Last year, the Office of Tax Simplification (OTS) was asked by the Chancellor of the Exchequer to conduct a review into Inheritance Tax (IHT). The OTS’s findings are being published in two reports. The first was published at the end of November 2018 which covered administrative concerns. Information on the first report can be found … Read moreOffice of Tax Simplification Inheritance Tax (IHT) Review – Second Report
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This week an interesting family dispute has come to light concerning an issue with determining the order of a couple’s deaths after they both tragically died of hypothermia. Below we will look at how the law normally treats people who die together when it can’t be determined who died first, consider the impact of this … Read moreStepsiblings in court battle over order of deaths
Nil Rate Band Discretionary Trusts (NRBDTs) were commonly used before the introduction of the Transferable Nil Rate Band (TNRB) on 9 October 2007. Before its introduction, if spouses gave all their assets to each other outright the Nil Rate Band (NRB) was often wasted. The spouse would inherit everything tax free from their spouse, but … Read moreNil Rate Band Discretionary Trusts: Do they still have a use?
Lasting Powers of Attorney (LPAs) for Property and Financial Affairs and Health and Welfare allow the attorneys to make decisions that relate to the donor’s property and financial affairs and health and welfare respectively. The forms however do not specifically state what decisions attorneys can and cannot make. It is advisable to give the donor … Read moreDecisions That Attorneys Can Make
What are Protective Property Trusts? Protective Property Trusts (PPTs) are one of the most widely used trusts in wills today. The trust will usually take the deceased’s share in their main residence and give another person known as the life tenant (usually a surviving spouse or civil partner) a life interest in the property. This … Read moreReasons to Use Protective Property Trusts
As soon as you have accepted instructions from your clients, you have a duty of care to keep time delays to a minimum and to produce the final documents. As part of our process, we issue draft documents and request that you respond to us within 10 working days to ensure a fast turnaround for … Read moreDuty of Care to Produce Documents – A reminder on White v Jones
Where a deceased’s estate is not able to meet all liabilities and expenses, all gifts in the Will fail, as all their estate will be needed to meet the estate’s liabilities. Where the estate is solvent and able to meet all its liabilities, there is a certain order in which assets will be applied towards … Read moreAbatement – How the estate is applied towards its liabilities
It is fairly common for married couples to want to name each other as sole attorneys in their Property and Financial Affairs Lasting Power of Attorney (LPA). Whilst there is nothing wrong with this appointment, clients should be advised that naming the spouse could cause some difficulties where the couple own land jointly with each … Read moreJointly Owned Property and Attorneys
Instructions are legally binding statements included in Lasting Powers of Attorney (LPAs) that the attorneys must comply with. Instructions should be carefully worded to ensure they are straightforward, easy to understand and capable of being put into practice. If instructions are unclear, not possible or too complicated, the Office of the Public Guardian (OPG) may … Read moreInvalid Instructions in LPAs