Private Client Law

In this issue: Wills Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Regulatory compliance for Private Client Contentious trusts and estates Pensions, insurance and tax efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Wills Challenge to Will fails but undue influence on lifetime gifts found (MacDougall v Thomas). The Chancery Division (Property, Trusts & Probate List) upheld Jeanne MacDougall’s 2011 Will; however, it determined that the 2008 dispositions of Peacehaven and Argyle Road were obtained by undue influence and ordered those transfers to be unwound. The claimant, Gary...

In this issue: Wills Probate Trusts UK taxation for Private Client Updates to HMRC Manuals Tax avoidance, evasion and non-compliance Private Client regulatory compliance Private Client insolvency Disputed trusts and estates Art and heritage assets, landed estates and farming families Pensions, insurance and tax‑efficient investments Scotland, Wales and Northern Ireland International Question of the week Further Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community Latest and revised content New and updated content Dates for your diary Trackers Latest Q&A Useful information Wills Contested Will claim for undue influence and lack of knowledge and approval failed (Gill v Gill) The Chancery Division confirmed the 2011 Will as valid, rejecting the claimant’s case that it was the product of undue influence or that knowledge and approval were absent. It concluded the deceased appreciated the terms of the 2011 Will at the point of signing and understood its consequences. The court accepted that Ms Nijran, a solicitor, prepared the 2011 Will on the...

See Q&A: How would a divorce influence a Lasting Power of Attorney when one of the Attorneys is the donor’s ex-spouse, particularly regarding status and operation of the power?......

Duty to act personally As a matter of principle, the basic rule is that a trustee must act in person because the settlor personally selected that individual for their specific skill or insight into the beneficiaries, and their affairs. The Trustee Delegation Act 1999 (TDA 1999) allows trustees, in defined situations, to delegate on an individual basis. The Trustee Act 2000 (TrA 2000) outlines the trustees’ default powers of collective delegation where the trust deed does not confer broader express powers. In essence, trustees may pass on most administrative tasks, but not dispositive powers. Agents, nominees and custodians Under the TrA 2000, the management of trust assets may now be entrusted to others, and trustees can appoint specified persons to serve as nominees for the trust. Collective delegation TrA 2000, Pt IV (ss 11–27) provides for trustees to delegate administrative powers and discretions. This operates subject to any...

This Practice Note sets out guidance on acting as a guardian for a missing person under the Guardianship (Missing Persons) Act 2017 (G(MP)A 2017). It explains guardians’ powers and obligations, how supervision by the Office of the Public Guardian (OPG) operates, and practical first steps on appointment. For advice on when it is appropriate to seek the appointment of a guardian under the G(MP)A 2017, and the procedure for issuing a claim, see Practice Note: Making an application to appoint a guardian to manage the property and financial affairs of a missing person. For guidance on changing, ending or renewing a guardianship order, see Practice Note: Changing, ending or renewing a guardianship for a missing person. Duties of the guardian A guardian must comply with duties set by their guardianship order, the G(MP)A 2017, and any secondary legislation made under that Act. As the...

People incur liabilities-arising from contracts, covenants, debts and duties-and, in broad terms, these do not lapse on death but can be pursued against the estate. Even if the personal representatives (PRs) did not join the original arrangements, they ought to appreciate potential exposure to avoid litigation (Hambly v Trott (1776) 1 Cowp 371). The consequences of this survival turn on the nature of the obligation. Personal contracts Ordinarily, a contract is not dissolved by a party’s death. However, for contracts of a personal character, the rule is displaced unless there was a pre-death breach. Thus, an employment contract ends on the death of either employer or employee, and a commission for creative work ceases on the artist’s or author’s death. Although the contract may come to an end, any earned but unpaid remuneration due to the testator endures and the PR may bring...

DATE Parties [ [ name ] of [ address ] [ and [ name ] of [ address ] ] OR [ name ] and [ name ] both of [ address ] ] ( Lender [ s ] ) [ [ name ] of [ address ] [ and [ name ] of [ address ] ] OR [ name ] and [ name ] both of [ address ] ] ( Borrower [ s ] ) 1 Definitions For the purposes of this Agreement, the terms below shall have the following meanings: Charge • the security created pursuant to clause 7.1; Default • means: any failure by the Borrower [ s ] to fulfil any of their obligations under this Agreement; or the Borrower [ s or one of...

1 Funds presently held subject to this trust and in need of investment shall be invested in......

CGT-a summary This guide provides an overview of capital gains tax (CGT). In essence, CGT arises when an asset or property is disposed of and the proceeds exceed the original acquisition costs. The surplus is the gain subject to CGT, although various exemptions and reliefs may, depending on the circumstances, reduce or remove that chargeable amount. Disposal A disposal includes both a sale and a gift. For sales, the disposal proceeds are generally the sale price; however, specific rules can substitute the market value where the transaction is with a connected person. For gifts, the market value of the asset or property is treated as the disposal proceeds. If the sale price is below market value-so part sale and part gift-the market value may replace the actual proceeds, depending on the facts. Acquisition costs The acquisition costs will typically be the amount paid to purchase the asset or...

Under general principles of trust law, a beneficiary’s or settlor’s spouse may serve as a trustee of a settlement without any prohibition. More broadly, there are few limits on eligibility for appointment as trustee; any person with capacity in law to hold the legal title to the trust property can be lawfully appointed as a trustee of that property......

The working assumption is that the land concerned is residential freehold property in England or Wales, and that no tax avoidance is in point. SDLT treatment of the first 40% transaction As set out in Practice Note: Land transactions, chargeable interests and chargeable transactions, a land transaction with no chargeable consideration (for which see Practice Note: SDLT chargeable consideration) is outside the scope of SDLT, an exempt transaction......

This Q&A is relevant where there is no surviving joint owner of the property Where a joint owner survives, they can take all steps needed to obtain possession. In the absence of a surviving co-owner, an executor’s role is to put into effect the instructions left by the deceased in their Will. Ordinarily, to implement those provisions, the executor will first marshal the estate, then meet what is owed, and finally distribute what remains to beneficiaries in line with the Will’s terms. Gather in all assets; Settle the liabilities; and Distribute the Estate’s proceeds as provided by the Will. To facilitate this, the executor must be recognised as legitimate, which is achieved through a grant of probate. Save where the estate is straightforward and of minimal value (usually under £5,000), a grant will be needed to secure the release of funds from banks and...