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What is Grant of Probate?
What are the Executor and Administrator’s duties?
How long does it take to get Probate?
How much does obtaining Probate cost?
The Next Step
A Deed of Variation (Often referred to as a “DOV”) is a legal document that forms an agreement between all beneficiaries of a Will [affected by a proposed change] to change aspects of the distribution in the deceased person’s Will – after the testator’s death.
The ‘deed of variation’ provides an opportunity to put into place effective tax planning opportunities that have been missed whilst the testator (the person who made the Will) was alive. This is the most common reason why the Deed of Variation is used.
The ‘deed of variation’ has one major failing; minors cannot be party to such a document. So where a Will gifts part of the deceased’s estate to a minor then an approach must be made to the Law Courts as only the Courts can act on behalf of minors where the minors are beneficiaries. The Law Courts usually impose very strict criteria before agreeing to any amendment. There is often a significant cost involved also.
In view of the potential complications and risks with these documents we recommend you seek professional advice before undertaking a ‘deed of variation’.
Wills can be stored at Central Probate Registry, London for a one off fee?
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