When can a Deed of Variation be used?
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Within 2 years of the death of a person. If a person’s assets on death are left to multiple people it is possible to vary just a proportion of the will to give assets to a trust instead of a person. That person is a beneficiary of the trust and can borrow the assets instead thus avoiding them being part of their assets in the event of divorce or on death to avoid IHT.
It is also possible to do a DOV when someone dies intestate.