To change a will you need to make what’s known as a variation. It doesn’t have to be by formal deed, you can use a letter or other document. But it must be signed by all of the people who would lose out because of it. If it affects the interests of children or other unborn beneficiaries, you’ll probably need to get Court approval. For a variation to take effect for Inheritance or Capital Gains Tax purposes, it must be made within two years of the death and contain a statement that those signing the variation intend it to take effect for tax purposes. You may also need to send a copy to HMRC. If there’s no will the law of intestacy applies. You can make changes to an intestacy in the same way as if there’s a will.
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