Deed of Removal of a Beneficiary

A Deed of Removal of a Beneficiary is a legal document that is used to remove a named beneficiary from a will, trust, or life insurance policy. This document is typically used when the original beneficiary is no longer relevant or appropriate, for example, if they have passed away, or if the individual creating the will or trust has changed their mind about who they would like to receive the benefits.

A Deed of Removal of a Beneficiary can be an important tool for managing Inheritance Tax (IHT) liability and protecting assets from care home fees. This is because, in certain circumstances, removing a beneficiary can reduce the overall value of the estate, which in turn reduces the amount of IHT that will be due. Additionally, by removing a beneficiary, it may also be possible to protect assets from being included in the means-testing process for determining eligibility for care home funding.

It is important to note that removing a beneficiary from a will, trust, or life insurance policy is a complex process that should only be undertaken with the assistance of a legal professional.