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
What is a Discretionary Trust? A discretionary trust is a trust under which the trustees have a power to use the trust assets for the benefit of any of the named beneficiaries as they see fit. No beneficiary has any right to any of the assets in the trust, they only have a chance that … Read moreReasons to use a Discretionary Trust
Under UK law a person’s domicile is broadly defined as the country in which an individual has their permanent home or is presumed to have their permanent home. It is determined using certain legal principals and it is not merely a rule of facts. It is not necessarily the same as their nationality or even … Read moreDomicile – what is it and why is it important?
A donor may occasionally review their Lasting Power of Attorney (LPA) or Enduring Power of Attorney (EPA) and realise that their circumstances have changed since the documents were signed. There are unfortunately no steps in place to amend an existing LPA or EPA and if the donor wishes to make changes, they will need to … Read moreRevoking an EPA or LPA