Flexible Life Interest Trusts and the Residential Nil Rate Band

house, blue, flit, rnrb, hand, hold, will, trust, iht, tax,

Ever since the Residential Nil Rate Band (RNRB) was announced, one of our most common queries has been how it relates to Flexible Life Interest Trusts (FLITs). What are FLITs FLITs are essentially a life interest for a person (usually the surviving spouse), with an underlying discretionary trust that will arise when the surviving spouse … Read moreFlexible Life Interest Trusts and the Residential Nil Rate Band

Options for Inheritance Tax Planning

calculator, hand, bills, tax, iht, blue, text, logo, white, WillPack

Continuing from last week’s article, there are options available to the testator(s) when it comes to Inheritance Tax (IHT) planning. Some planning can simply be done by a well drafted Will, whilst others will require lifetime planning. The best approach will depend on the factors covered in last week’s newsletter. What options are available with … Read moreOptions for Inheritance Tax Planning

Lasting Powers of Attorney: Can the donor’s will be disclosed to attorneys?

LPA Can the donor’s will be disclosed to attorneys

Since 1st March 2017, it has been accepted that a donor’s will can be disclosed to the attorneys of their Property and Affairs Lasting Power of Attorney (LPA). Before this date, it was believed that the will could only be disclosed if the LPA gave express authorisation for this. Can the will be disclosed whilst … Read moreLasting Powers of Attorney: Can the donor’s will be disclosed to attorneys?

Revoking a Will

Revoking a Will

There are four ways that a will may be revoked. Marriage/Civil Partnership As a general rule, a marriage or formation of a civil partnership revokes any will that a testator made before the marriage or civil partnership under S18 and S18B Wills Act 1837 respectively. There are however some exceptions to this rule. If it … Read moreRevoking a Will

Setting up a Will-Based Trust After Death

Will, Trust, Pen, Hand, Paper, Write, Text, Logo, WillPack, Desk,

It has been brought to our attention that there are some misconceptions in regards to what action needs to be taken for a Will-based trust after the death of the Testator. The following article is intended to clarify these points. A trust in a Will, such as a Protective Property Trust, Flexible Life Interest Trust … Read moreSetting up a Will-Based Trust After Death

Witnessing a Will

pen, paper, sign, signature, ink, hand, logo, text, white,

Arguably the most essential step when making a Will is the attestation of the Will itself, as all Wills must be signed and witnessed for them to be valid. Along with the testator signing the Will, their signature must be witnessed by two independent people. This means that the witnesses must not be a beneficiary, … Read moreWitnessing a Will