Our RSS Feed will keep you up to date with all that is happening in the world of Wills, Probate & Estate Planning. We will keep you up to date with law changes and anything we feel you need to know with regards to planning your Will or Estate. http://www.iwc-ltd.co.uk Copyright IWC Estate Planning & Management Ltd http://blogs.law.harvard.edu/tech/rss Wed, 9 Sep 2009 22:14:19 +0100 admin@iwc-ltd.co.uk Wed, 9 Sep 2009 22:13:11 +0100 tonycrocker@iwc-ltd.co.uk http://iwc-ltd.co.uk/images/iwc-logo.gif http://www.iwc-ltd.co.uk For Wills, Probate & Community Care 118 49 Lindup v Agus - Claim under the Inheritance (Provision for Family and Dependants) http://www.iwc-ltd.co.uk/article-claim-under-the-inheritance-act-1975.html Sun, 15 Jul 2012 00:00:00 +0100 The Supreme Court have dispensed with the need to sign and have witnessed a Will or an amendment to a Will where it can be shown that the testator's intention was clear. http://www.iwc-ltd.co.uk/article-australian-court-shows-relax-in-formalities.html Sun, 15 Jul 2012 00:00:00 +0100 In today’s society, it is common for families to no longer remain in close physical contact, but to be spread across the entire globe. This can cause problems when trying to locate next of kin, particularly in cases of intestacy. http://www.iwc-ltd.co.uk/article-probate-services-for-heir-hunters.html Mon, 30 Jan 2012 00:00:00 +0000 High profile cases of family members challenging the instructions contained in their loved one’s Will continue unabated. http://www.iwc-ltd.co.uk/article-wills-and-undue-influence.html Thu, 26 Jan 2012 00:00:00 +0000 Changes may well be afoot for surviving partners of unmarried couples, with the recent report prepared by the Law Commission. http://www.iwc-ltd.co.uk/article-unmarried-couples-and-probate.html Wed, 25 Jan 2012 00:00:00 +0000 When a loved one dies, it is your job as Executor of the Estate to locate and identify all outstanding debts, formal documents and banking details in order to process probate correctly. http://www.iwc-ltd.co.uk/article-i-can’t-locate-banking-records.html Tue, 24 Jan 2012 00:00:00 +0000 Despite the advice of will writing specialists, many adults fail to change their Will after the initial one has been drafted, in many cases rendering their wishes at the time of their death, invalid. http://www.iwc-ltd.co.uk/article-can-they-challenge-the-will.html Mon, 23 Jan 2012 00:00:00 +0000 With many young couples and families struggling with their finances during this difficult economic climate, many elderly parents are trying to help out by giving them cash gifts for a wedding, deposit for a house or even occasions such as Christmas. http://www.iwc-ltd.co.uk/article-giving-money-to-your-adult-child.html Wed, 18 Jan 2012 00:00:00 +0000 Findings from Legal & General have revealed that around half of the British adult population under the age of 50 think they are too young to consider how to minimise the Inheritance Tax liable on their final Estate. http://www.iwc-ltd.co.uk/article-want-to-pay-less-inheritance-tax--deal-with-it-now!.html Mon, 16 Jan 2012 00:00:00 +0000 A recent report by Which? has revealed that a number of over-50 life plans offer poor value for money. http://www.iwc-ltd.co.uk/article-over-50s-warned-of-life-plans.html Fri, 13 Jan 2012 00:00:00 +0000 For anyone who has moved abroad and doesn’t want any immediate family members to inherit part of their Estate, changes to the Inheritance (Provision for Family and Dependants) Act 1975 may have a significant effect. http://www.iwc-ltd.co.uk/article-changes-to-the-inheritance-act-1975-for-expats.html Wed, 11 Jan 2012 00:00:00 +0000 Living in the same home as your elderly parents – whether you’re caring for them or simply are unable to financially afford to move out, can be difficult. http://www.iwc-ltd.co.uk/article-losing-your-home-after-death.html Mon, 09 Jan 2012 00:00:00 +0000 The Inheritance (Provision for Family and Dependants) Act 1975, states that valid individuals (such as adult children) who have not been left any part of an Estate, can potentially make a claim against the contents of the deceased’s Will, challenging their wishes. http://www.iwc-ltd.co.uk/article-don’t-want-to-leave-anything-to-your-child.html Thu, 05 Jan 2012 00:00:00 +0000 A Consent Order, otherwise known as a Clean Break Order, should be drafted as part of a divorce between the two parties. In essence, it means that any agreement made with regards to finances is legally binding and cannot be changed at any future date. http://www.iwc-ltd.co.uk/article-what-is-a-consent-order.html Tue, 03 Jan 2012 00:00:00 +0000 Research from The Living Probate Company (TLPC) has revealed that over half of those interviewed who carried out the role of Executor without professional support, found the whole process as stressful as buying a house. In fact, 20% of the interviewees were forced to take additional time off work to ensure that the process was moving along correctly. http://www.iwc-ltd.co.uk/article-the-negative-side-of-diy-probate.html Mon, 02 Jan 2012 00:00:00 +0000 The Heir Hunters Association has warned of a national scam led by a company which claims to be recruiting “case workers”, whose role it is to interview individuals over the telephone. http://www.iwc-ltd.co.uk/article-heir-hunters-association-warns-of-scam.html Sun, 01 Jan 2012 00:00:00 +0000 The failure of a successful businessman to plan his Estate effectively in order to meet Inheritance Tax demands, has led to an inter-family dispute among his three daughters and their new stepmother. http://www.iwc-ltd.co.uk/article-lack-of-inheritance-tax-provision-sparks-family-dispute.html Fri, 30 Dec 2011 00:00:00 +0000 If you are a young person looking to make your inheritance work for you, don’t be tempted to spend it on frivolous items such as holidays and clothes. Instead, look to the future or, to be more specific, why not use it to help you get a foot on the property ladder or save for your retirement? (However far off that may seem!) http://www.iwc-ltd.co.uk/article-make-the-most-of-your-inheritance.html Wed, 28 Dec 2011 00:00:00 +0000 Research undertaken by GoCompare.com has revealed that less than a third of respondents understand what the probate process entails or the basics of English intestate law. http://www.iwc-ltd.co.uk/article-understanding-the-probate-process.html Tue, 27 Dec 2011 00:00:00 +0000 Over the last few months, probate practitioners have noticed a rise in the number of Executors who come to them, having made a mistake within the probate process. http://www.iwc-ltd.co.uk/article-rise-in-probate-mistakes-blamed-on-diy-probate.html Tue, 20 Dec 2011 00:00:00 +0000 Those who are entering into a second marriage whereby their spouse owns the family home but hasn’t made a Will, need to tread very carefully. http://www.iwc-ltd.co.uk/article-second-marriages-–-what-happens-to-the-house.html Mon, 19 Dec 2011 00:00:00 +0000 If you have been left a property shared between siblings or other beneficiaries, you need to decide what to do with that property – whether to sell it or, given the sluggish property market, to rent it out in the meantime. http://www.iwc-ltd.co.uk/article-inheriting-a-shared-home.html Sat, 17 Dec 2011 00:00:00 +0000 When writing a life insurance policy, it is always worth considering putting it into trust. This means that you will set aside a particular asset to give to one or more of your beneficiaries, which will managed by a trustee until the beneficiary is ready to inherit that asset. http://www.iwc-ltd.co.uk/article-why-write-a-life-insurance-policy-in-trust.html Mon, 12 Dec 2011 00:00:00 +0000 Perfectly legal means of avoiding or reducing Inheritance Tax could be affected by the introduction of a General Anti-Abuse Tax Rule (GAAR) if the English government passes legislation. http://www.iwc-ltd.co.uk/article-plans-to-stop-inheritance-tax-avoidance.html Thu, 08 Dec 2011 00:00:00 +0000 By setting up a life assurance policy, you are effectively transferring a portion of your assets – now or in the future, to a trustee, who will manage that asset as you see fit, until such time as you’d like to give it to a beneficiary. http://www.iwc-ltd.co.uk/article-life-assurance-policies-and-inheritance.html Thu, 08 Dec 2011 00:00:00 +0000 If you are a landowner, then you should have made a Will. If no Will has been prepared, then the rules of intestacy state that all of your assets, including your land, will automatically be passed to your children or next of kin. http://www.iwc-ltd.co.uk/article-what-happens-to-my-land-when-i-die.html Sun, 04 Dec 2011 00:00:00 +0000 Since 2007, any nil-rate band which was unused on the death of a first spouse, can subsequently be transferred to the Estate of the second spouse, in the event of their death. http://www.iwc-ltd.co.uk/article-transferring-unused-iht-allowance.html Wed, 30 Nov 2011 00:00:00 +0000 When writing your Will, bear in mind that leaving any specific, valuable gifts to individuals could attract an Inheritance Tax liability which exceeds the value of the entire Estate, leaving the executors with significant debts. http://www.iwc-ltd.co.uk/article-beware-of-leaving-valuable-gifts-in-your-will.html Tue, 29 Nov 2011 00:00:00 +0000 A probate solicitor has been found guilty of overcharging his clients, in some cases by thousands of pounds, after investigation by the Solicitors Regulation Authority in 2006. http://www.iwc-ltd.co.uk/article-probate-solicitor-found-guilty-of-overcharging-clients.html Tue, 22 Nov 2011 00:00:00 +0000 Probate is the process which needs to be undertaken to distribute assets from a person’s Estate in the event of their death. http://www.iwc-ltd.co.uk/article-how-much-does-probate-cost.html Fri, 18 Nov 2011 00:00:00 +0000 If you have been named as Executor of a Will, then you are deemed responsible for carrying out all the administration for that estate, until all the assets and money have been distributed as specified in that Will. http://www.iwc-ltd.co.uk/article-what-do-i-do-as-executor.html Thu, 17 Nov 2011 00:00:00 +0000 Most of us are fascinated to hear titbits of information about members of our family from previous generations. Perhaps your grandmother or great grandmother was a Land Girl? Or perhaps one of your ancestors was a significant political figure or even related to royalty? http://www.iwc-ltd.co.uk/article-where-do-you-come-from--our-family-tree-research-service.html Tue, 15 Nov 2011 00:00:00 +0000 A sad case was highlighted recently, when the long term partner of a man who died, learned that despite having had a civil ceremony, he was not entitled to anything at all from his partner’s estate. http://www.iwc-ltd.co.uk/article-common-law-couples-and-wills.html Mon, 14 Nov 2011 00:00:00 +0000 One of Princess Margaret’s greatest friends, Lord Glenconner, passed away last year, leaving an estate valued at several million pounds. http://www.iwc-ltd.co.uk/article-contents-of-will-shocked-family.html Thu, 10 Nov 2011 00:00:00 +0000 There are specific legalities associated with preparing a Will, legalities which, if not strictly adhered to, can easily make the document invalid. http://www.iwc-ltd.co.uk/article-mistake-in-will-leads-to-family-dispute-.html Wed, 09 Nov 2011 00:00:00 +0000 Plans are afoot to amend the three hundred year old Act of Settlement, which stipulates that Royal males automatically take precedence over females when it comes to the process of Royal succession. http://www.iwc-ltd.co.uk/article-royal-succession-plans-strike-a-blow-for-women.html Tue, 08 Nov 2011 00:00:00 +0000 Current Jersey probate law states that if an English national dies, leaving remaining assets in Jersey with a total value of over £10,000, then probate must be granted in Jersey for these assets to be distributed in accordance with the contents of the Will. http://www.iwc-ltd.co.uk/article-applying-for-probate-in-jersey.html Mon, 07 Nov 2011 00:00:00 +0000 Great news that the Government Insolvency Service has identified and is currently dealing with another three non-professional organisations posing as Will writers. http://www.iwc-ltd.co.uk/article-how-to-find-a-reputable-will-writing-firm.html Thu, 03 Nov 2011 00:00:00 +0000 If you own a property in France, it may be that you will this, and other assets, will become liable for distribution under French probate law. http://www.iwc-ltd.co.uk/article-french-probate-law.html Mon, 24 Oct 2011 00:00:00 +0100 “Succession Tax” is the Spanish equivalent of the UK’s Inheritance Tax. However, the rules governing Succession Tax are very different from those which apply to Inheritance Tax in England and so if you have any assets or property in Spain, it is essential that you are familiar with this legislation. http://www.iwc-ltd.co.uk/article-spanish-succession-tax.html Sun, 23 Oct 2011 00:00:00 +0100 Often, if you need to apply for probate for a loved one who had properties in both the UK and abroad, you will be advised to apply in all countries concerned. http://www.iwc-ltd.co.uk/article-what-are-probate-reseals.html Sat, 22 Oct 2011 00:00:00 +0100 If it is considered important to have a Will prepared if you have any property, assets or dependants, then surely it is absolutely vital if you own a business – particularly a family business. http://www.iwc-ltd.co.uk/article-wills-for-owners-of-family-businesses.html Wed, 19 Oct 2011 00:00:00 +0100 The government has decided not to implement guidelines proposed by the Law Commission which would have offered greater financial security to unmarried couples living together. http://www.iwc-ltd.co.uk/article-bad-news-for-unmarried-couples.html Tue, 18 Oct 2011 00:00:00 +0100 We are delighted to announce that we are working with The Forces Pension Society, providing members with a reliable, trustworthy and professional probate service. http://www.iwc-ltd.co.uk/article-iwc-ltd-links-with-the-forces-pension-society.html Mon, 17 Oct 2011 00:00:00 +0100 Earlier this year, a disputed Will made headlines when a judge ruled that a daughter should be granted £50,000 from her late mother’s Estate, despite the mother having prepared a Will in which she left all £500,000 to charity. http://www.iwc-ltd.co.uk/article-making-your-will-water-tight.html Wed, 12 Oct 2011 00:00:00 +0100 Many families are suffering from finances which are stretched to breaking point, which might explain why TV programmes such as Missing Millions and Heir Hunters have become so popular, with thousands of us dreaming of a way of finding a sudden fortune. http://www.iwc-ltd.co.uk/article-could-you-be-due-an-inheritance.html Tue, 11 Oct 2011 00:00:00 +0100 As we get older and have families of our own, we often feel the need to find out our true identity, to discover where we came from and to gain a true sense of origin. http://www.iwc-ltd.co.uk/article-putting-together-your-family-tree.html Mon, 10 Oct 2011 00:00:00 +0100 With news that the cost of funerals have increased yet again, we are likely to see increasing numbers of individuals who do not have the financial ability to be able to pay for their loved ones’ funerals. http://www.iwc-ltd.co.uk/article-can’t-afford-to-pay-for-the-funeral.html Tue, 04 Oct 2011 00:00:00 +0100 Around 70% of all funeral services in the UK now take the form of a cremation. For religious ceremonies, the service itself can take place either at a church (or other place of worship) with the cremation following on afterwards, or at the crematorium itself. A full service at the crematorium takes around 45 minutes on average, with a shorter, committal service taking place for ceremonies which have already been held in elsewhere. Both services can be held by the same minister if requested. http://www.iwc-ltd.co.uk/article-organising-a-cremation.html Mon, 03 Oct 2011 00:00:00 +0100 Unfortunately, it seems that funeral costs are continuing to rise, with the cost of a funeral now averaging around £7248 – a rise of £400 since last year. http://www.iwc-ltd.co.uk/article-funeral-costs-have-increased.html Fri, 23 Sep 2011 00:00:00 +0100 Providing that no arguments arise from reading the contents of your Will after your death, your Executors must firstly apply to the Probate Service (part of the Family Division of the High Court) for a grant of representation. http://www.iwc-ltd.co.uk/article-what-is-the-probate-service.html Thu, 22 Sep 2011 00:00:00 +0100 Once you have made the responsible decision to make a Will, it is vital that you then take steps to ensure that everyone (particularly anyone you have specifically named as Executor), knows where it is, and that it is kept in a safe location. http://www.iwc-ltd.co.uk/article-how-can-i-keep-my-will-safe.html Wed, 21 Sep 2011 00:00:00 +0100 It is rarely the case that a Will is (or as should be) as straightforward as documenting your wishes to leave your entire Estate to one individual. Most likely, you will want to include your spouse, siblings, children, grandchildren – perhaps even friends and charitable organisations. http://www.iwc-ltd.co.uk/article-what-should-i-include-in-my-will.html Mon, 19 Sep 2011 00:00:00 +0100 Immediate Post Death Interest Trusts (or IPDIs) are used particularly as part of Inheritance Tax planning. http://www.iwc-ltd.co.uk/article-what-are-immediate-post-death-interest-trusts-246.html Sun, 18 Sep 2011 00:00:00 +0100 With more advanced health facilities and the majority of us living longer than ever, it is likely that a significant percentage of us are likely to die in hospital or in a care home. http://www.iwc-ltd.co.uk/article-dying-in-a-hospital-or-care-home--.html Thu, 15 Sep 2011 00:00:00 +0100 Once the cause of death has been established, you must register the person’s death within five days at the Register Office in the area where the death has taken place. http://www.iwc-ltd.co.uk/article-how-do-i-register-a-death.html Wed, 14 Sep 2011 00:00:00 +0100 If you are a parent of young children and are behaving responsibly by having a Will prepared, you will need to consider not just their financial future but their welfare, too. http://www.iwc-ltd.co.uk/article-choosing-a-legal-guardian-–-points-to-consider.html Mon, 12 Sep 2011 00:00:00 +0100 If you are marrying for a second time (or perhaps it’s third time lucky for you!) it is vital that you ensure that a new Will is drawn up. This is because a new marriage will normally invalidate a Will which was prepared before the event. http://www.iwc-ltd.co.uk/article-getting-married-again--make-sure-you-have-a-new-will-in-place.html Fri, 09 Sep 2011 00:00:00 +0100 A spousal bypass trust is, in many instances, a useful tool when looking to minimise the amount of Inheritance Tax payable on an Estate. http://www.iwc-ltd.co.uk/article-what-is-a-spousal-bypass-trust.html Thu, 08 Sep 2011 00:00:00 +0100 UK legislation which stipulates that a property used solely as a farmhouse to support a farm and not used as the family home should be eligible for agricultural property relief, is set to remain in place. http://www.iwc-ltd.co.uk/article-farmhouses-retain-reduction-in-inheritance-tax.html Mon, 05 Sep 2011 00:00:00 +0100 Succession planning is much the same as estate planning in that it is simply taking steps to ensure that your business, farm or properties are handed down accordingly to your next of kin. In this way, they remain within the family and provide a source of income for your family, once you’ve gone. Not only that, but if prepared properly, may prevent the assets from being squandered by less than responsible family members. http://www.iwc-ltd.co.uk/article-succession-planning-for-expats.html Sun, 04 Sep 2011 00:00:00 +0100 The UK’s uncertain economic climate appears to be driving many cash-strapped charities into pursuing hard sell tactics, at a time when those involved are at their most vulnerable. http://www.iwc-ltd.co.uk/article-desperate-charities-target-executors.html Tue, 30 Aug 2011 00:00:00 +0100 Whether you have had a Will prepared for you by a professional or you have written it yourself, under English law you must sign it in the joint presence of two independent witnesses, who should also sign the document. http://www.iwc-ltd.co.uk/article-does-a-will-need-to-be-witnessed.html Mon, 29 Aug 2011 00:00:00 +0100 Skipton Financial Services has carried out a survey which has uncovered some startling and worrying facts, mainly that two thirds of adults aged under 35 expect to receive an inheritance but half of those aged over 50 are already spending the money. http://www.iwc-ltd.co.uk/article-spending-the-inheritance.html Sat, 27 Aug 2011 00:00:00 +0100 Once, it was taken for granted that if you worked hard all your life, your children would take care of you in old age, you’d have a pension which, if not excessive, would at least help you through your latter years and you’d have money to hand down to your loved ones after you’d gone. http://www.iwc-ltd.co.uk/article-why-pensioners-are-borrowing-more-than-ever.html Fri, 26 Aug 2011 00:00:00 +0100 Should you wish to maintain the value of your current property for your loved ones in the future, yet allow someone else to live in it during their lifetime, then a Property Trust Will is ideal, particularly for those who own a substantial family home or even an estate, and rent it out to others. http://www.iwc-ltd.co.uk/article-property-trust-wills---the-basics.html Wed, 24 Aug 2011 00:00:00 +0100 A Flexible Life Interest Trust Will tends to be implemented if you have a significant Estate, including not only savings and property, but other valuable assets or investments. http://www.iwc-ltd.co.uk/article-flexible-life-interest-trust-wills---the-basics.html Tue, 23 Aug 2011 00:00:00 +0100 Should you intend leaving some of your Estate to loved ones who are classed as vulnerable (perhaps mentally disabled or suffering from Alzheimer’s), a Discretionary Trust Will permits you to appoint a number of Trustees, who will manage the inheritance on behalf of or in support of the vulnerable individual. http://www.iwc-ltd.co.uk/article-what-is-a-discretionary-trust-will.html Sat, 20 Aug 2011 00:00:00 +0100 An Executor of a Will is someone who has been named as the person who will deal with an individual’s probate process (financial affairs) and distribute their Estate accordingly, in the event of their death. http://www.iwc-ltd.co.uk/article-don’t-want-to-be-an-executor.html Thu, 18 Aug 2011 00:00:00 +0100 Wondering about Wills and civil partnerships? If you already have a Will in place prior to entering into a civil partnership, then once that partnership has been formalised (by registering under the Civil Partnership Act), the original Will is automatically revoked and it is legally assumed that without any evidence to the contrary and even without a replacement Will, a significant portion of the proceeds of your Estate on death will be passed to your partner. http://www.iwc-ltd.co.uk/article-in-a-civil-partnership--you-still-need-to-make-a-will.html Tue, 16 Aug 2011 00:00:00 +0100 Website MyVoucherCodes has recently undertaken a study which shows that nearly half of people aged 25 to 50 have failed to prepare a Will, feeling that they were “too young” to do so or that the subject was too morbid to address. http://www.iwc-ltd.co.uk/article-too-young-to-have-a-will.html Mon, 15 Aug 2011 00:00:00 +0100 The Legal Services Consumer Panel has recently investigated a number of complaints about inaccurately written Wills and discovered some startling results. http://www.iwc-ltd.co.uk/article-calls-for-will-writing-regulation-strengthened.html Fri, 12 Aug 2011 00:00:00 +0100 If you are on a low income, the Social Fund is a government funded programme which aims to assist those facing additional costs to those covered by their benefits. http://www.iwc-ltd.co.uk/article-what-is-the-social-fund.html Mon, 01 Aug 2011 00:00:00 +0100 With so many couples choosing to divorce in the UK, the structure of the traditional family unit has become distorted. http://www.iwc-ltd.co.uk/article-want-to-leave-your-children-out-of-your-will.html Thu, 21 Jul 2011 00:00:00 +0100 When you have a Will prepared, your Will writer will not only take into consideration your assets including your home, its contents and your savings. They will also look at what pension arrangements you have in place, as these could literally run into thousands of pounds if you die before being able to collect your pension. http://www.iwc-ltd.co.uk/article-dont-forget-your-pension.html Tue, 19 Jul 2011 00:00:00 +0100 If you want to prepare a new Will with a different Will writer, you should first of all contact the original professional, so that you can obtain the documents you prepared at that time. http://www.iwc-ltd.co.uk/article-making-a-new-will.html Mon, 18 Jul 2011 00:00:00 +0100 If you own a half share of a property as a tenant in common and the other share holder dies, leaving their share to you, do not make the mistake of believing that you have the authority to decide what happens to that share, unless you are the Executor of their Will. This means that you are unable to rent out the property or sell your share until the Will has been administered appropriately. http://www.iwc-ltd.co.uk/article-owning-property-as-tenants-in-common-219.html Fri, 15 Jul 2011 00:00:00 +0100 Inheritance scams are nothing new. Often praying on families and individuals in financial difficulties, these fraudsters will contact them, informing them that they have details of the Estate of a deceased person with the same surname and that they could stand to inherit millions of pounds in inheritance. http://www.iwc-ltd.co.uk/article-beware-inheritance-scams.html Thu, 14 Jul 2011 00:00:00 +0100 Unfortunately, it can sometimes be the case whereby a family member or a friend of a deceased individual will be surprised and dismayed to learn that they have not inherited as much as they anticipated, or have been left out of the Will entirely. http://www.iwc-ltd.co.uk/article-disagree-with-the-contents-of-a-will.html Wed, 13 Jul 2011 00:00:00 +0100 Very often, the Estate of a deceased person will not only contain property and money in bank accounts, but pensions, stocks and shares. http://www.iwc-ltd.co.uk/article-transferring-shares-after-death.html Tue, 12 Jul 2011 00:00:00 +0100 Unfortunately, Wills are often the cause of many family disputes. Perhaps the requests held within it are a shock and cause a rift between family members or in some cases, the document alone can help to strengthen family arguments and divides. http://www.iwc-ltd.co.uk/article-finding-out-the-contents-of-a-will.html Mon, 11 Jul 2011 00:00:00 +0100 In most instances, it is the responsibility of the Executor of a Will to ensure that all bills are paid from a final Estate and that it is distributed according to the wishes of the deceased. http://www.iwc-ltd.co.uk/article-closing-a-bank-account-after-death.html Sat, 09 Jul 2011 00:00:00 +0100 If you own a half share of a property as a tenant in common and the other share holder dies, leaving their share to you, do not make the mistake of believing that you have the authority to decide what happens to that share, unless you are the Executor of their Will. This means that you are unable to rent out the property or sell your share until the Will has been administered appropriately. http://www.iwc-ltd.co.uk/article-owning-property-as-tenants-in-common.html Wed, 06 Jul 2011 00:00:00 +0100 Many people think that they can run up debts during their lifetime, which are automatically written off after their death. Unfortunately, this isn’t the case and just because you’ve gone, it doesn’t mean your debts will disappear too. http://www.iwc-ltd.co.uk/article-debts-after-death.html Fri, 01 Jul 2011 00:00:00 +0100 If a loved one has died without telling anyone about the whereabouts or even the existence of a Will, it does not necessarily mean that they didn’t leave one. http://www.iwc-ltd.co.uk/article-what-to-do-if-you-cant-find-a-will.html Tue, 28 Jun 2011 00:00:00 +0100 On the face of it, if you have been named the Executor of a Will, you may think that there is no earthly reason why you cannot apply for probate and distribute the proceeds of that Will by yourself, without the need to hire a specialist. http://www.iwc-ltd.co.uk/article-why-it-pays-to-use-a-probate-specialist.html Mon, 27 Jun 2011 00:00:00 +0100 An article appeared recently on www.thisismoney.co.uk, discussing a probate firm who has been accused of overcharging its clients. The firm mentioned in the article is called ITC and should not be confused with IWC, which is a member of the Society of Will Writers & Estate Planning Practitioners. http://www.iwc-ltd.co.uk/article-beware-of-probate-firms-who-have-tieups.html Tue, 21 Jun 2011 00:00:00 +0100 Premium Bonds are issued by the government's National Savings and Investments scheme. The government promises to buy back the bond, on request, for its original price and also pays interest on the bond. However, instead of the interest being paid into the owner’s bank account, it is paid into a fund from which a monthly lottery distributes tax-free prizes to those bond owners whose numbers are selected. http://www.iwc-ltd.co.uk/article-what-will-happen-to-my-premium-bonds-after-i-die.html Mon, 20 Jun 2011 00:00:00 +0100 In a healthy property market, it can often be the case that a property left as part of an Estate is sold at a higher price than the value given in a probate valuation. http://www.iwc-ltd.co.uk/article-selling-a-property-during-probate.html Thu, 16 Jun 2011 00:00:00 +0100 The number of people failing to declare their inheritance whilst still claiming benefits seems to be on the increase, with new cases appearing in the media each week. http://www.iwc-ltd.co.uk/article-claiming-benefits-and-inheriting-money.html Wed, 15 Jun 2011 00:00:00 +0100 A recent study by National Savings and Investments (NS&I) found that a shocking 36% of people who took part in its survey, had no idea of how their parents wanted to distribute their final Estate. http://www.iwc-ltd.co.uk/article-do-you-know-whats-in-your-parents-will.html Tue, 14 Jun 2011 00:00:00 +0100 It has been revealed that over 9000 investigations involving Inheritance Tax valuations were carried out by HMRC in the year ending December 2010. http://www.iwc-ltd.co.uk/article-be-wary-of-inheritance-tax-valuations.html Mon, 13 Jun 2011 00:00:00 +0100 Agricultural Property Relief (APR) can offer a means of limiting Inheritance Tax liability on a farmer’s final Estate by reducing the value of qualifying assets. http://www.iwc-ltd.co.uk/article-inheritance-tax-relief-for-farmers.html Thu, 09 Jun 2011 00:00:00 +0100 If you have been named as the Executor of a Will, then it is up to you to ensure that all wishes made by the deceased in that Will are carried out, all outstanding debts are paid off and the rest of the Estate distributed according to the instructions given by the deceased. http://www.iwc-ltd.co.uk/article-what-happens-after-death--an-executors-guide..html Tue, 07 Jun 2011 00:00:00 +0100 A transfer of equity simply means that the person who owns a particular property will make a gift of the equity (that is either its entire market value or the difference between the balance of the outstanding mortgage and the value of the property), usually to change the name on the deeds or to minimise tax liability. http://www.iwc-ltd.co.uk/article-transfer-of-equity--the-facts.html Mon, 06 Jun 2011 00:00:00 +0100 Recent findings from the Financial Ombudsman Service have shown that from April 2010 to March 2011, 206,000 new cases have been brought before the FSA, up 26% on the previous year. Just over half were settled in favour of the consumer. http://www.iwc-ltd.co.uk/article-fsa-berates-insurers-guilty-of-poor-death-claims-service.html Tue, 31 May 2011 00:00:00 +0100 As you’ve probably heard on the news recently, most Brits who have yet to get a foot on the property ladder, now don’t expect to be able to until around the age of 40. This is due principally to strict lending restrictions, high property prices and significant deposits required. http://www.iwc-ltd.co.uk/article-mortgages-for-over-40s--a-warning.html Sun, 29 May 2011 00:00:00 +0100 A life insurance policy will pay out a certain amount of money to your named beneficiaries, in the event of your death. This is of course similar to the probate process, but in the event that you suspect probate will be complicated, you can have your life insurance policy “Written in Trust”, which will avoid lengthy delays on payout. http://www.iwc-ltd.co.uk/article-life-insurance-policies--written-in-trust.html Sat, 28 May 2011 00:00:00 +0100 Will writing and practising probate is certainly a serious profession. Working alongside our clients, planning their funeral and their Estate is a responsibility which is not taken lightly. Similarly, comforting bereaved relatives and guiding them through the probate process calls for a great deal of sensitivity, diplomacy and understanding. http://www.iwc-ltd.co.uk/article-tracing-beneficiaries-.html Wed, 25 May 2011 00:00:00 +0100 Recent changes to Inheritance Tax law as indicated by the last Budget means that Estates will now be taxed on death according to whether or not the deceased has left a charitable legacy. These changes will of course affect Estate planning and may see many individuals looking to amend their Will. http://www.iwc-ltd.co.uk/article-why-inheritance-tax-changes-mean-you-need-to-change-your-will.html Mon, 23 May 2011 00:00:00 +0100 Banks and other financial lenders will request to see a copy of the person’s death certificate. Unfortunately, this of course cannot be provided until the inquest has gone ahead and the cause of death concluded. http://www.iwc-ltd.co.uk/article-what-is-an-interim-death-certificate.html Thu, 19 May 2011 00:00:00 +0100 The ongoing battle to regulate Will writers and probate practitioners will undoubtedly pick up pace with the implementation of the Legal Services Act in October. http://www.iwc-ltd.co.uk/article-will-legal-services-act-encourage-probate-fraud.html Mon, 16 May 2011 00:00:00 +0100 A chain of representation is put in place should the Executor of your Will die before having completed the administration of your Estate and you have another Executor in place, they will take over this duty alone. However, if this person also dies, or there is no other Executor in place, then should your initial Executor have a Will in place, the Executors of their Estate will also take over the distribution of yours. http://www.iwc-ltd.co.uk/article-what-is-a-chain-of-representation.html Fri, 13 May 2011 00:00:00 +0100 One of the main questions probate practitioners are often asked is: “How long will my inheritance take to come through”? http://www.iwc-ltd.co.uk/article-delay-in-probate--communication-is-the-key.html Wed, 11 May 2011 00:00:00 +0100 A mother in Milton Keynes suffered a terrible tragedy in 2006, when her son was killed in a car accident. After struggling to find the funds to give her son a decent funeral, which currently costs on average around £3000, her anguish was exacerbated, when she was sent a bill for rights to the burial plot totalling £304, a year later. http://www.iwc-ltd.co.uk/article-mothers-campaign-to-make-funeral-costs-clearer.html Tue, 10 May 2011 00:00:00 +0100 An Emotional Will is, in actual fact, not a legal document. However, many of us look to our past in an attempt to try and define who we are. Unfortunately, the advent of digital photography and emails means that often, there are no photographs or letters to leave behind to show generations of our families to come. No documentation to tell your grandchildren or great grandchildren about the kind of person you really were – your adventures, thoughts and dreams. http://www.iwc-ltd.co.uk/article-what-is-an-emotional-will.html Mon, 09 May 2011 00:00:00 +0100 Many people now own a holiday home in warmer climes which of course must be considered when preparing their Will (you HAVE prepared a Will haven’t you?!) What must be remembered is that this foreign property is not likely to be covered by the terms and conditions of your English Will. http://www.iwc-ltd.co.uk/article-much-is-currently-written-about-emotional-wills-yet-most-of-us-are-not-aware-of.html Sat, 07 May 2011 00:00:00 +0100 Occurrences of partial intestacy are usually found by probate specialists in cases where an individual has opted to use a DIY Will writing facility without seeking advice or support. http://www.iwc-ltd.co.uk/article-what-is-partial-intestacy.html Fri, 06 May 2011 00:00:00 +0100 Unfortunately, possibly due to a restructure of the family unit or increasing financial burdens, the numbers of Wills being contested are on the increase. http://www.iwc-ltd.co.uk/article-when-probate-is-disputed.html Thu, 05 May 2011 00:00:00 +0100 For those of us who like to plan and be in control, it can often be unsettling to think of what will happen to us and our assets after we die. http://www.iwc-ltd.co.uk/article-planning-your-funeral--points-to-consider.html Wed, 04 May 2011 00:00:00 +0100 Although property prices are only yet beginning to make a steady recovery in the UK, property developers and investors have been burned by the economic instability surrounding the market over the last three years. http://www.iwc-ltd.co.uk/article-do-probate-properties-make-good-investments.html Mon, 02 May 2011 00:00:00 +0100 All too often, fees for administering an Estate can be very vague, with final costs looking very different to what was originally thought. http://www.iwc-ltd.co.uk/article-what-does-fixed-fee-mean-in-probate.html Thu, 28 Apr 2011 00:00:00 +0100 Read a shocking article yesterday in The Telegraph, which reveals that nine out of ten of us will not seek Inheritance Tax planning advice before our death, and will likely pay £80,000 out of our Estate http://www.iwc-ltd.co.uk/article-why-youll-pay-80000-to-the-government.html Wed, 27 Apr 2011 00:00:00 +0100 Trusts remain an excellent way of protecting your assets, by giving gifts of money or property to your loved ones, in a way in which they can be managed effectively. http://www.iwc-ltd.co.uk/article-protecting-your-investments-with-trusts.html Fri, 15 Apr 2011 00:00:00 +0100 Increasing numbers of home owners are now considering equity release as a means of freeing up money, at a time when financial restraints are becoming even tighter. http://www.iwc-ltd.co.uk/article-how-does-equity-release-work.html Wed, 13 Apr 2011 00:00:00 +0100 We always advise people to spare a couple of hours and have a Will prepared. In the long term, it can prevent lengthy delays of money being received by your loved ones, as well as conflict and bad feeling. Of course it also ensures that your hard earned money will go to those who truly deserve it. http://www.iwc-ltd.co.uk/article-i-dont-have-a-will.--where-will-my-money-go.html Tue, 12 Apr 2011 00:00:00 +0100 A case was highlighted recently whereby an adult child of a mother who passed away brought a claim against her mother’s Estate, as she had been left nothing in her Will. http://www.iwc-ltd.co.uk/article-claims-by-adult-children--the-inheritance-act-1975.html Sun, 10 Apr 2011 00:00:00 +0100 With many of us now living abroad but retaining property in the UK, this can cause further challenges during the probate process. http://www.iwc-ltd.co.uk/article-resealing-the-grant-of-probate--the-facts.html Sat, 09 Apr 2011 00:00:00 +0100 Many Brits have understandably chosen to emigrate to warmer climes, with Spain being a firm favourite. However, particularly if you are of a certain age, you should always consider the admittedly dreadful possibility of what would happen if you were to pass away during your time there. http://www.iwc-ltd.co.uk/article-spanish-succession-tax-explained.html Fri, 08 Apr 2011 00:00:00 +0100 Everyone is permitted to gift up to £3000 to their beneficiaries from their Estate in any one year, without this amount falling liable to Inheritance Tax. These are known as “exempt transfers”. This is a common practice for those who have the cash available, with parents and grandparents deriving satisfaction from actually seeing how the money is helping their loved ones (particularly in this time of financial struggle) whilst they are still alive. http://www.iwc-ltd.co.uk/article-what-is-a-potentially-exempt-transfer.html Wed, 06 Apr 2011 00:00:00 +0100 When a person dies, if the value of their final Estate exceeds £325,000 (including savings, cash and property), then normally, anything over this amount will become liable for Inheritance Tax. If their Estate does not total as much as this, then no Inheritance Tax will fall due. This amount up to the £325,000 is known as the “nil rate band”. http://www.iwc-ltd.co.uk/article-what-is-the-nil-rate-band.html Fri, 01 Apr 2011 00:00:00 +0100 Everyone is allowed to have an Estate worth up to £325,000 including assets, property and cash, before it becomes liable for Inheritance Tax. All goods up to this amount are not taxed and are known as the “nil rate band”. http://www.iwc-ltd.co.uk/article-how-can-i-transfer-an-unused-inheritance-tax-threshold.html Thu, 31 Mar 2011 00:00:00 +0100 UK charities were given some good news last week, with the government announcing plans to reduce the rate of Inheritance Tax applied, where Estates leave at least 10% to charity. http://www.iwc-ltd.co.uk/article-inheritance-tax-discount-spells-good-news-for-charity.html Wed, 30 Mar 2011 00:00:00 +0100 An Immediate Post Death Interest Trust (IPDI) is quite simply a clause inserted into a Will, which can be used as part of the Inheritance Tax planning process. It is particularly useful when planning how to minimise Inheritance Tax for married couples. http://www.iwc-ltd.co.uk/article-what-are-immediate-post-death-interest-trusts.html Tue, 29 Mar 2011 00:00:00 +0100 The continuing rise of funeral costs, both for cremations and burials, has led to significant numbers of people opting to take out funeral plans, to avoid having their loved ones face expensive costs after they’ve gone. http://www.iwc-ltd.co.uk/article-the-number-of-funeral-plans-soar-as-costs-rise.html Mon, 28 Mar 2011 00:00:00 +0100 A recent newspaper report has highlighted the unfortunate case of a Gloucestershire woman, who, in January received an invoice from South Gloucestershire council for care home fees in relation to her late sister, who passed away almost two years ago. http://www.iwc-ltd.co.uk/article-delayed-care-home-fees-distress-beneficiary.html Tue, 22 Mar 2011 00:00:00 +0000 An investment firm has made the worrying discovery that a third of parents are now reluctant to leave money to their married children, in case they subsequently divorce, and the money is in effect, lost. http://www.iwc-ltd.co.uk/article-parents-reluctant-to-make-gifts-to-married-children.html Fri, 18 Mar 2011 00:00:00 +0000 The latest plan by the government to boost the economy is focused on ensuring that more of us will be liable to pay Inheritance Tax. http://www.iwc-ltd.co.uk/article-act-now-to-avoid-paying-inheritance-tax.html Wed, 16 Mar 2011 00:00:00 +0000 Despite national TV coverage, talented singer Doreen Ellen Walker unfortunately passed away last year without making a Will and, because no descendants can be traced, it looks very much like her £250,000 legacy will simply be passed to the government. http://www.iwc-ltd.co.uk/article-sad-ending-to-life-of-reclusive-singer-without-a-will.html Tue, 15 Mar 2011 00:00:00 +0000 A Lasting Power of Attorney is a very useful document which can be prepared at the same time as you make a Will. Simply put, it allows a designated person to take control of your medical and/or financial affairs, should your mental facilities become impaired at some point in the future and you become unable to make vital decisions on a day to day basis. http://www.iwc-ltd.co.uk/article-lasting-power-of-attorney--a-word-of-warning.html Mon, 14 Mar 2011 00:00:00 +0000 In contrast to English probate law, Scotland has its own succession law which states that despite what any Will indicates, the children of a deceased individual will automatically benefit from the Estate. http://www.iwc-ltd.co.uk/article-financial-hardship-triggers-claims-under-scottish-succession-law.html Fri, 11 Mar 2011 00:00:00 +0000 Finally, the Office of Fair Trading has decided to act upon the results of an investigation focusing on high street banks which offer will writing and probate services, following a multitude of complaints about ambiguous advice and extortionate fees. http://www.iwc-ltd.co.uk/article-high-street-banks-offering-probate-services-given-slap-on-the-wrist-by-oft.html Tue, 08 Mar 2011 00:00:00 +0000 The necessity to reduce outgoings as part of the UK public’s ongoing struggle with personal finance, has finally stretched to death too, with relatives attempting to cut down on funeral costs. http://www.iwc-ltd.co.uk/article-cutting-funeral-costs.html Mon, 07 Mar 2011 00:00:00 +0000 Glamorised in the media, we all dream of being contacted and told that we’ve been left thousands of pounds by an elderly, estranged aunt. It all seems so simple and an easy way of making money, but is the reality somewhat different from the dream? http://www.iwc-ltd.co.uk/article-beware-of-heir-hunters.html Thu, 03 Mar 2011 00:00:00 +0000 The long-term recession and slow recovery means that many families have been forced to sell off some of their assets in order to remain solvent. http://www.iwc-ltd.co.uk/article-limited-finances-affect-existing-wills.html Sat, 26 Feb 2011 00:00:00 +0000 A family dispute which has spanned over three generations of the Swanston family had a sad ending last year. http://www.iwc-ltd.co.uk/article-revenge-will-sees-the-end-of-a-three-generation-dispute.html Fri, 25 Feb 2011 00:00:00 +0000 Now that the amount left in a person’s Estate can easily be made public knowledge, we often hear about celebrities leaving hundreds of thousands, or even millions of pounds to their loved ones after their death. Indeed within the last few days, we have heard of a retired Irish grocer, who has left £27m in his Will, to his wife and nine children! http://www.iwc-ltd.co.uk/article-leaving-a-small-amount-of-money-to-your-loved-ones.html Tue, 22 Feb 2011 00:00:00 +0000 If you’re reading this then you’re obviously serious considering making a Will. Well done for being a responsible adult and taking control of your financial affairs; ensuring that the money you’re working so hard to make right now, will be passed not onto the tax man in the event of your death, but to those who really matter. http://www.iwc-ltd.co.uk/article-preparing-to-make-a-will.html Thu, 17 Feb 2011 00:00:00 +0000 Make no mistake, the Executor of a Will has an extremely important part to play in the probate process. If you’ve been named Executor of a Will, then it is up to you to ensure that the instructions contained within the document are carried out and that the Estate is distributed accurately. http://www.iwc-ltd.co.uk/article-ive-been-named-as-executor-of-a-will.--what-do-i-do.html Wed, 16 Feb 2011 00:00:00 +0000 Contrary to what the term implies, the phrase “tenants in common” has in actual fact no connection with renting, but actually means that each person signed up as a owner or “tenant” retains a portion of the property with this particular type of ownership. http://www.iwc-ltd.co.uk/article-what-is-tenants-in-common.html Tue, 15 Feb 2011 00:00:00 +0000 You may remember a fairly recent court case in which a woman left absolutely nothing to her daughter’s family (with whom she had a good relationship), instead leaving her entire Estate to the RSPCA of which, it was reported, Mrs Gill was not an active member. During this case, it was assumed that Mrs Gill had known and approved the contents of her Will, but it was later deduced that the deceased Mr Gill, who was extremely domineering, had in actual fact dictated the contents, regardless of his wife’s opinion. http://www.iwc-ltd.co.uk/article-rspca-and-wills-i--why-you-should-always-meet-with-your-will-writer.html Mon, 14 Feb 2011 00:00:00 +0000 In his Will, the late Mr Mason specified an amount to be left equal to ‘the maximum which I can give without Inheritance Tax becoming payable in respect of this gift’ and his bungalow to his beneficiaries, with the residue to be left to the RSPCA. The Will also stated that if any Inheritance Tax sum was then payable on the bungalow, it was to be paid from the residue of the Estate. http://www.iwc-ltd.co.uk/article-rspca-and-wills-ii--be-careful-of-will-interpretation.html Sun, 13 Feb 2011 00:00:00 +0000 It is unfortunate that the fairly recent death of Sergeant Jacky Manuel, who was killed by a suicide bomber in Afghanistan in 2008, has itself resulted in conflict between his family and his partner. http://www.iwc-ltd.co.uk/article-the-problems-of-not-keeping-a-will-up-to-date.html Fri, 11 Feb 2011 00:00:00 +0000 The Will of Gillian Baverstock, daughter of Enid Blyton, is still at the centre of a dispute involving a handful of her family members. http://www.iwc-ltd.co.uk/article-keep-your-probate-as-smooth-as-possible.html Tue, 08 Feb 2011 00:00:00 +0000 The recent BBC 2 documentary 'You Can't Take It With You' focused on what should happen to your assets in the event of your death. http://www.iwc-ltd.co.uk/article-wills-and-probate-on-tv.html Mon, 07 Feb 2011 00:00:00 +0000 One of the things which is most uncertain in life is precisely when it will end. It is ironic that for those of us lucky enough to be forewarned of the approximate date of our death, allowing us to prepare our affairs and say goodbye to our family and friends, we often unfortunately are then subjected to a harsh fight with illness – a fight which we have no hope of winning. http://www.iwc-ltd.co.uk/article-last-minute-wills.html Thu, 03 Feb 2011 00:00:00 +0000 You will often hear about the necessity to update your Will, but do you know precisely what change in circumstances would mean that you should have it amended? Our lives change regularly, often dramatically, yet often, changing our Will is the last thing on our minds. The list below is designed to give you some guidelines to prompt you when you need to contact your Will writer. http://www.iwc-ltd.co.uk/article-do-you-need-to-update-your-will.html Mon, 31 Jan 2011 00:00:00 +0000 With the current UK mortality rate standing at around 500,000 annually, studies have revealed that two thirds of us would wish to die at home rather than in hospital or in a care home. Unfortunately, contrary to our wishes, the facts show that 60% of people actually die in hospital. http://www.iwc-ltd.co.uk/article-take-control-of-your-death.html Fri, 28 Jan 2011 00:00:00 +0000 The Telegraph ran an article recently based on research carried out by a regional law firm. This research revealed that around two million people in Britain are worried that they will have to sell their home in order to pay care home fees later in life. http://www.iwc-ltd.co.uk/article-lets-talk-about-death.html Wed, 26 Jan 2011 00:00:00 +0000 Even the wealthiest people need help organising their financial affairs and sometimes, in addition, the complicated entanglement left behind after their demise. http://www.iwc-ltd.co.uk/article-probate-and-adopted-children.html Fri, 21 Jan 2011 00:00:00 +0000 There are many ways for your chosen probate practitioner to look at reducing the burden of Inheritance Tax liability, particularly if you are the owner of a limited company. For smaller companies who are not on the stockmarket but have just a handful of employees, there are ways to save money here too. http://www.iwc-ltd.co.uk/article-an-eis-can-help-to-minimise-inheritance-tax-liability.html Thu, 20 Jan 2011 00:00:00 +0000 Using the services of an experienced Estate planning company could save you literally a fortune. Prime minister David Cameron, we have been informed, has inherited a very healthy £300,000 from his father’s Will. The late Ian Cameron deliberately planned his Estate so that his son could inherit a lump sum tax-free, therefore minimising Inheritance Tax liability as much as possible. http://www.iwc-ltd.co.uk/article-using-a-trust-to-reduce-inheritance-tax.html Wed, 19 Jan 2011 00:00:00 +0000 The public is being warned of investing in timeshares, with payments based on an “in perpetuity” basis. http://www.iwc-ltd.co.uk/article-the-dangers-of-in-perpetuity.html Tue, 18 Jan 2011 00:00:00 +0000 The Armed Forces Compensation Scheme (AFCS) was last month reassessed initially by the former Chief of the Defence Staff, Admiral the Lord Boyce. One of the main areas of improvement has been to stretch the time allowed for a surviving spouse, civil partner or surviving adult to make a bereavement claim from one to three years. Claims in respect of bereavements which occurred more than three years ago will now also be considered for a period of one year. http://www.iwc-ltd.co.uk/article-reassessment-of-the-afcs.html Mon, 17 Jan 2011 00:00:00 +0000 Dealing with probate can be a complicated and time consuming process, and requires intimate knowledge of the law and Inheritance Tax legislation. http://www.iwc-ltd.co.uk/article-fixed-fee-probate-offers-security.html Sat, 15 Jan 2011 00:00:00 +0000 The latest census statistics have revealed that the estimated resident population of the UK was 61,792,000 in mid-2009, an increase of 394,000 on the previous year, with about one in five of us being of retirement age. Unfortunately, the number of Wills made seems to remain consistent around the 37% mark – that’s just under 23 million Wills made each year in the UK. http://www.iwc-ltd.co.uk/article-a-will-writers-roundup-of-2011--and-a-timely-reminder.html Wed, 12 Jan 2011 00:00:00 +0000 Results from a recent survey make shocking reading, showing that just one in five (18%) of parents has a Will prepared, to ensure the wellbeing of their children after their death. http://www.iwc-ltd.co.uk/article-why-parents-need-to-have-a-will.html Tue, 11 Jan 2011 00:00:00 +0000 Where past or present relationships are not built on calm waters, this can cause complications when the issue turns to probate. The contents of a Will can be changed in the event of death, if all beneficiaries agree to the amendment. Similarly, it has been known for partners to change the content. http://www.iwc-ltd.co.uk/article-what-is-an-irrevocable-will.html Mon, 10 Jan 2011 00:00:00 +0000 Unlike a Lasting Power of Attorney, an Ordinary Power of Attorney is created in most instances to cover the eventuality that you will be unavailable at some point, to make financial or legal decisions for yourself for a temporary period of time and would like a trusted person, whom you know well and who you feel is adequately responsible, to act on your behalf. Remember however, that any ongoing concerns or assets for which you are a co-owner, cannot be instructed by a named Attorney. http://www.iwc-ltd.co.uk/article-ordinary-power-of-attorney.html Fri, 07 Jan 2011 00:00:00 +0000 When a Muslim dies, there are four duties which need to be performed. These are similar in many ways to Christian funeral and probate proceedings http://www.iwc-ltd.co.uk/article-what-is-shariah.html Sat, 01 Jan 2011 00:00:00 +0000 A Deputy is a person (often a relative) appointed by an order from the Court of Protection, to manage the personal welfare or the property and affairs of another person, who lacks the mental capacity to look after themselves. http://www.iwc-ltd.co.uk/article-what-is-a-court-appointed-deputy.html Wed, 29 Dec 2010 00:00:00 +0000 There are various ways of planning ahead to minimise a potential Inheritance Tax (IHT) bill when the time comes, but what happens if you are the beneficiary of someone who has died without taking any steps to reduce the bill? It may not be too late. http://www.iwc-ltd.co.uk/article-a-deed-of-variation-can-help-make-the-most-of-inheritance.html Tue, 28 Dec 2010 00:00:00 +0000 A heartless conman from St Albans has recently admitted attempting to alter the Will of an elderly man he had befriended, so he would stand to inherit his £450,000 home in Hertfordshire. http://www.iwc-ltd.co.uk/article-make-sure-that-the-contents-of-your-will-remain-private.html Tue, 21 Dec 2010 00:00:00 +0000 It is currently estimated that around 90,000 people each year find themselves having been involuntarily named as Executor in a Will which has moved through to probate, and are then faced with a number of subsequent fees which must be paid from the Estate of the deceased. http://www.iwc-ltd.co.uk/article-named-as-executor.html Mon, 20 Dec 2010 00:00:00 +0000 Winter is traditionally a time when the death rate peaks. Cold weather, falls and cases of pneumonia all take their toll on the elderly – many of whom, it is always frustrating to read, have delayed preparing a Will, meaning their financial affairs are dealt with intestate. http://www.iwc-ltd.co.uk/article-winter-takes-its-toll--ensure-you-have-your-will-prepared..html Sun, 12 Dec 2010 00:00:00 +0000 When it comes to probate, the most expensive mistakes are likely to arise from poorly drafted Wills. Unnecessary costs for families are often likely to include Inheritance Tax liability and care home fees which could have been reduced, or even in some cases avoided. http://www.iwc-ltd.co.uk/article-reduce-your-inheritance-tax-and-care-home-bills.html Sat, 11 Dec 2010 00:00:00 +0000 It has been reported that the RSPCA has appealed against a High Court judgement, regarding a Will worth around £1 million. http://www.iwc-ltd.co.uk/article-understanding-a-will.html Fri, 10 Dec 2010 00:00:00 +0000 In the UK, anyone who feels they have been inadequately provided for in a Will has the right to challenge it. Regardless of whether you are a relative, a friend or simply an acquaintance of the deceased, you may want to challenge a Will because you believe that the deceased was not of sound mind when they had the document prepared, or that they were coerced into leaving their entire Estate to someone, for example. Although you will be expected to prove that this is the case in court, you may be successful in proving that the deceased actually wished for you to receive a portion of their Estate. http://www.iwc-ltd.co.uk/article-left-out-of-a-will.html Mon, 06 Dec 2010 00:00:00 +0000 Farmland continues to offer excellent benefits to investors, not just as a result of sustained value, but its other wealth management benefits, which includes a reduction or even complete exemption from Inheritance Tax. http://www.iwc-ltd.co.uk/article-owning-farmland-brings-more-than-income.html Fri, 03 Dec 2010 00:00:00 +0000 Over half a million people die in the UK each year, but where there’s a Will, there may also be subsequent problems – unless you approach a professional firm which specialises in Will writing and probate, is a member of a body such as the Society of Will Writers, and has indemnity insurance. This will ensure that your beneficiaries receive the best service possible after your death. http://www.iwc-ltd.co.uk/article-make-the-society-of-will-writers-your-first-stop-for-estate-planners.html Wed, 01 Dec 2010 00:00:00 +0000 A common misconception is that bankruptcy only affects young people or just businesspeople looking for a way out of paying their creditors. http://www.iwc-ltd.co.uk/article-funeral-costs-and-bankruptcy.html Tue, 30 Nov 2010 00:00:00 +0000 Dealing with the bereavement of your spouse or partner doesn’t just involve coming to terms with a potential change of lifestyle and strong emotions. It often brings with it longer term problems including financial uncertainty, as the household income is reduced. http://www.iwc-ltd.co.uk/article-your-finances-after-bereavement.html Mon, 29 Nov 2010 00:00:00 +0000 If considering emigration, it is vital that you understand the legislation of the country in which you will be resident, with regards to probate and inheritance. http://www.iwc-ltd.co.uk/article-expats-and-international-probate.html Sun, 28 Nov 2010 00:00:00 +0000 Intestacy simply means that a person has died without leaving a valid Will and that their Estate will therefore be distributed according to the laws of intestate. http://www.iwc-ltd.co.uk/article-what-is-intestacy.html Thu, 18 Nov 2010 00:00:00 +0000 When applying for probate, you may not currently realise that you could be asked to provide a probate valuation for the deceased’s home and contents, before being granted permission. http://www.iwc-ltd.co.uk/article-organising-a-probate-valuation.html Wed, 17 Nov 2010 00:00:00 +0000 How many of you in the UK are delaying writing a Will through concerns about the costs involved and the assumed complicated nature of the process? http://www.iwc-ltd.co.uk/article-research-highlights-concerns-over-lack-of-wills.html Tue, 16 Nov 2010 00:00:00 +0000 As probate properties are usually sold for less than their expected market value and owners are often keen to offload them quickly, this type of house sale is having a positive effect on the UK housing market which is only now struggling to recover. http://www.iwc-ltd.co.uk/article-probate-properties-boost-housing-market.html Thu, 11 Nov 2010 00:00:00 +0000 Public policy research organisation Living and Dying Well released a report recently which suggests that if a British version of the 1997 Oregon Death With Dignity Act is adopted, cases of assisted suicide would rise each year and most would not involve the terminally ill but the elderly. http://www.iwc-ltd.co.uk/article-suicide-law-in-uk-would-lead-to-1000-deaths-a-year-.html Wed, 10 Nov 2010 00:00:00 +0000 A Living Will, legally referred to as an Advance Decision in England, is a way of ensuring the circumstances under which you would not want to receive life-sustaining medical treatment if you became seriously ill in the future and became incapable of making your own healthcare decisions. http://www.iwc-ltd.co.uk/article-advance-decisions--take-control-of-your-treatment.html Tue, 09 Nov 2010 00:00:00 +0000 Having a succession plan in place is a challenge for any business, but even more so for farmers. On the death of the farming parent, it is usual for farms stay in the family, but it can be difficult to divide the assets evenly, leaving some feeling disinherited and others forever tied to the farm. http://www.iwc-ltd.co.uk/article-estate-planning-for-farmers.html Sun, 31 Oct 2010 00:00:00 +0100 Recent newspaper headlines have revealed that a Kent probate solicitor has been charged with fraud offences and jailed for five years, after stealing £250,000 from several clients. Evidence during the trial revealed that he had been using fake identification documents to regularly transfer money and shares from clients to a false bank account. http://www.iwc-ltd.co.uk/article-why-will-writers-and-probate-professionals-have-a-vital-part-to-play.html Thu, 28 Oct 2010 00:00:00 +0100 It may be that your property was held under “joint tenancy”, meaning that your partner prepared a Will which indicated that it would automatically pass to you in the event of their death. Alternatively, you may have simply been named as the beneficiary of the property in a Will, or perhaps the property was owned as a “tenancy in common”, in which case you may again have been named as the beneficiary in the deceased’s Will or have been nominated as such in accordance with the laws of intestacy, if no Will was prepared. http://www.iwc-ltd.co.uk/article-inheriting-a-property.html Tue, 26 Oct 2010 00:00:00 +0100 A shocking case was highlighted recently, giving details of an NHS bereavement advisor, who robbed a number of relatives and charitable organisations of thousands of pounds which were left to them in Wills. http://www.iwc-ltd.co.uk/article-probate-problems--and-why-it-pays-to-make-a-will.html Sun, 24 Oct 2010 00:00:00 +0100 If you have been named as an Executor in a Will, your first action must be to apply to the Probate Office for a Grant of Probate, which will then allow you to take over the financial affairs of the deceased, pay bills and any Inheritance Tax due, and then distribute the assets. http://www.iwc-ltd.co.uk/article-probate-cost.html Mon, 18 Oct 2010 00:00:00 +0100 Recent news reports, including the high-profile “Panorama” programme, have highlighted several unprofessional companies which offer probate services, based on a lack of clarified terms and conditions, resulting in their claiming extortionate fees – considerably different from those originally agreed. http://www.iwc-ltd.co.uk/article-fixed-fee-probate.html Sun, 17 Oct 2010 00:00:00 +0100 What is the definition of probate? Well, we all know that when we die, what we leave behind in the form of property, money or other assets (known as our “Estate”), must be distributed according to our wishes – a process known as “probate”. http://www.iwc-ltd.co.uk/article-the-definition-of-probate.html Sat, 16 Oct 2010 00:00:00 +0100 Recent research carried out by Sun Life Direct has discovered that around one in ten people have difficulty meeting the costs associated with the funeral of a loved one, with many seeking external funding to help. http://www.iwc-ltd.co.uk/article-paying-for-a-funeral.html Fri, 08 Oct 2010 00:00:00 +0100 Rather than just one standard document, several types of Wills are available to reflect an individual’s circumstances, wishes and objectives. http://www.iwc-ltd.co.uk/article-types-of-wills.html Thu, 07 Oct 2010 00:00:00 +0100 “Potentially exempt transfers” are one of the most widely used tactics for reducing Inheritance Tax. Providing that you survive for at least seven years after the date that you give away a sum of money as a “gift” to your beneficiaries, this means that not only can your loved ones benefit whilst you’re still alive, but the final amount to be taxed on your Estate after your death will then be reduced. http://www.iwc-ltd.co.uk/article-inheritance-tax-and-gifts.html Tue, 05 Oct 2010 00:00:00 +0100 When preparing a Will, there may be a handful of legal terms included, with which you are not familiar. Your Will writer should, as a matter of practice, explain each one fully in turn, before reading your prepared Will back to you, breaking each declaration down and explaining it in plain English, so that you can be satisfied it represents your true wishes. http://www.iwc-ltd.co.uk/article-what-is-a-codicil.html Sat, 18 Sep 2010 00:00:00 +0100 There are five main types of bequests which you may see contained within a Will: http://www.iwc-ltd.co.uk/article-bequests-in-wills.html Thu, 16 Sep 2010 00:00:00 +0100 Recent news items in newspapers and on TV continue to highlight the existence and practice of unscrupulous so-called “will writers” who are, quite often, inexperienced businesspeople simply looking to make money. http://www.iwc-ltd.co.uk/article-will-writer-or-solicitor-the-debate-continues.html Mon, 13 Sep 2010 00:00:00 +0100 Unfortunately, there are occasions when the death of an individual can trigger family hostilities and conflict. http://www.iwc-ltd.co.uk/article-what-is-a-caveat-in-probate-terms.html Fri, 10 Sep 2010 00:00:00 +0100 Most often, a Will is proven without incidence. However, occasionally, there may be some dispute over the contents of the document, particularly if family members have not been included, and have not been allowed to see the Will. http://www.iwc-ltd.co.uk/article-applying-for-a-standing-search.html Thu, 09 Sep 2010 00:00:00 +0100 In a recent survey held by Prudential, it was revealed that almost a third of couples aged over 40 know or understand nothing about their partner’s financial plans for retirement, with more than a fifth never having even broached the subject with their partner. http://www.iwc-ltd.co.uk/article-why-its-good-to-talk--about-retirement-planning.html Mon, 06 Sep 2010 00:00:00 +0100 An interesting study was carried out recently by the Journal of Medical Ethics, which asked doctors from all sectors of medicine, if their religious beliefs would interfere with a patient’s wishes to refuse treatment. http://www.iwc-ltd.co.uk/article-living-wills-and-religion--which-comes-first.html Sun, 05 Sep 2010 00:00:00 +0100 Although the British public spends millions every year on donating money to charity, only a small percentage bequeath any of their Estate to charitable organisations in the event of their death – something which these organisations are quite understandably keen to encourage, given that this source of funding is vital for them to remain in operation. http://www.iwc-ltd.co.uk/article-leaving-legacies-to-charity.html Fri, 03 Sep 2010 00:00:00 +0100 A recent survey carried out by Aviva suggests a growing number of people are attempting to pass on assets to their children whilst they are still alive, thus reducing the likely amount of Inheritance Tax attracted on their final Estate. However, there are a number of issues that need to be taken into account if you intend to go down this route. http://www.iwc-ltd.co.uk/article-reducing-inheritance-tax.html Fri, 27 Aug 2010 00:00:00 +0100 The Case of Daniels v Thompson highlights the importance of receiving correct advice and it also shows that disappointed beneficiaries cannot be certain of recovering damages. The advice given in this case to the client was that inheritance tax could be avoided on death by transferring her property to her son while continuing to live there. http://www.iwc-ltd.co.uk/article-incorrect-willwriting-advice.html Sat, 07 Aug 2010 00:00:00 +0100 The media recently highlighted a case whereby a man prepared a Will in the UK. Unfortunately his marriage broke down and he moved to France where, unbeknown to his UK family, he remarried and had another Will prepared to reflect his new circumstances.... http://www.iwc-ltd.co.uk/article-communication-is-the-key-to-effective-estate-planning.html Tue, 03 Aug 2010 00:00:00 +0100 One of the key things you will need to decide when you make your Will is who to appoint as Executors – the named individuals who will organise your funeral arrangements and administer your Estateafter your death. It is common to use relatives or friends in this capacity but obviously prior consent must be obtained from the individuals concerned as this is a hugely responsible role. With this in mind, you may also want to consider using an experienced probate professionalas part of the executor team. http://www.iwc-ltd.co.uk/article-the-cost-of-probate.html Tue, 27 Jul 2010 00:00:00 +0100 An Estate plan is essentially several legal documents brought together to guide nominated persons through decisions you have made about the end of your life. In specific terms, a Will, a Living Will and a Power of Attorney all need to be incorporated into the Estate plan. Trust documents may also be included in cases where they are needed. http://www.iwc-ltd.co.uk/article-what-is-an-estate-plan.html Sun, 18 Jul 2010 00:00:00 +0100 Most of us work our entire lives to build up a nest egg for our retirement, with hopefully a little extra put aside to pass down to our families in the form of inheritance. What a shame then, for that money to be suddenly swallowed up, should we need to move into a care home or nursing home in our twilight years. Around 70,000 of us find ourselves in this exact same situation, each year, with this number set to rise. http://www.iwc-ltd.co.uk/article-worried-about-care-home-fees.html Wed, 14 Jul 2010 00:00:00 +0100 When writing your Will, one of the questions which arises if you have children under 18 is who will care for them after your death? Generally, it is agreed that the children will remain with the living parent. However you must consider what would happen in the awful event of both biological parents dying. Clearly, this is an unpleasant issue to contemplate as we all hope to see our children safely into adulthood and beyond. However, making appropriate provision in your Will needs to be considered and is the responsible thing to do as a caring parent. http://www.iwc-ltd.co.uk/article-how-to-appoint-a-guardian.html Thu, 01 Jul 2010 00:00:00 +0100 When writing a Will many people are concerned with the passing of their possessions and money after their death but some may be considering what happens to their body after they die. A previous article discussed the way funeral provisions are contained within a Will and how there is no ‘property’ in a body so it cannot be a binding ‘gift’. After death some clients may be considering donating their body for medical research purposes. This is quite different to electing to be an organ donor as it means the whole body can be retained by the medical institution for at least 3 years. http://www.iwc-ltd.co.uk/article-an-alternative-gift.html Fri, 25 Jun 2010 00:00:00 +0100 The problem with out of date Wills You should always make sure that your Will is updated whenever your family circumstances change – if you are subsequently divorced, have more children or sell your home, for example. http://www.iwc-ltd.co.uk/article-the-problem-with-out-of-date-wills.html Mon, 14 Jun 2010 00:00:00 +0100 Valuing an Estate for probate? You’ve been appointed an Executor or Personal Representative for a deceased person’s Estate. One of the first things you will need to do before the proceeds can be divided up and all bills paid accordingly, is to reveal the entire value of that Estate. http://www.iwc-ltd.co.uk/article-valuing-an-estate-for-probate.html Mon, 07 Jun 2010 00:00:00 +0100 Many of our clients have animals and pets that will require ongoing care after their death and it is important that you give some thought about this when writing your Will. http://www.iwc-ltd.co.uk/article-legacies-for-pets.html Fri, 28 May 2010 00:00:00 +0100 In a recent legal battle a couple sought to rely on the fact that they were promised an inheritance as a reason to occupy a property. Mrs Thomas and her husband had occupied half of her mother’s farmhouse for almost 10 years and refused to move out despite being served with a notice to quit which expired in 2008. http://www.iwc-ltd.co.uk/article-promised-inheritance.html Fri, 21 May 2010 00:00:00 +0100 An amendment to the Wills and Succession (Jersey) Law 1993 has been recently approved by the States of Jersey which gives succession rights to illegitimate children. Where a person who is domiciled outside Jersey owns assets there the law dictates that a separate Grant must be obtained. The only exception is where the total value of the assets held in Jersey is less than £10,000 however, as in the UK, the individual institutions have the discretion to request that a Jersey Grant is obtained http://www.iwc-ltd.co.uk/article-jersey-succession-law.html Sun, 16 May 2010 00:00:00 +0100 If you or a loved one has recently been diagnosed as having Alzheimer’s Disease, it is vital that a Will is drawn up as soon as possible, before the illness can progress to the stage whereby you are no longer mentally capable of making such decisions. http://www.iwc-ltd.co.uk/article-making-a-will-with-alzheimers.html Tue, 11 May 2010 00:00:00 +0100 http://www.iwc-ltd.co.uk/article-diy-probate-could-cost-you-more.html Thu, 29 Apr 2010 00:00:00 +0100 In the event of a wrongful death a claim may be bought by the estate of the deceased and the deceased’s dependants for compensation under the Law Reform (Miscellaneous Provisions) Act 1934 and the Fatal Accidents Act 1976. http://www.iwc-ltd.co.uk/article-fatal-death-claims.html Fri, 09 Apr 2010 00:00:00 +0100 The government have decided that the current threshold of £325,000 for Inheritance Tax will remain in place until 2014-2015. Although it was originally agreed that the threshold would increase to £350,000 as laid out in the 2007 Finance Bill, the figure has now been frozen for the second time... http://www.iwc-ltd.co.uk/article-iht-threshold-frozen.html Sun, 04 Apr 2010 00:00:00 +0100 A recently decided case has put a modern gloss on the test for testamentary capacity established by Banks v Goodfellow in the 19th Century. Key v Key [2010] concerned a challenge to the Will of an 89 year old testator whose instructions were taken by a solicitor just a week after his wife of 65 years had died. http://www.iwc-ltd.co.uk/article-banks-v-goodfellows--capacity-test.html Mon, 29 Mar 2010 00:00:00 +0100 More reports have been published surrounding the Government’s plans to introduce a ‘death tax’ to fund elderly care. The 10% tax on death estates would leave many families with large bills to pay in addition to the 40% inheritance tax already due on estates. The tax will hit middle income families the hardest and would be payable whether or not their deceased loved ones had required care or not. http://www.iwc-ltd.co.uk/article-death-tax-plans.html Thu, 25 Mar 2010 00:00:00 +0000 Deed of Variation are commonly used to vary the distribution of a deceased’s estate as a means of avoiding Inheritance Tax. This is achieved by varying the provisions of a Will or intestacy in favour of an exempt beneficiary or permitting a beneficiary to ‘gift’ their inheritance to someone else without it amounting to a Potentially Exempt Transfer. http://www.iwc-ltd.co.uk/article-deed-of-variation--tax-planning.html Fri, 19 Mar 2010 00:00:00 +0000 Estate planning should be considered by all married couples but there are particular considerations that should be applied for a couple where one or both parties have been married previously..... http://www.iwc-ltd.co.uk/article-second-marriages.html Sun, 14 Mar 2010 00:00:00 +0000 Every death that occurs in England and Wales is required to be registered by statute and registration must take place with the registrar in the sub-district in which the death occurs..... http://www.iwc-ltd.co.uk/article-regsitration-of-a-death.html Tue, 09 Mar 2010 00:00:00 +0000 The deceased died in 2004 after allegedly making a Will leaving his entire estate to his sister. The Will was witnessed by two nurses. The sister died having already obtained probate of the deceased’s Will and left her estate to her only child. Other family members of the deceased sought a revocation of the Grant of Probate and asked that the Will be pronounced invalid. A handwriting expert concluded that the signature on the Will was not the deceased’s and the claim was allowed. http://www.iwc-ltd.co.uk/article-barrett-v-bem-and-others-2009.html Sat, 06 Mar 2010 00:00:00 +0000 Court of Protection to Review Rules Sir Mark Potter, the president of the Court of Protection, is setting up a committee to review the Court of Protection Riles 2007 and the Practice Directions and forms that accompany them. The review is the result of complaints that the Court processes are too complicated and formal, especially where matters are non-contentious and are straightforward financial matters. http://www.iwc-ltd.co.uk/article-court-of-protection.html Tue, 23 Feb 2010 00:00:00 +0000 While it is common knowledge among many people that a Will is revoked by marriage, and this is enshrined within s.18 of the Wills Act 1837, the subject of extending this revocation to Civil Partnerships has only just been litigated. The end of 2009 saw a case reach the Courts involving the estate of the late Australian rock music executive Peter Ikin. Mr Ikin died suddenly in November 2008 at the age of 62 just a month after entering into a civil partnership. Following his death probate was granted to a Will made in August 2008 which named his civil partner, Frenchman Alex Despalliers, as the main beneficiary. In March 2009 lawyers lodged a High Court claim that the 2008 Will was a forgery, particularly as the original could not be found and Mr Despallier claimed it was stolen in a burglary. The lawyers sought an order that a 2002 Will made by the deceased should be followed instead. The High Court swiftly ended the arguments over which Will should be followed by stating that Mr Ikin had died intestate. Automatic revocation of a Will by marriage under s.18 of the Wills Act takes place even if there was no intention that the Will should be revoked. The Court ruled that both the 2002 Will and the 2008 Will had been revoked by Mr Ikin’s subsequent civil union. To avoid further costly court action a settlement was reached out of court which saw Mr Despallier receive £500,000 of the estate, the rest going to family and friends and charities supported by the deceased. Rectification of Codicil The High Court have agreed to a rectification where it was proven that a codicil was incorrectly worded and did not comply with the deceased’s intentions. The codicil, made in 2004, was intended to pass money that the deceased had received from her own mother’s estate to her six grandchildren. Because of the wording used in the document the gift did not take effect because her husband had predeceased her. The Court heard that it was the deceased’s ‘clear and express intention’ that the gift should go to the grandchildren whether her husband died first or not. The rectification was not opposed by the children of the deceased (who would inherit in their place) but consent was not given by the step-children although no reasons were given for their objection http://www.iwc-ltd.co.uk/article-is-a-will-revoked-by-a-civil-partnership.html Sun, 21 Feb 2010 00:00:00 +0000 More statistics have been released by the Office for National Statistics which show provisional marriage rates for 2008 which represent the lowest numbers since 1862. Figures show that for every 1000 single men age 16 or over just 21.8 got married in 2008. This has dropped from 22.4 in 2007 and 31.1 in 1998. The number of marriages registered in England and Wales during the year currently stands at 232,990 (although this may increase slightly before official figures are released next year). The figures have prompted more calls from groups such as ‘Resolution’ to give unmarried couples more legal rights. Their views echo the rights which would be granted by a new Cohabitation Act (the Bill is currently progressing slowly through the House of Lords) and the proposals for new intestacy laws giving more rights to cohabitants. They state that ‘the majority of people don’t understand that living together does not give them any financial protection...which leaves countless people vulnerable to financial hardship’. As any change to legislation is likely to be a long way off it is still vital that cohabitants make a Will which provides for their partner in the event of their death or, conversely, protects their estate for the beneficiaries they wish to inherit, rather than waiting for the legislation to be changed http://www.iwc-ltd.co.uk/article-marriage-in-decline.html Thu, 18 Feb 2010 00:00:00 +0000 The Government have announced that they are opting out of the European Commission's proposed regulation on succession and wills. This means the UK will not be bound by this regulation when it is brought into force. Lord Chancellor Jack Straw reported that hundreds of thousands of UK citizens live and work in other EU member states and millions of others enjoy holidays in the EU. The diversity of rules and systems that apply to succession in different member states can make for considerable complications where a person owns property across borders. In principle therefore, efforts to simplify and clarify the rules that apply to international successions could produce huge benefits for UK citizens, and the Government are strongly supportive of the project in principle. However, there are potentially significant problems identified with the proposal that the EU Commission has published. The Commission’s proposal would allow owners to choose between the law applicable in their country of origin or their place of residence, would ensure that the rights of heirs are better protected. The Commission also wants to introduce a harmonised European certificate of succession that would ensure that the status of heirs and executors is recognised across the EU. That consultation document highlighted two key problems. The first, and most difficult of those, was "clawback", which describes a legal mechanism where gifts made during a person's lifetime can be recouped after their death. The introduction of this concept into the UK could create major practical difficulties, particularly for the recipients of such gifts including charities. The second key concern was the proposal's reliance on "habitual residence" as the sole connecting factor, that is, the factor of a person's circumstances which determines when the regulation's other rules apply. Using "habitual residence" in isolation in this way could mean that the relatives of anyone who lived abroad for a relatively short period of time and then died there, would find their estate was subject to a law with which they had no real connection. That could lead to unforeseen and unfair outcomes. The Ministry of Justice's recent public consultation confirmed that these issues are widely considered to be of very significant concern. A report of that consultation will be published in due course. The Government have concluded that the potential benefits of this proposal are outweighed by the risks and have therefore decided that the best course of action is not to opt in to the proposal and the UK will therefore not be bound by the outcome. The Government intend, however, to engage fully with the forthcoming negotiations between member states on this proposal, with the aim of removing the points that currently cause concern and to deliver further improvements for citizens with links and assets in more than one country. If that can be achieved, the Government could then decide to seek to adopt the final regulation. That will be considered and consulted upon as appropriate at that time. http://www.iwc-ltd.co.uk/article-government-opt-out-of-succession-rules.html Sun, 07 Feb 2010 00:00:00 +0000 Protective property trusts in Wills are becoming a popular estate planning tool, largely due to the decrease in use of the Nil Rate Band trust and the more aggressive nature of local authorities when assessing for care fee liability. The trust, used in conjunction with a severance of tenancy, place the deceased share of the property into trust for future beneficiaries and grant a life interest to the surviving spouse. The nature of the trust allows the survivor to remain in the property, often with a power to sell and purchase alternative accommodation. Should the survivor need long term care in the future the assessment by the local authority can only take into account the survivors share of the property; the other share being protected in the trust. Care is needed when drafting the trust to ensure that it is effective. We have come across a number of Wills recently where the ultimate beneficiaries of the property (after the expiration of the life interest) have not been named and the property is left to be dealt with under the residuary provisions in the Will. This is perfectly acceptable where the life tenant and the residuary beneficiary are not the same person. Of course, in the majority of cases, the surviving spouse is granted both the life interest and the first level of residue. A common misconception is that, because the life interest will terminate on death the provisions in the second level of residue (often leaving the estate to children) will take effect. This is not the case. To be entitled to the residuary estate a surviving spouse is normally only required to survive for the survivorship period before obtaining a vested interest in the residue. We have now seen Counsel’s opinion on the effect of leaving the reversionary interest to residue where the life tenant and residuary beneficiary are the same person. Where the surviving spouse holds both a life interest and a vested interest in the remainder of the property the two interests will merge. This concept was explored in the case of Re Bellville [1964] and means that the spouse is absolutely entitled to the deceased’s share of the property, defeating the object of the property trust. The easiest way to avoid a failure of the trust, and possible action for negligence, is to specifically state the beneficiaries who are to inherit after the termination of the trust. If you have written Wills leaving the property to the residuary estate on termination of the life interest you will need to review the Wills carefully to ensure the property trust will not fail. If you need more information please call us http://www.iwc-ltd.co.uk/article-ineffective-property-trusts.html Tue, 26 Jan 2010 00:00:00 +0000 While most people should be very familiar with the law relating to testamentary capacity there is another mental condition which can affect whether a Will, or a specific part of a Will, can be deemed to be invalid. The concept of ‘insane delusion’ was first recognised in 1826 when a case was brought by a disinherited daughter who had been omitted from her father’s Will. In Dew v Clark the Court heard that her father believed she was ‘the devil incarnate’ and his 1818 Will failed to leave her any of his estate. The daughter produced evidence that she was well known for her kind nature and that her father had falsely told others that he had lavished his daughter with praise and wealth during his lifetime. The court found that the father had full capacity in all other respects and that his thoughts about her resulted from a ‘partial insanity’. Insane delusion is distinct from testamentary capacity and may relate to only a particular gift or omission in a Will and does not, in many cases, cause the entire Will to fail, unless the delusion affected all the provisions in the Will. Further examples of the condition have been found in American cases. In 1854 the case of Addington v Wilson involved a father who disinherited his daughters as he believed that they were witches. This reason alone did not deem him incapable of making a Will. A delusion can lead the testator to deny the existence of potential beneficiaries. In Re Robertson’s Estate [1948] the testator declared that he had no children in his Will when he had two living children. The Court in Oklahoma found that he had been suffering from an insane delusion as there was no rational basis to declare that he had no children. Where a testator wishes to exclude potential beneficiaries from inheriting their estate a specific exclusion clause in recommended along with an explanatory letter to the executors detailing the reasons for the exclusion should the Will be challenged. This should be stored with the Will itself http://www.iwc-ltd.co.uk/article-insane-delusion.html Mon, 18 Jan 2010 00:00:00 +0000 Many of our clients are unaware that a separation does not have the same effect on a Will as a divorce and fail to make a Will or amend an existing Will to reflect their change in circumstances. Divorce does not invalidate a Will but any gift to a spouse will lapse, as if the donee had predeceased the testator. A separation however will have no effect on a gift under the Will or the intestacy rules relating to spouses and the estranged partner will still inherit. High profile cases in the press have highlighted the importance of ensuring changes are made during a separation. Peter Sellers separated from his wife, Lynne Frederick, after their three year marriage. An agreement was made between them that Ms Frederick would receive a one off payment of £375,000 and their home in Los Angeles. It was also rumoured that Peter was in the process of re-writing his Will, leaving the bulk of his estate to charity, but neither this, or the agreement, were finalised before he died in July 1980. His previous Will, which was admitted to probate, left his £4.5 million estate to M Frederick and only token gifts of £750 to his three children from previous marriages. The children were unable to bring a claim on his estate as the token amounts meant that had not been left out of the Will ‘by mistake’. Ms Frederick died in 1994 and the fortune was inherited by her daughter who never met the star while he was alive. The situation described above is not uncommon. Financial advisor to many football start, Peter Baxter, died in April 2008 after contracting an infection while on a ski-ing holiday. He had been separated from his wife for three years and was living with a new partner. Although the size of his estate was unclear he was considered to be a wealthy man. His estate was distributed according to the terms of a Will drawn up in 1999, leaving his estate to his wife. His family launched a legal action but the claim was thrown out and they were ordered to pay Mrs Baxter’s legal costs. There is a lot of misunderstanding about the effect of events on a Will. Remember clients are advised that changes in personal circumstances will require them to revisit their Will to avoid their estate passing against their wishes http://www.iwc-ltd.co.uk/article-periods-of-separation.html Mon, 11 Jan 2010 00:00:00 +0000 A recent case has once again highlighted the importance of clients choosing their executors with care. The case involved an executor who ‘went too far’ was sued by the beneficiaries for failing to administer the estate. The executor was a friend of the lady who died in 2006. Under the terms of the Will she gave a right of occupation of her property to another friend then left her estate to be divided between three animal charities. The charities, on becoming aware of their entitlement under the Will, made enquiries of the executor to establish their entitlement. The executor supplied them with a copy of the Will and a letter apparently signed by the life tenant expressing that she wished to stay in the house. The charities made repeated enquiries but the executor provided incomplete responses and a valuation that was much lower than those carried out by the charities. Now suspicious by the executor’s actions they made further enquiries and were shocked to find out that the life tenant had actually lived in sheltered accommodation for quite some time and that the executor was currently residing in the property. As beneficiaries the charities applied to have the executor removed by the court and replaced with a professional executor. Not only did the court agree but also ordered the executor to pay the costs incurred by the charities in sending repeated solicitors letters and obtaining valuations. Although clearly within their rights in this case charities are notoriously aggressive where they are appointed beneficiaries of an estate. Leaving a fixed sum to a charity is preferable however caution should be exercised when deciding the amount as a specific bequest is paid in preference to any residuary payment meaning that, potentially, they may be nothing left for the ultimate beneficiaries. The case also highlights the benefits of having a professional executor appointed, even if it is alongside the clients chosen lay executors. Using a professional dispels the possibility of leaving an executor open to aggressive tactics used by charities and any potential claim against them personally, even for innocent mistakes http://www.iwc-ltd.co.uk/article-choose-your-executors-carefully.html Mon, 04 Jan 2010 00:00:00 +0000 In 1998 the Law Commission first produced a report recommending reform of two long standing legal rules, the rule against perpetuities and the rule against excessive accumulations. These recommendations have now been accepted by Government and the Perpetuities and Accumulations Bill received Royal Assent on 12 November 2009. As background; the rule against perpetuities has its origins in common law. A statutory time limit was added by the 1964 Act setting a time limit for future dealings with property of 80 years. The rule against excessive accumulations was enacted in the 1800’s allowing income to be accumulated by the trust rather than distributed. Time limits were also placed on this period by the 1925 Law of Property Act and the 1964 Act. The Law Commission identified problems with this current law which mainly focus on the rule against perpetuities being too wide (it encompassed commercial dealings such as future easements, options and rights of pre-emption which it was never designed to control), complex and confusing, particularly where the common law rule of ‘lives in being’ was imposed. The key changes introduced by the new Act ends this uncertainty by imposing a single, mandatory, perpetuity period of 125 years. This removes any previous statutory periods and the use of the common law rule. The new period will apply for all trusts created after the legislation comes into force. In relation to Wills this means that any Will executed after the implementation date will be subject to the new perpetuity period. Wills executed prior to the date the Act comes into force will still be subject to the old regime regardless of when the testator dies. The Act does however give the option for the trustees to fix the perpetuity period for those trusts that come into existence under the ‘lives in being’ rules. This can assist trustees where it is difficult to establish when the period ends under common law by fixing the period at 100 years. In relation to excessive accumulations; the new Act abolishes the rule for all noncharitable trusts. For charitable trusts there are two accumulation periods available; either the life of the settlor (for lifetime trusts) or 21 years. The abolition of the rule for non-charitable trusts will be particularly useful for trustees of discretionary settlements who will be able to accumulate sufficient income to settle any inheritance tax liabilities on ten year anniversaries. A commencement date for the Act has not yet been specified by the Lord Chancellor but is expected to be in 2010. The need to have a valid Will in place outweighs any benefit to gained by waiting until the new provisions are in force. Should any clients wish to take advantage of the longer perpetuity period a codicil can be produced to effectively ‘republish’ the Will at a later date so that it falls under the new regime. http://www.iwc-ltd.co.uk/article-law-reform--perpetuities-and-accumulations.html Thu, 10 Dec 2009 00:00:00 +0000 Four years after a Green Paper made recommendations for the simplification of succession law in Europe the European Commission have released draft rules governing jurisdiction and applicable laws. (Click the title above for more on this story) http://www.iwc-ltd.co.uk/article-international-succession-simplified.html Sat, 05 Dec 2009 00:00:00 +0000 With the festive season just around the corner many people may be thinking of making generous gifts to family members and will be looking for tax efficient ways to do this. Any cash gift to an individual is a Potentially Exempt Transfer... more http://www.iwc-ltd.co.uk/article-tax-free-gifts.html Sat, 28 Nov 2009 00:00:00 +0000 Internet advice company unbiased.co.uk have recently carried out a survey into wills and the process of regularly reviewing and updating them in line with a client’s changing circumstances. http://www.iwc-ltd.co.uk/article-shocking-will-writing-stastitics.html Wed, 18 Nov 2009 00:00:00 +0000 On 29 October 2009 the Law Commission released a public consultation seeking to bring inheritance law up to date to meet the needs and expectations of modern families. Click the blue heading above to read more on this story.... http://www.iwc-ltd.co.uk/article-law-commission-to-review-rules-on-inheritance--intestacy-issues.html Fri, 06 Nov 2009 00:00:00 +0000 After reporting two weeks ago about the use of proprietary estoppel to claim an inheritance another case has hit the news this week showing that these matters are dealt with on a case by case basis and nothing is guaranteed http://www.iwc-ltd.co.uk/article-proprietary-estoppel.html Thu, 15 Oct 2009 00:00:00 +0100 The law relating to Advance Directives could be reviewed after a young woman used one to commit suicide.... http://www.iwc-ltd.co.uk/article-advance-directives-revisited.html Mon, 12 Oct 2009 00:00:00 +0100 A recent case in Northern Ireland has seen a cohabitee bring a successful claim against the estate of her deceased partner http://www.iwc-ltd.co.uk/article-cohabitee-victory-using-proprietary-estoppel.html Mon, 05 Oct 2009 00:00:00 +0100 The last wishes of soldiers killed in Afghanistan are not being honoured as the Ministry of Defence have lost their Wills, with heartbreaking consequences http://www.iwc-ltd.co.uk/article-lost-wills-cause-heartbreak.html Sat, 26 Sep 2009 00:00:00 +0100 A woman has become the benefactor of an unexpected £200,000 windfall after seeing a case on BBC1 programme ‘Heir Hunters’ http://www.iwc-ltd.co.uk/article-unexpected-inheritance.html Sat, 19 Sep 2009 00:00:00 +0100 As the use of DNA testing becomes more widespread it is worth considering the role it plays in establishing beneficiaries, either under a Will or under the intestacy rules..... http://www.iwc-ltd.co.uk/article-dna-testing-establishes-beneficiaries.html Mon, 14 Sep 2009 00:00:00 +0100 The importance of appointing a professional to administer a Trust is always something we stress. However, more people are relying on their friends and relatives to take on this important role. Unfortunately, these people they 'trust' can take advantage of their position as the temptation of cash becomes too great. http://www.iwc-ltd.co.uk/article-professional-executors.html Wed, 26 Aug 2009 00:00:00 +0100 An arrangement between the beneficiaries of an estate has just been declared void as a deliberate avoidance of I H T . A man was due to inherit the sum of £665,000 from a legacy in his stepfather's will. His step-father died in 2004, leaving an estate worth £7 million. http://www.iwc-ltd.co.uk/article-deliberate-avoidance-of-inheritance-tax.html Tue, 11 Aug 2009 00:00:00 +0100 A recent Court of Appeal decision h as again reaffirmed the move towards prenuptialagreements being more persuasive in the divorce courts. The current position in this country is that pre-nuptial agreements are not enforceable as they are seen to be against public policy. http://www.iwc-ltd.co.uk/article-prenuptial-agreements-and-wills.html Sun, 09 Aug 2009 00:00:00 +0100 A recent Court of Appeal decision h as again reaffirmed the move towards prenuptialagreements being more persuasive in the divorce courts. The current position in this country is that pre-nuptial agreements are not enforceable as they are seen to be against public policy. http://www.iwc-ltd.co.uk/article-prenuptial-agreements-and-wills-75.html Sun, 09 Aug 2009 00:00:00 +0100 The concept of receiving a double saving on both inheritance tax and income tax has been raised in a recent Lexis Nexis Private Client Tax conference. Nicholas Hughes spoke about gift aid and IHT at the conference referring back to a 1997 case, Saint Dunstans v Major. http://www.iwc-ltd.co.uk/article-double-dip-for-tax-relief.html Mon, 03 Aug 2009 00:00:00 +0100 The ongoing problem of intestacy is constantly in the news, normally when it effects a celebrity or their family. Even in these cases the hardship and suffering caused by inadequate provisions are plainly demonstrated. http://www.iwc-ltd.co.uk/article-laws-of-intestacy-create-inheritance-tax-bill.html Mon, 20 Jul 2009 00:00:00 +0100 Many people when they are making a will like to include donations to charity. As well as national charities there is often a desire to support local groups in order to 'give something back' to the local community. While some of your clients may know exactly which local causes they want to support, others may be less sure. This is where your local Community Foundation is ideally placed to help. http://www.iwc-ltd.co.uk/article-local-giving.html Tue, 14 Jul 2009 00:00:00 +0100 Lets assume a man called Mr Smith's passes away whose estate was over £1million when he died. If his residuary estate had been passed to an Immediate Post Death Interest (IPDI) for the benefit of the spouse there would have been no IHT to pay on first death due to the spouse exemption rules. http://www.iwc-ltd.co.uk/article-is-it-possible-to-pay-no-inheritance-tax.html Thu, 25 Jun 2009 00:00:00 +0100 A woman has been awarded a share of her husband's inheritance 22 years after they separated in a ground breaking divorce settlement. The couple, who met in 1979 and married in 1982, lived as husband and wife for just four years before separating. They had one child together and never formally divorced. http://www.iwc-ltd.co.uk/article-claim-against-a-22-year-old-inheritance.html Mon, 22 Jun 2009 00:00:00 +0100 Life insurance policies are used for a variety of reasons, whether it is to provide for dependent's or making a future provision to pay an IHT liability. If these policies are written in trust they fall outside the estate for IHT purposes but what is the tax treatment during the donor's lifetime? There are different types of insurance policy. http://www.iwc-ltd.co.uk/article-taxation-on-life-policies.html Sat, 20 Jun 2009 00:00:00 +0100 A village in Pembrokeshire has benefited from the £407,028 estate of a deceased resident who wanted to thank the community for their kindness. Margaret Alan and her husband Harry used to holiday in Solva, a picturesque seaside resort, and moved there 30 years ago to retire. http://www.iwc-ltd.co.uk/article-spreading-happiness-in-a-will.html Fri, 12 Jun 2009 00:00:00 +0100 IWC are pleased to announce a new agreement with WillData the National Will Registration service. http://www.iwc-ltd.co.uk/article-iwc-company-news.html Fri, 05 Jun 2009 00:00:00 +0100 To qualify as an immediate post death interest a number of conditions must be satisfied. If they are, then the treatment of the interest can avoid certain charges that other trusts are subject to. To qualify as an immediate post death interest the settlement must have been created by Will or under the rules of intestacy and must arise immediately on death. http://www.iwc-ltd.co.uk/article-life-interest-trust--probate.html Wed, 27 May 2009 00:00:00 +0100 If a Will is written by a person as a result of force, fear or fraud it will not be classed as the act of the testator and will not be accepted by probate. When a person dies it is common for an aggrieved beneficiary to raise issue relating to the circumstances under which the document was made. http://www.iwc-ltd.co.uk/article-fear-force-and-fraud.html Wed, 20 May 2009 00:00:00 +0100 Thanks to section 47 ( 1 ) (i) of the Administration of Estates Act 1925 it has been held that a grandchild can not inherit from his/her grandparents estate if they have deceased at the hands of the grandchild's parent. http://www.iwc-ltd.co.uk/article-disqualified-from-inheriting.html Sun, 17 May 2009 00:00:00 +0100 Claims under the Inheritance (Provisions for Family and Dependents) Act 1975 can be made by certain categories of person. One thing that a claimant must show is that they were financially dependent on the deceased and therefore entitled to a payment from their estate. http://www.iwc-ltd.co.uk/article-financial-dependence-claims.html Sun, 10 May 2009 00:00:00 +0100 A £30,000 inheritance tax bill has been avoided by probate specialists by transferring the nil rate band of what is thought to be the earliest 'first death' for inheritance tax purposes. The widow, who died last year some 65 years after her husband, left an estate that without the transferred nil rate band would have incurred a £30,000 inheritance tax bill. http://www.iwc-ltd.co.uk/article-transfer-of-earliest-nil-rate-band.html Mon, 27 Apr 2009 00:00:00 +0100 A farmer who claimed that he should inherit the farm from a deceased relative who died intestate has won his claim in the House of Lords relying on proprietary estoppel. After three Court hearings and an estimated £400,000 in legal costs Thorner v Major & Others [2009] has finally been decided. http://www.iwc-ltd.co.uk/article-contentious-probate.html Mon, 20 Apr 2009 00:00:00 +0100 Last week saw the start of the new tax year and the planned increase in the nil rate band from £312,000 to £325,000. http://www.iwc-ltd.co.uk/article-increase-in-nil-rate-band.html Mon, 13 Apr 2009 00:00:00 +0100 Looking at case law is the easiest way to assess how courts will deal with matters of contention with Wills. The recent case of Shah v Joshi considered some of the most common causes for claims. http://www.iwc-ltd.co.uk/article-contentious-probate-21.html Mon, 13 Apr 2009 00:00:00 +0100 A seven month inquiry into a probate firm is drawing to a close with shocking results and discoveries. Solicitors Probate Services Ltd first came to the attention of the authorities last year and in July they were banned from dealing with probate work. http://www.iwc-ltd.co.uk/article-probate-firm-investigated.html Wed, 01 Apr 2009 00:00:00 +0100 In simple terms a pilot trust is one that is set up during the lifetime of the testator ready to receive property on their death by a specific legacy in the Will. Also know as 'feeder' trusts they are normally discretionary in function and can be created with as little as £10. http://www.iwc-ltd.co.uk/article-pilot-trusts.html Sun, 29 Mar 2009 00:00:00 +0000 When genealogists and probate researchers located an Italian man with a view to passing on his inheritance he was adamant that he should only be contacted using a PO Box address. When this was questioned he claimed that his daughter would kill him for the money. http://www.iwc-ltd.co.uk/article-heir-hunters.html Thu, 26 Mar 2009 00:00:00 +0000 This week the Telegraph reported that the aptly name ' vulture syndrome' is to be blamed for the increase in disputes by families over a deceased's Will. As study has been carried out by leading London law firm Seddons on 3000 adults which reveals that one in ten of those surveyed have been, or are currently involved in, a dispute following a death in the last six months. http://www.iwc-ltd.co.uk/article-vultures-coming-out-of-the-woodwork.html Tue, 17 Mar 2009 00:00:00 +0000 When making decisions about the property and welfare of a person lacking mental capacity the overarching principle pursuant to the Mental Capacity Act 2005 is that any decision made on behalf of that person must be made in his best interests. http://www.iwc-ltd.co.uk/article-statutory-wills.html Thu, 12 Mar 2009 00:00:00 +0000 The 60 day tax limit during which HMRC can investigate tax paid on an estate has been scrapped. Instead they will focus on taxpayers who have made gifts before their death, giving them more time to conduct their investigations. http://www.iwc-ltd.co.uk/article-60-day-hmrc-investigation-limit-scrapped.html Thu, 12 Mar 2009 00:00:00 +0000 A recent statement from the Law Society warns the public that the current financial crisis may mean that many wills are now out of date. The press release for the Law Society states that the current financial situation along with the housing slump means that many wills are out of date and will need to be redrawn. http://www.iwc-ltd.co.uk/article-law-society-issues-warning.html Mon, 09 Mar 2009 00:00:00 +0000 The provisions of a Will are normally contained in one properly executed document and if changes or additions are to be made to the Will then this should be done by codicil or the execution of a new Will but an unexecuted document can be incorporated into a Will at the time it is written. http://www.iwc-ltd.co.uk/article-incorporation-of-other-documents-into-a-will.html Fri, 06 Mar 2009 00:00:00 +0000 As we know it is not illegal for a taxpayer to attempt to minimise or avoid tax by arranging their financial affairs in a certain way. It is only illegal to evade paying tax by failing to declare transactions or by declaring false amounts of income or capital. Where a tax payer evades the payment of tax the person could be open to both civil and criminal penalties. The revenue has previously challenged tax avoidance scheme, especially those which are complex and technical as they view them as artificial. http://www.iwc-ltd.co.uk/article-tax-avoidance-or-tax-evasion.html Tue, 03 Mar 2009 00:00:00 +0000 With everyone forecasting a bleak outlook for the rest of 2009 it is nice to see that there are still areas of hope on the horizon. As probate properties are usually sold for a price less than their market value it has been reported that this type of sale is having a positive effect on the housing market. http://www.iwc-ltd.co.uk/article-are-probate-sales-helping-the-property-market.html Sun, 01 Mar 2009 00:00:00 +0000 In a recent case the Court has made it obvious that it will not condone actions where trustees under a will do not discharge their duties properly. In this case the trustees were removed by the court and professional trustees were appointed in their place. The case arose because of a dispute over a Will, the last of several made by the testator, who was a multimillionaire. http://www.iwc-ltd.co.uk/article-trustees-breach-of-duties.html Mon, 23 Feb 2009 00:00:00 +0000 The principle tax saving opportunity available to a home owner is the Capital Gains Tax (CGT) private residence exemption. A saving on income tax is no longer possible since the withdrawal of mortgage interest relief from 2000/2001 onwards. As a substantial asset clients frequently raise questions about gifts of the family home, or at least an interest in it, as part of estate planning and IHT savings on its value at death. http://www.iwc-ltd.co.uk/article-the-family-home.html Tue, 17 Feb 2009 00:00:00 +0000 Before a Will can be admitted to probate the district judge or registrar must be satisfied that it was duly executed in accordance with the proper formalities. The attestation clause in a Will will raise the presumption that the Will was correctly executed where it recites that the formalities have been complied with. http://www.iwc-ltd.co.uk/article-the-importance-of-the-attestation-clause.html Mon, 16 Feb 2009 00:00:00 +0000 A city law firm has reported three-fold rises in High Court disputes over Wills. Wedlake Bell put this down to the breakup of the nuclear family, longer life spans and larger estates. The figures quoted in their recent report into disputes show that the number of disagreements reaching the High Court in 2006 were just 83 compared to 228 last year. http://www.iwc-ltd.co.uk/article-rise-in-inheritance-tax-disputes.html Mon, 09 Feb 2009 00:00:00 +0000 Despite still not being legally binding more couples are entering into premarital agreements and courts are becoming more willing than ever to consider their terms on a divorce. They still, however, have a wide discretion and each case is judged on its own facts and circumstances. http://www.iwc-ltd.co.uk/article-prenuptial-agreements.html Mon, 02 Feb 2009 00:00:00 +0000 As part of IHT financial planning many clients may be in a position in which they would benefit from gifting property to children during their lifetime to avoid it forming part of their estate on death and incurring an inheritance tax liability. The gift is 'potentially exempt' from IHT which means that there is no IHT payable at the time the gift is made and, as long as the donor survives for seven years, the gift will not 'fall back' into the estate on death. http://www.iwc-ltd.co.uk/article-reservation-of-benefit.html Mon, 26 Jan 2009 00:00:00 +0000 This case is a long delayed probate retrial concerning which of three Wills should be admitted to probate in respect of the estate of Alice Adam. In 1978 Mrs. Adam executed the first of the Wills under which she appointed Mr Couwenbergh her executor and, after a £500 legacy to her brother Eugen, left the remainder of her estate in equal shares to Eugen's two sons, his daughter Barbara (i.e. to her two nephews and niece) and to Mr Couwenbergh. There was no issue concerning the validity of that Will, the original of which had gone missing. The question raised during the case was whether the 1978 Will was revoked by one or other of the two Wills executed in October 1990. http://www.iwc-ltd.co.uk/article-couwenbergh-v-valkova-2008.html Mon, 19 Jan 2009 00:00:00 +0000 Inheritance Tax is a considerable concern to most clients particularly when they begin the process of writing a will and considering to whom their estate will be left. In previous times of spiralling property prices, the number of individuals whose assets exceed the Nil-Rate Band has continued to increase. As a result, more and more people are looking for ways to minimise their Inheritance Tax liabilities. http://www.iwc-ltd.co.uk/article-utilising-exemptions.html Mon, 12 Jan 2009 00:00:00 +0000 Mr Zink was a lawyer in Iowa who died in 1930. In his Will he left $75,000 in trust for 75 years at the end of which time he hoped the fund would have swelled to $3 million, enough to found the Zink Womanless Library.The words No Women Admitted were to mark each entrance. http://www.iwc-ltd.co.uk/article-bizarre-wills.html Mon, 05 Jan 2009 00:00:00 +0000 New case law has led to the Privy Council providing more guidance on the interpretation of Wills in general and the expression 'per stirpes'. The debate in this case related to Clause 6 in the Will of the deceased who died in the Bahamas in 2004. http://www.iwc-ltd.co.uk/article-interpretation-of-clauses.html Mon, 29 Dec 2008 00:00:00 +0000 What advice should you be giving when advising your clients on their choice of executor? Executors have an important role to play, their decisions can affect the amount of tax paid on an estate for example. They can also effect the speed with which the estate is dealt with and can help alleviate any stress at what is already a difficult and emotional time. http://www.iwc-ltd.co.uk/article-choosing-the-correct-executor.html Mon, 22 Dec 2008 00:00:00 +0000 The review of the impact of the Mental Capacity Act, which commenced in October, will close on the 15th January. The Society has been involved and has been working with the Office of the Public Guardian in making amendments to the current process. http://www.iwc-ltd.co.uk/article-lpa-reviews.html Mon, 22 Dec 2008 00:00:00 +0000 With 45% of children being born outside of marriage illegitimacy raises not only questions of principle but also technical points on drafting. Although it is a matter for the testator to decide whether any illegitimate children should be included as beneficiaries under a Will if a drafter is asked for any advice the preference should be to include them according to James Kessler QC. http://www.iwc-ltd.co.uk/article-illegitimate-beneficiaries.html Mon, 15 Dec 2008 00:00:00 +0000 In August 2006, Mark Birley, the founder of an aristocratic night spot in London, passed away leaving an amassed fortune of £105 million. The extraordinary dispute over the multi million pound legacy that has split one of Britain's leading society families, has been privately settled. http://www.iwc-ltd.co.uk/article-aristocrat39s-wills-challenge-ends.html Mon, 08 Dec 2008 00:00:00 +0000 In August 2006, Mark Birley, the founder of an aristocratic night spot in London, passed away leaving an amassed fortune of £105 million. The extraordinary dispute over the multi million pound legacy that has split one of Britain's leading society families, has been privately settled. http://www.iwc-ltd.co.uk/article-aristocrat39s-wills-challenge-ends-46.html Mon, 08 Dec 2008 00:00:00 +0000