It is possible to change the terms of a Will (or an Intestacy) after someone dies if all of the beneficiaries agree. For example, a Will might not have been updated to include new grandchildren, or perhaps the children of the deceased are financially comfortable and wish to divert their inheritance directly to their own children.
Requirements for a Deed of Variation
• The Deed of Variation must be completed within 2 years of death to be effective for tax purposes
• All beneficiaries need to have capacity and be in agreement to the Deed of Variation
• If any of the beneficiaries are under 18 years old or lack capacity, it is still possible to complete a Deed of Variation, however, further advice will be required