Survivorship assets and Deed of Variation

H has died. On her death her the property she owned passed by survivorship to co-owner.

Co-owner wishes to execute a Deed of Variation to sever the equitable interest and re-direct what would have been H’s half share. I believe that this can be done via DOV and co-owner can benefit from the reading back provisions for IHT and CGT.

My questions are:-

  1. Can the deed of variation create a life interest/right to occupy trust that does not already exist in H’s Will?
  2. Can the beneficiary of the DOV and therefore the life interest/right to occupy be someone who is not already mentioned in the Will?

Thank you in advance for your help.

KATE HANDEL
Harrisons Solicitors LLP

Yes, to both questions

Paul Saunders