Module 16 – Deeds of Variation

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* 1. Q1 – A Deed of Variation should not be relied upon but which of the following can be achieved?

It can be used potentially to alter the distribution of assets from an estate

It can be used potentially to add beneficiaries from an estate

It can be used to achieve improved tax efficiency

All of the above

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* 2. Q2 – A Deed of Variation is commonly used for which of the following situations?

It can be used to achieve potential protection for a surviving spouse

It can be used to achieve potential protection for an inheritance from a parent

It can be used to provide tax efficiency for high-net-worth clients and/or inter-generational IHT planning

All of the above

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* 3. Q3 – A Deed of Variation can be used to change the ownership of assets such as property from being jointly owned to Tenants in Common true or false?

True

False

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* 4. Q4 – A Deed of Variation can be used for a HNW client who loses a spouse to retrospectively claim the RNRB tax allowance true or false?

True

False

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* 5. Q5 – Which of the following statements is correct?

A Deed of Variation must be made before probate is applied for

A Deed of Variation must be made within 2 years of the date of death

A Deed of Variation must be made within 7 years of the date of death

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* 6. Q6 - Which of the following statements is true?

It is not possible to carry out a Deed of Variation if someone does not have a valid Will

It is possible to carry out a Deed of Variation if a client does not have a valid Will

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* 7. Q7 – Which of the following statements is false?

It is possible to only vary the interest of one or more beneficiaries of a Will

It is possible to vary the interest of a beneficiary under the age of 18 with the parents consent

It is possible to vary more than £325,000 of assets into a Trust without any entry penalties

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* 8. Q8 – A Deed of Variation can be carried out by the attorneys of a beneficiary if a client has lost capacity, true or false?

True

False

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* 9. Q9 – Which of the following statements is False?

It is not possible to carry out a Deed of Variation in order to deliberately avoid the payment of care fees

It is not possible to carry out a Deed of Variation in order to avoid impacting local authority payments

You do not need the unanimous agreement of executors to carry out a Deed of Variation, it is a matter for the beneficiary

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* 10. Q10 – Who may a Deed of Variation not be appropriate for?

Cohabiting client who is the beneficiary of a simple Will

Surviving beneficiary of an estate gifting significant business assets through a simple Will

A beneficiary who is getting divorced to avoid an inheritance being included in any settlement

Module 16 – Deeds of Variation

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* 1. Q1 – A Deed of Variation should not be relied upon but which of the following can be achieved?

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* 2. Q2 – A Deed of Variation is commonly used for which of the following situations?

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* 3. Q3 – A Deed of Variation can be used to change the ownership of assets such as property from being jointly owned to Tenants in Common true or false?

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* 4. Q4 – A Deed of Variation can be used for a HNW client who loses a spouse to retrospectively claim the RNRB tax allowance true or false?

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* 5. Q5 – Which of the following statements is correct?

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* 6. Q6 - Which of the following statements is true?

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* 7. Q7 – Which of the following statements is false?

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* 8. Q8 – A Deed of Variation can be carried out by the attorneys of a beneficiary if a client has lost capacity, true or false?

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* 9. Q9 – Which of the following statements is False?

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* 10. Q10 – Who may a Deed of Variation not be appropriate for?

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