Beneficiaries are individuals (or charities) who will inherit assets or estate as set out in the will being varied. The will identifies and defines who the beneficiaries are and the inheritance they will receive. For more information, read Elements of a will. The deed of variation includes two types of beneficiaries: the current beneficiary and the new beneficiary. The current beneficiary is the individual who inherited under the deceased’s will. The current beneficiary is the individual who can use the deed of variation to change their inheritance entitlement. The new beneficiary is the individual to whom the current beneficiary is passing all of or part of their inheritance entitlement to, using the deed of variation.