I want to divert some of the assets (shares and cash) from a beneficiary’s share of a residue to two new beneficiaries, so we intend to use a deed of variation. Because the assets won’t be diverted in equal amounts, I am looking at producing separate deeds for each new beneficiary; however, I am getting hung up on the rules for a valid deed and the scope of ‘entitlement’ and ‘assets’, which typically aren’t defined. Guidance around variations use the terms interchangeably but all say these can only be varied once. I do understand that something specific cannot be varied again (e.g. a car or a clock diverted to A cannot then be diverted to B), but the scope and implications of those two terms are less clear to me for my particular circumstances.
1) if a named beneficiary is ‘entitled’ to an estate’s share of residue, as an ‘entitlement’, can the residue be subject to more than variation or does is mean the share of residue can only be varied once?
2) When talking about ‘assets’ (which may be from the residue), does it mean a specific type of asset as a whole (e.g. shares, cash, chattels etc.) can only be varied once or can they be sub-divided by multiple variations?
Put another way: in my case, is it valid to produce two deeds to divert from the named beneficiary’s share of residue: 10,000 company shares and £5,000 to New Beneficiary A; and 8,000 company shares and £4,000 to New Beneficiary B?
Validity of varying entitlements/assets with multiple deeds of variation
Collapse
Loading...
X
View our Terms and Conditions
LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.
If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.
If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
Announcement
Collapse
No announcement yet.
Court Claim ?
Guides and LettersSHORTCUTS
Pre-Action Letters
First Steps
Check dates
Income/Expenditure
Acknowledge Claim
CCA Request
CPR 31.14 Request
Subject Access Request Letter
Example Defence
Set Aside Application
Witness Statements
Directions Questionnaire
Statute Barred Letter
Voluntary Termination: Letter Templates
A guide to voluntary termination: Your rights
Loading...
Loading...