Trust, Wills and Probate

• Assessing Mental Capacity - Guidance

• One of the conditions which must be satisfied for a will to be valid is that the person making it must be of sound mind. With an ageing population, cases involving disputes over a testator s mental capacity are becoming more common it is estimated that up...

• Asset Valuation Problems - Chattels

• When dealing with an estate, an increasing problem for executors is the valuation of assets in the form of the chattels of the deceased. In probate terminology, chattels are the everyday assets such as furniture and ordinary possessions, as opposed to...

• CGT and Shares in Estates Valuation Trap

• In the UK, there are quite generous exemptions from Inheritance Tax (IHT) which apply to business assets. One problem with making use of such exemptions is the effect this may have on the subsequent value of the relevant assets for Capital Gains Tax (CGT)...

• Changing Wills For Benefit

• A will expresses the final wishes of the deceased person and it is commonly thought that a will is irrevocable after death. However, provided everyone agrees, it is normally possible to vary a will provided that the application is made within two years of...

• Cohabitees and Death - Who Can Claim?

• When one member of a cohabiting couple dies, it can come as an unpleasant surprise to the bereaved partner to discover that not all of their late partner s estate will pass to them in the absence of a will. It is only when this happens that many people...

• Dealing With an Insolvent Estate

• One of the rules that applies to the administration of estates is that whilst a person appointed as executor under a will can refuse to accept the appointment, once an executor intermeddles in the estate, in principle he or she cannot then resign from...

• Estates - What Happens if Values Fall?

• One of the biggest problems now facing executors is that as the recession progresses, most assets, other than cash, are falling in value, which can mean that the value of an estate for Inheritance Tax (IHT) purposes is greater than the market value later on....

• Helping Your Executors

• Being an executor is a demanding job at the best of times and a task that is made all the more difficult when the deceased has not given proper thought to the problems their executors will face. Here are some of the things you can do to make sure your...

• How do I Leave Money to Charity in My Will?

• It's easy to include a charity in your will, but you should always consult your solicitor before you write or change your will to be sure it reflects your exact intentions and that you understand its implications. Before you call your adviser, take a...

• Lasting Powers of Attorney

• In October 2007 there was a fundamental change on the way in the way powers of attorney are created and the powers that they can give attorneys, when the Enduring Power of Attorney (EPA) was replaced by the Lasting Power of Attorney (LPA). EPAs are no...

• Making Your Will - Guidance

• It is easy to keep putting off making a will. However, having a valid will is the only way to guarantee that your estate goes to who you want it to when you die. If a person dies having made a will, the distribution of their estate is normally...

• The Unclaimed Assets Register

• Many people have assets which they have forgotten about old bank accounts, shares or premium bonds for example. If you think you or a relative may have lost track of some of their assets a search of the register (which costs 25) may be worthwhile. So far,...

• What Happens on Intestacy?

• The levels of statutory legacy (the amount that surviving spouses or civil partners are allowed to inherit if their spouse/civil partner dies without leaving a will) were increased from 1 February 2009 to the following: 250,000 (from 125,000) where...

• What is a Trust?

• A trust comes into effect when a settlor places money, land or other assets in the hands of trustees. The trustees are the legal owners of the property but are obliged to hold and manage the property for the benefit of a person or a group of people, who...

• Who is Under the Influence?

• The law recognises that some people (such as solicitors or accountants) have a high degree of influence over other people (their clients), since clients hire their professional advisers for the specific purpose of giving advice. However, it is not...