Island Life Magazine Ltd August/September 2016 | Page 125

Legal Can my Will be changed after death? By Terence Willey of Terence Willey & Co Most people would probably say an unreservedly “No”. However, it is perfectly permissible and possible subject to certain conditions to do just that and by a Deed of Variation. Before I discuss the conditions upon which a Deed could be considered let us first examine the circumstances on which such would be possible and relevant to the Administration of an Estate. For many years now I have written various articles on Wills and the necessity to review them fairly regularly during your lifetime. I have always considered that this should be undertaken every three to five years and such an article is always somewhat sensitive as it can give the impression that the ‘writer’ is seeking to muster up business! However, quite to the contrary, it is very prudent and indeed wise to look at your Will at least every three years and consider the prevailing family circumstances which may have changed. For instance; should further children be born since your last Will, a divorce having taken place or even if you have become estranged from a member of the family or friend who was previously benefiting under your Will? All these circumstances may require you to generally think again about the contents of your Will to ensure that upon your death it is relevant and appropriate to your wishes. I have had many experiences in the Administration of Estates where Wills have not been updated over the years to take into account changing circumstances and which has led to families falling out and sometimes even litigation. A variation to a Will can only take place under strict circumstances; it must be duly completed and by Deed, within two years from the date of death and can only be undertaken with the express consent of the Executors to the Will and in good practice after full and proper consultation and consent of all the Residuary Beneficiaries in the Will. Once this is agreed then the document has to be executed by all the relevant parties and within the time limit and then properly recorded (registered in the Probate Registry) and then lawfully applied in the Administration of the Estate of the deceased. Due caution must be exercised by the Executors in considering any variations to a Will particularly in instances where such variations may adversely affect beneficiaries. I have experienced circumstances where such aggrieved individuals have brought their own claim against the Executors in the Will. It is therefore fundamental that the Executors first fully consult and secure the consent and agreement in writing of all those individuals likely to be affected by such variation. The vast majority of Variation Deeds that I have dealt with over the years are in respect of adding an additional child to share in the residue of an Estate and generally taking into account additional family members or friends whom all the Residuary Beneficiaries are comfortable to have their entitlement reduced as a result. In addition to the above there may be specific future Tax and Revenue issues of which such a variation may be appropriate and necessary. However, again caution should be exercised to ensure that such variation is lawful and not considered as an evasion of Tax of which the Revenue may pursue a claim on the Estate. In most cases had a Will been regularly viewed and updated then such a variation and the costs of such would not be necessary. Contact Terence Willey on 01983 875859, or Mark Willey on 01983 611888. www.terencewilley.co.uk www.visitilife.com Aug/Sep 2016_MASTER .indd 125 125 16/08/2016 15:23