A deed of variation allows a beneficiary to redirect all or part of their inheritance to someone else. It is a powerful post-death planning tool that can be used to save inheritance tax, benefit grandchildren, or redirect assets to where they are most needed.
The Two-Year Time Limit
A deed of variation must be executed within two years of the date of death. This is a strict deadline — there is no discretion to extend it.
A deed of variation can save significant amounts of inheritance tax by 'generation skipping' — redirecting an inheritance from an adult child to their own children.