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A Deed of Variation is a very useful document when trying to minimise Inheritance Tax liability, as well an in other situations. When someone is left money in a Will and they do not want to receive the money, a Deed of Variation can be used to direct the money to a different beneficiary of their choice.
This can be useful for example when a beneficiary does not need the money and wants it to pass instead to their own children. This can also have benefits in minimising Inheritance Tax liability as the money effectively bypasses the intended recipient's estate.
