Personal representatives meaning

THIS CHECKLIST APPLIES TO OCCUPATIONAL AND PERSONAL PENSION SCHEMES Is there a requirement to consult employees? Confirm if the scheme operates as a trust-based occupational pension arrangement. Determine whether there are 50 or more employees. Establish if the employer is an excluded employer. Ascertain whether the proposal involves a change that triggers consultation. Consider if the change is to comply with statute (eg age discrimination legislation). Evaluate whether the alteration has a lasting impact on members' benefits. If unsure whether consultation is required, consider checking with the Pensions Regulator. Identify whether there are any affected members. If swift action is necessary (eg to avoid the risk of insolvency), contact the Pensions Regulator to request a waiver of the consultation requirement...

Existence and validity of trusts Provincial Equity Finance Ltd v Dines (née Breda) [2023] EWHC 103 (Ch) News Analysis: A literary epigraph—‘By prosperous voyages I often made… and the great care of goods at random left’—introduces a consideration of resulting trusts and the scope of express trusts. The decision underscores the practical obstacles in proving a resulting trust where a disorganised deceased ran bank accounts for mixed ends, and confirms that an express trust can override the presumption of a resulting trust even if the contributor of funds is not a party to the express trust. Author: Nicholas Holland, McDermott Will & Emery UK LLP Jurisdiction: England & Wales Attorney General v Zedra Fiduciary Services (UK) Ltd and others [2022] EWHC 102 (Ch) News Analysis: The court sanctioned a cy près scheme for a £600m charitable trust to be used towards reducing the National Debt, addressing the suitable application of the National Fund. The judgment considers...

SM&CR Checklist—preparing for SMF interviews This Checklist helps candidates get ready for interviews with the Financial Conduct Authority (FCA) and/or the Prudential Regulatory Authority (PRA) for approval to carry out a senior manager function (SMF) under the UK regulators’ Senior Managers & Certification Regime (SM&CR). Under the SM&CR, firms must seek regulatory approval when proposing to appoint someone to an SMF. During this process, the individual might be invited to interview by the regulators. Such interviews are run by a panel, featuring representatives from the regulators’ authorisations and supervisory teams. Interviews are not routine for every SMF application and, when arranged, are targeted by risk and tailored to the role. The scope and intensity of the questions will shift according to the SMF in scope, the firm’s risk profile, and the candidate’s experience. For instance, executive SMF interviews may lean more towards operational execution and decision-making, while interviews for non-executive positions (including Chairs) will typically emphasise oversight, governance, challenge and independence of judgement. In short, the interview approach is...

In Scotland, minor offences are prosecuted by a summary complaint. The summary procedure is governed by Part IX of the Criminal Procedure (Scotland) Act 1995...

See Q&A A and B served each other with a mutual notice to sever their joint tenancy, yet only an uncertified copy survives. Shortly afterwards both executed wills indicating they regarded the joint tenancy as severed. A died soon after. A Form A restriction had not been placed on the register before A’s death. Can A’s executors now apply to enter a Form A restriction? In England and Wales, where property is co-owned, the registered proprietors (or the legal owners of unregistered land) hold the legal estate as joint tenants and hold it on trust for the beneficial owners—often themselves, though not invariably. The beneficial interest may itself be held either as joint tenants or as tenants in common...

In this issue: Court of Protection UK taxes for Private Client HMRC Manuals updates Family businesses and ownership structures Insolvency—Private Client Digital assets and cryptoassets Contentious trusts and estates Pensions, insurance and tax-efficient investments Scotland, Wales and Northern Ireland Question of the week Additional Private Client updates Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Court of Protection Court of Protection proposes travel guidance for cases with a risk of future forced marriage (Luton Borough Council v G) The Court of Protection sanctioned a six-month interim forced marriage protection order (FMPO) concerning AG and exercised the inherent jurisdiction to govern AG’s contact with her parents. This followed material showing parental control and coercion, the prospect of AG travelling abroad for ‘a wedding’, and indications that, if parental contact matched her...

See Q&A: In what circumstances can a property be sold without a grant of probate/grant of letters of administration? Where the registered title to land stands solely in the name of someone who has passed away, a grant of representation must be obtained before the property can be sold, so that the personal representatives can prove their title for any proposed sale of the property in due course. In law, where the deceased left a valid Will, the estate's executors have authority to act even before probate is issued, as their power derives from the Will itself rather than the grant...

Trustees and personal representatives can, in fact, carry on a trade. For example, where a self-employed trader dies, the personal representative may keep the business running until it is wound down or sold. In the same way, trustees or interest in possession beneficiaries might be trading and could qualify for reliefs such as roll-over relief or business asset disposal relief. The broad tax rules governing trading apply to all traders alike, whether they are individuals, trustees, or personal representatives. This Practice Note sets out those principles below. Is there a trade? The key issue to examine is whether there is a trade. At times this will be clear, for instance when personal representatives step in to continue the deceased’s business; however, in other situations even a solitary transaction can amount to a trade. As an illustration, trustees who buy a property to renovate may, depending on the circumstances, be regarded as operating a property development business. If so, any gain on the later sale would fall within income...

As of 31 January 2020, the UK left the EU and the EEA. This Practice Note introduces: the General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) framework (which applied within UK law up to the end of the Brexit implementation period—11 pm UK time on 31 December 2020—and continues to operate across the EEA; therefore, any references in this Practice Note to EEA or EU states should be read as also covering the UK until that period concluded) the United Kingdom General Data Protection Regulation, Retained Regulation (EU) 2016/679 (UK GDPR) framework (which applies under UK law from the end of the Brexit implementation period) Where there is no need to draw a distinction, this Practice Note refers to both as ‘GDPR’ for ease. When looking at the routine processing of personal data, the UK GDPR and the Data Protection Act 2018 (DPA 2018) should be consulted together, as both sets of provisions have direct effect. Practitioners will generally...

ARCHIVED: This archived Practice Note outlines and summarises the data protection regime in place before 25 May 2018 and describes the position under the Data Protection Act 1998 (DPA 1998). It is supplied for background purposes only and therefore is not kept up to date. The Note deals specifically with the DPA 1998’s applicability and territorial reach. When assessing whether the DPA 1998 applies, consider the following key points: the nature of the data being processed—the DPA 1998 strictly applies only to processing of personal data; other information (eg statistical material or data that does not relate to an identifiable person) is outside scope where the data controller is established—the DPA 1998 applies only to data controllers established in the UK who process personal data in the context of that establishment...

Deed of indemnity dated [ date ] Parties [ beneficiaries ] of [ addresses ] (Beneficiaries) [ trustees ] of [ addresses ] (Trustees) Background (A) The Trustees act as trustees of a trust dated [ date ] between [ parties ] (the Trust). (B) It is considered that [ detail breach of trust ] may amount to a breach of trust (the Breach of Trust), and the Beneficiaries agree to release and indemnify the Trustees against it. This Deed provides: The Beneficiaries, jointly and severally, covenant with the Trustees that they and their personal representatives will at all times keep the Trustees fully and effectively indemnified against all actions, proceedings, accounts, claims and demands arising in respect of the Breach of Trust. Executed as a deed by the parties on the date at the start of this deed. SIGNED AND DELIVERED AS A DEED by [ insert name ] in presence of: ...

[ insert name of beneficiary ] [ insert address of beneficiary ] [ insert date ] The late [ name of deceased ] Dear [ insert name of beneficiary ], Further to my correspondence dated [ date of last letter ], I am pleased to advise that the personal representatives have now obtained the grant of [ probate OR letters of administration ] in respect of [ name of deceased ]’s estate. Please find enclosed a copy of the interim accounts for your reference. Once we are in receipt of all liquidated assets and the final accounts have been approved, we can proceed with the final distributions and bring the estate administration to a close. If you have any queries, please do get in touch. I look forward to hearing from you. Yours sincerely,...

This note sets out clear, broad guidance on what to do straight after a death and outlines the standard probate process for lay personal representatives and grieving close relatives. See the Probate—client guide as well. A probate practitioner can offer bespoke advice suited to your particular situation and circumstances. Coping with a loved one’s death brings numerous difficulties, emotional as well as practical. If you are a personal representative (PR) formally handling the estate—the assets and belongings of the person who has died—as an executor or administrator, you may encounter an unfamiliar role with jargon that feels odd and confusing. In the days after a death, various practical matters can arise, sometimes unexpectedly and at short notice. This guidance is designed to help you decide what requires prompt attention and what can sensibly wait for the coming weeks. Taking time off work Following the death of a dependant, you may take unpaid time away from work to organise and attend the funeral. You should tell your employer...

For the purposes of this Q&A, it is assumed that: the leasehold property forms part of the unadministered Estate the Estate bears the primary responsibility to pay the service charge the beneficiaries in occupation have a right to occupy the leasehold property Whilst the Estate is being administered, legal ownership of the deceased’s unadministered assets is vested in the personal representatives (PRs) for the purposes of administration and to carry out that administration. In the meantime, no beneficiary, whether taking under the deceased’s Will or by intestacy, has any proprietary interest in any particular or identifiable asset comprised within the unadministered Estate, nor any enforceable claim to such an item. See Practice Note: Beneficiaries’ rights and remedies. The PRs hold extensive powers to administer and manage the deceased’s Estate...

In numerous matters, one or both sides in a legal dispute appear without lawyers, representing themselves in the proceedings. This occurs for a range of reasons; frequently, the cause is an inability to obtain legal representation because of limited personal finances. Every section of the legal profession, under its respective code of conduct and in line with its duties to the court, is obliged to treat litigants in person with fairness and respect. In addition, the Judicial College Guidance offers further direction to the judiciary on the role of the judge when a case features a litigant in person within proceedings of this kind...

Sale by PRs or appropriation to beneficiaries We understand you are asking when it is better for the personal representatives (PRs) to dispose of an estate property, or instead to appropriate it to the beneficiaries so that they handle the sale themselves. This choice typically arises where: the beneficiary(ies) has/have part or all of their capital gains tax (CGT) annual exemption available the beneficiary(ies) will pay CGT at 18% on any part of a gain the beneficiary(ies) has/have losses available to offset against any gain the sale will make a loss and the PRs will not be making any further disposals that may produce gains to utilise the loss A death is not usually a chargeable occasion for CGT. For these purposes the PRs are treated as acquiring the assets at market value on the date of death; effectively, all prior accrued gains are eliminated and the PRs start again with a clean slate...