Deed of Variation Cost: changing a Will or Intestacy.
How much does it cost (or post-death variation of a Will or Intestacy)? Something of a piece of string job! For a reasonably straightforward deed, we currently find we can organise them from £350 + VAT as at February 2021. And most are straightforward. That doesn’t include any conveyancing or the creation of trusts.
Provided all of the affected beneficiaries are in agreement, and they are all over 18, the deed of variation can be in the post to you within days (in an emergency, if the 2 year limit is too close for comfort and our recommended solicitor is available, even faster!) If IHT is involved, less than 6 months is preferable.
The basic fee is for a straightforward instrument of variation, where the input of a tax barrister is not crucial. If there are tax issues, let us have the details and we’ll be happy to give you a more accurate idea of the cost. Just don’t forget that it MUST be signed by the relevant people within two years of the persons’ death.
Many people will wish to use the deed of variation to create a Family Bank® by transferring property or assets into a special trust which can underpin future generations for as much as 125 years. The cost is significantly more, as you would expect, but the benefits range from future Inheritance Tax savings, the removal of probate costs and delays and growing financial independence for your children and grandchildren. If you would like to read more about The Family Bank®, click the link.
The cost of delay:
If you would like to discuss the possibility of a deed of variation, it is one thing where not delaying is absolutely crucial. There is a strict time limit after which such deeds are no longer able to save tax, so the sooner the better.
We can arrange advisers to turn around simple Deeds Variation very quickly, but it can take some time to gather all the necessary information for more complex cases. In the cases where beneficiaries under the age of 18 or without full mental capacity are affected adversely, Court permission may be required which costs more and takes longer.
Main Deed of Variation page