Under the doctrine of survivorship where property is owned by two persons as joint tenants (which means that they own the property jointly without it being specified that they each have any distinct, specified share of the property), if one owner dies then their interest in the property passes to the survivor. Sometimes the surviving joint tenant may not want the property; in these circumstances the surviving joint can use a Deed of Variation – Share of Joint Property Passing by Survivorship to redirect the inheritance.
Generally, there is no obligation to accept an inheritance either under the terms of a Will, an intestacy (where there is no Will or the Will does not provide for the inheritance in question) or by right of survivorship. When an inheritance is not wanted a Deed of Variation can be used to redirect the inheritance to another beneficiary. Thus, a beneficiary who is entitled to part of a deceased person's estate under a Will, intestacy or by right of survivorship can use a Deed of Variation to redirect the inheritance to another beneficiary of their choice.
There are many reasons why beneficiaries may wish to vary or redirect assets held in a deceased person's estate, one of the main reasons is to save Inheritance Tax.
When an original beneficiary uses a Deed of Variation in order to make some sort of gift and to redirect all or part of an inheritance, the gift, for Tax purposes, will be treated as having been made by the deceased person and not by the original beneficiary.
This Deed of Variation – Share of Joint Property Passing by Survivorship shall be used where the person receiving the inheritance owned property jointly with the deceased, acquired the deceased’s interest in the property by the right of survivorship and wishes to give that interest to some other person.
This Deed of Variation – Share of Joint Property Passing by Survivorship template is in Microsoft Word format, written in plain English, easy to use and edit.