As the taxation treatment of all trusts except absolute trusts is now relatively hostile with a 45% tax rate on income over £1,000 and 28% on capital gains, some care is required in selecting investments to minimise exposure to these charges.
This case shows that even if the intentions of the testator are known, a claim for rectification will not succeed if the mistake in the drafting was not a clerical error but was a mistake made after carefully thinking about the words to use and getting the effect of those words wrong.
Usually probate will be granted to the executors without much controversy. Occasionally, however, there may be doubts about the validity of a Will. If this results in litigation, the parties are unable to compromise it freely, and so settling a probate claim is often a complicated business.
Out of the blue and without consultation the Finance Bill 2013 when published contained a shocking provision tucked away in Schedule 34. It is a devastating provision for many farmers and business people BUT there appears also to be a harsh outcome for many other clients too, which may be unintentional. It will affect a large proportion of your clients.
To-day I am sad to report that the Minister of Justice, Chris Grayling, has refused to accept the Legal Services Board recommendation to regulate Will writing – http://bit.ly/12s94hZ
It is hard to appreciate the kind of evidence which the Minister believes is required to justify the regulation of this most fundamental of legal services. I suspect that it is yet further evidence of the lack of appreciation of the role the legal profession plays in providing services which are in the best interest of the client and not themselves; as opposed to Bankers and supermarkets who supply services in the interests of their shareholders whether or not it is what the consumer requires, as we have seen with the mis-selling scandals.
What does your portfolio say about how the money is going to be spent? It should say something, because that is what money is for. A portfolio is not there to provide you with a regular supply of pieces of paper with numbers on them.
A review of the 39 conventions that have been signed at The Hague that are important for you to know some of them that apply to the advice that you receive from your lawyer.
HMRC are looking closely at income tax loss claims and this is emphasised by the capping of income tax losses from 6 April 2013 to £50,000 per annum or 25% of an individual’s total income (whichever is the greater).
Double portions sound greedy and in a way they are. If someone makes a lifetime gift and there is a gift in a Will to the same beneficiary was it the intention of the deceased to provide for them twice?
“I and eight of my team viewed the [Reduced Rate of IHT] video this morning and were very impressed, not only with Gill’s presentation and the helpful add-ons but with the complicated nature of the subject matter! ”
- Suitable Investments For Minor Children As Beneficiaries Of Trusts May 24, 2013
- Rectification of Wills – Kell v Jones & Ors  WTLR 507 May 23, 2013
- Compromising Probate Claims: Stop The Ride I Want To Get Off May 23, 2013
- Finance (No.2) Bill 2013 – Changes to the deduction of liabilities for IHT – Are they fair? May 15, 2013
- Government Refuses To Regulate Will Writing May 14, 2013
- Have We Access To Free Statutes Yet? February 26, 2013
- 5 Practical Things You Need To Know In Private Client Practice Today April 5, 2013
- Welcome To The Private Client 2013 Budget Summary April 8, 2013
- Procedure For Dealing With Minor Children Inheriting French Property April 10, 2013
- Sylvester v Sylvester [Lawtel 20.08.12] April 19, 2013