Just before Parliament was dissolved earlier in the month, The Civil Partnership (Opposite-sex Couples) Regulations 2019 was passed. This will allow opposite-sex couples to enter into a civil partnership. The regulation will come into force from the 2nd December and the first ceremonies could take place on 31st December. This change to the law follows … Read more The Civil Partnership (Opposite-sex Couples) Regulations 2019
It is a well-established rule of trust law that English trusts must have a beneficiary to enforce the trust and hold the trustees to their obligations and as such most trusts for a purpose are invalid. This is known as the beneficiary principle. However, there are a number of exceptions to this rule and there … Read more Purpose Trusts
Where clients have minor children, they should always consider who they will be naming as guardians for their children. They are free to name any person that they wish, but there are a number of different things that they should consider. Permission The clients should always discuss the appointment with the proposed guardians in advance. … Read more Considerations When Naming Guardians
It is becoming much more common in recent years for clients to own assets abroad, such as holiday homes or second homes. Most, if not all, WillPack members come across clients with assets abroad at some stage during their estate planning career. When taking instructions, two of the most important questions you can ask is … Read more Foreign Property and Wills Abroad
Spouses and civil partners receive a number of IHT benefits over unmarried couples, both in lifetime and on death. These various reliefs and exemptions also open up many more IHT effective methods of planning in their wills. This article will provide an overview of these benefits. Gifts in Anticipation of Marriage If a client knows … Read more IHT Benefits of Spouses and Civil Partners
At WillPack we get a large number of technical queries from our partners. This means the team is often looking into very varied and interesting areas of law. In this new feature of the newsletter we will focus on some our more unique queries and pass that knowledge on to you! This week, we will … Read more Legal Corner: How do Anniversary and Exit Charges apply to a FLIT?
When taking instructions from a client with a business, it is important to both fully understand how their business is held and what their plans are after they have died. Depending on the structure of the business, there may be certain restrictions on how the business can be left after their death. Sole Traders A … Read more Business Succession Planning
In last week’s article we covered what a Bereaved Minor’s Trust is and its requirements. This week we will cover a similar trust, a Bereaved Young Person’s Trust also known as an 18-25 trust. This is another commonly used trust in wills that would arise if a gift is made to the testator’s own children … Read more Bereaved Young Person’s Trusts
A Bereaved Minor’s Trust is one of the most common trusts that will arise from a will. It is a trust that will arise if a gift is made to the testator’s own children with an age condition of 18. It will ensure that the children can be provided for whilst they are minors but … Read more Bereaved Minor’s Trusts – what are they and how do they work?
Many queries we deal with at WillPack concern tax. Often, we are asked what can be done when drafting the Will to mitigate tax. This article will deal with the issue of tax from a slightly different perspective, setting out the tax consequences of a Property Protection Trust (PPT) once the testator has died and … Read more How is a Property Protection Trust (PPT) Taxed?