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Bereaved Young Person’s Trusts

Bereaved Young Person's Trusts

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 moreBereaved Young Person’s Trusts

Bereaved Minor’s Trusts – what are they and how do they work?

Bereaved Minors 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 moreBereaved Minor’s Trusts – what are they and how do they work?

How is a Property Protection Trust (PPT) Taxed?

How is a Property Protection Trust (PPT) Taxed

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 moreHow is a Property Protection Trust (PPT) Taxed?

Reasons to use a Disabled Persons Trust

Reasons to use a Disabled Persons Trust

What is a disabled persons trust? A disabled persons trust (also known as a disabled discretionary trust and a vulnerable persons trust) is trust used to benefit a disabled beneficiary. The trust will name a principal beneficiary and whilst they are alive, the trustees will apply both the income and capital of the trust for … Read moreReasons to use a Disabled Persons Trust

Correctly Signing A Will: Complicated Scenarios

Correctly Signing A Will: Complicated Scenarios

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

Office of Tax Simplification Inheritance Tax (IHT) Review – Second Report

Inheritance Tax (IHT) Review

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

Change to our drafting style – Survivorship Clauses

Change to our drafting style – Survivorship Clauses

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Stepsiblings in court battle over order of deaths

Stepsiblings in court battle over order of deaths

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: Do they still have a use?

Nil Rate Band Discretionary Trusts: Do they still have a use?

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?