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GLOSSARY

Inheritance Act claim definition

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What does Inheritance Act claim mean?

A claim brought under the Inheritance (Provision for Family and dependants) Act 1975 (I(PFD)A 1975) which enables certain categories of people, who were financially dependant on the deceased, to bring a claim against their estate for reasonable financial provision. The deceased must have been domiciled in England and Wales when they died. An Inheritance Act claim may also be referred to as a 1975 Act claim or a family provision claim.

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Risk management policy—law firms

Risk management policy—law firms 1 Introduction 1.1 Risk management is central to the regulatory regime under which we operate. [Insert name of firm] is committed to ensuring effective risk management within the firm and all staff have a role to play in ensuring we achieve this. 1.2 This policy sets out: 1.2.1 what is risk; 1.2.2 our approach to risk management; 1.2.3 who is responsible for risk management; 1.2.4 our processes for identifying, reporting and evaluating risk; 1.2.5 our risk management policies and procedures; 1.2.6 details of risk management training; 1.2.7 the steps we will take to monitor and update this risk management policy. 2 What is risk? 2.1 Risk is the possibility of an adverse or unwelcome outcome. This could be a financial loss, but it could also be something less quantifiable, such as damage to our reputation. 2.2 We categorise the risks we identify under three heads: 2.2.1 strategic risk—risks that could affect our survival or profitability; 2.2.2 operational risk—risks that are associated with our day-to-day activities;...

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