In the majority of cases, signing a will in line with the S9 Wills Act 1837 formalities is a relatively simple procedure. We provide signing guidance with all our final wills that assist with showing how the will should be attested correctly. However, where there are circumstances that effect the testator’s ability to read or … Read moreCorrectly Signing A Will: Complicated Scenarios
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?
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
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
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?
As will drafters, we must ensure that gifts are not drafted in a vague manner and that it is certain who the beneficiary of that gift is and what the subject matter of the gift is. If it is uncertain, court proceedings may be required to determine what the Testator intended and ultimately it could … Read moreHow a gift can fail for uncertainty and common examples