Deed of variation
Q:
If husband and wife hold a property in joint tenancy, can the survivor enter into a deed of arrangement giving part of the property to their children? Or does this only apply to a tenancy in common passing by will rather than survivorship?
DM Weston, London
A:
Leonie Kerswill replies:
You seem to appreciate that within two years of death it is possible, with the agreement of the various interested parties, to vary the terms of a will (or the intestacy provisions) or disclaim a benefit, and for this to take effect as if the deceased had made the variation.
The ability to do this might not appear to apply to property held as joint tenants because ownership passes, in this case, by survivorship rather than under the terms of any will.
However, as the variation provisions cover any dispositions made within two years of a person’s death – whether they arise under the will, intestacy law or otherwise – you will be pleased to learn that it may be possible for the survivor to enter into a deed of variation in respect of the property subject to the joint tenancy and to give part of it to their children.
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