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Immediate Post Death Interest (IPDI)
19/03/2009
An immediate post death interest (IPDI), is a trust which is created under a Will or on intestacy where the life tenant became entitled to an interest in possession on the death of testator or intestate and s.71A IHTA 1984 does not apply to the interest and neither is it a disabled person’s interest (DPI). This condition has to be satisfied at all times since the person entitled to the income (life tenant) became entitled to the interest in possession – s.49A IHTA 1984.
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Inheritance (Provision for Family & Dependants) Act 1975
28/08/2009
The Inheritance (Provision for Family & Dependants) Act 1975 [IPFD 1975] (which came into force on 1 April 1976) provides for a dependant of the deceased to make a claim against his or her estate on the grounds that the provision by the Testator is not such as to make reasonable financial provision for the applicant.
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Inheritance Tax
24/03/2009
The statutory provisions for Inheritance Tax (IHT) are contained in the Inheritance Tax Act 1984 [IHTA 1984] and subsequent Finance Acts [FA]. Its predecessor was called Capital Transfer Tax (CTT) and before that we had Estate Duty.
It may be charged on certain lifetime gifts (gifts into any trust apart from those for a disabled person); certain transfers into and out of trusts and on the value at the date of death of the estate of the deceased.
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Interest in Possession trust
21/03/2009
In an interest in possession trust a beneficiary is entitled to the immediate enjoyment of a right in or over trust property. The basic structure of such a trust is for the payment or entitlement to payment of income from the trust as it arises to one or more individuals during a specified period, usually the person’s lifetime; hence the individual enjoying this right being referred to as the ‘life tenant’.Read the detailed description...
Intestacy
20/03/2009
Intestacy or partial intestacy occurs not just when there is no Will but also where part of the property of which the testator was competent to dispose has not been effectively disposed of by the Will. If the failure relates to all the property then it is a total intestacy whereas if the failure is in respect of only part of the estate it will give rise to a partial intestacy.
