IHTM35001 | Alterations to the devolution of an estate: introduction
From HM Revenue & Customs · Inheritance Tax Manual
There are many reasons why the beneficiaries of an estate may wish to change the benefits given by will, intestacy or survivorship, such as to
clarify uncertainty in a poorly drafted will
take account of the differing fortunes of the beneficiaries
make good an injustice (perhaps children may wish to give part of their inheritance to provide, or make better provision, for a surviving spouse or civil partner (IHTM11032))
take advantage of estate planning opportunities to reduce liability to IHT.
The IHTA84 contains several provisions (IHTM35002) under which a person entitled to benefit from an estate under the will or by the intestacy provisions may alter the destination of their entitlement in such a way that
the act by the beneficiary or person is not a transfer of value, but
it may change the IHT liability on the death or, exceptionally, other event on which the beneficiary became entitled.
Details of what is included in the definition of estate for the purposes of IHTA84/S142 are set out at (IHTM35071)