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Rectification
27/04/2009
Rectification is the correction of certain errors in a document. It can arise under different jurisdictions depending on whether it is a Will or not.
Rectification of a Will is permissible under s.20 Administration of Justice Act 1982 if the Will fails to carry out a testator’s intentions due to a clerical error or to a failure to understand his instructions.
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Related Settlements
21/03/2009
Related settlements are of importance in the post 22 March 2006 world. These are settlements made on the same day by the same Settlor unless the property is held for charitable purposes only (s.62 IHTA 1984). Where two or more settlements are related to one another, the property comprised in them immediately after they commence will be taken into account when calculating the inheritance tax on any ten-year anniversary or distribution from any which are relevant property trusts - s.58 IHT 1984.
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Relevant Property Regime
14/03/2009
Since the radical changes to the inheritance tax treatment of trusts in the Finance Act 2006 the relevant property regime applies to all trusts which are not special. This means it is not just discretionary trusts, which traditionally were the only trust subject to this inheritance tax regime but any trusts which by default do not have an exceptional treatment. This includes any trusts made during the lifetime of the settlor which are not qualifying disabled person’s interests.
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Retirement of Trustees
23/03/2010
Voluntary
A trustee will usually retire voluntarily under the statutory powers contained in the Trustee Act 1925. However, it is possible that the retirement may come about because:
- all the beneficiaries (being of full age and capacity) require it,
- by the exercise of an express power contained in the trust deed; or
- by order of the Court
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Revocation
22/05/2009
Revocation of a Will can be involuntary or voluntary. Involuntary revocation is by marriage of the testator or by their entering into a civil partnership: Wills Act 1963.
Voluntary revocation can be by:
- making a later Will or codicil
- some writing showing the intention to revoke and that piece of writing is then executed as if it were a Will; or
- destruction
Williams on Wills
