replied 2 years ago.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What is your objection to the plan?
Customer: replied 2 years ago.

Hi Clare,

The D of V states that I am to inherit the Residuary Estate - around £175k. However, the executors, my children, don't want to give me the money. They want to give me a quarter share of the IHT saving (about £20k) and then share the rest of the money amongst my grandchildren. My accountant friend says this is illegal and that the money must be paid out according to the Deed. She says that the money is mine to do what I want with and that I should be the one to decide how much I keep and how much the grandchildren receive. She says that I must write cheques to each grandchild and keep copies for at least 7 years.

Expert:  Clare replied 2 years ago.
I take it they did not discuss this with you before signing the Deed?
Customer: replied 2 years ago.

No - I was not included in the conversation. They came to me and told me how they were going to distribute the money.

Customer: replied 2 years ago.
Relist: Other.
Not had an answer. I have taken advice elsewhere - please refund my payment.