I have a situation where a Deed of Variation was prepared as part of a settlement agreement on one of my probates. Under the deed of variation, the residuary beneficiaries gave up a small part of their residue to give a cash sum to the deceased’s partner.
Some of those residuary beneficiaries now wish to make a further variation of their remaining share of the residue to pass some to their children. They want to do this for tax purposes due to their own IHT position.
My question is whether the beneficiaries can vary their remaining share of the residue given this has not technically already been varied? The first deed of variation did not purport to rewrite the Will; just to add in a cash legacy with the remainder the same.
Any help would be appreciated.