Ask a Law Question, Get an Answer ASAP!
Hi, legally, a Deed of Variation is only valid if signed within 2 years of the person's death. So, Mother could not go and ask a Solicitor to prepare such a Deed now. If no Deed was ever signed, the family may just say "well, Mother inherited the Estate and she then decided to gift the Estate to the various family members". As such, for tax purposes, Mother will be deemed to have inherited the Estate and the subsequent "gifts" to the family members will be treated as lifetime gifts and which amounts will form part of her Estate for Inheritance tax purposes were she to die within 7 years of making the gifts.
(A Deed of Variation merely changes the person who inherits for Inheritance tax purposes, and it is perfectly OK for someone to inherit an Estate and then decide at a later date to gift the Estate to other parties).
Kind Regards Al