A Deed of Variation is a legal document that allows changes to be made to a Will after the person who wrote it has passed away. This could be useful if the Will’s terms aren’t ideal for the current situation or if changes could provide financial benefits to the beneficiaries.
If you inherit property with a mortgage, a Deed of Variation could potentially allow you to transfer the property ownership (and therefore, the mortgage responsibility) to a different beneficiary named in the Will. It can also be used to adjust the ownership percentages between multiple beneficiaries.
It’s important to note that all beneficiaries in the original Will must agree to use a Deed of Variation. Seeking legal expertise from a solicitor specialising in inheritance laws is crucial to ensure the process is carried out correctly and to avoid any complications.
