Within what timeframe must a deed of variation be applied after someone's death?

A deed of variation must be applied within two years of someone's death. This timeframe is crucial because it allows the beneficiaries the opportunity to alter the distribution of the deceased's estate according to their wishes, potentially mitigating inheritance tax liabilities and ensuring that the estate aligns more closely with the intentions of the beneficiaries.

The two-year window is designed to offer flexibility to the beneficiaries to make adjustments while also ensuring that the estate's final arrangements are settled in a timely manner. This is particularly important in estate planning, as it gives individuals the chance to make decisions that may not have been possible prior to the death, thereby more accurately reflecting the desires of the deceased or the needs of the living beneficiaries.

Understanding the importance of this timeframe can aid in effective estate planning and can enhance knowledge regarding the implications of taxes and distributions that come into play after a passing.