The following Wills & Probate Q&A Produced in partnership with Paul Davies of Clarke Willmott provides comprehensive and up to date legal information covering:
A ‘deed of variation’ is the expression normally used for a deed which varies the terms of a deceased person’s Will and which often includes a statement that the provisions of section 142 of the Inheritance Tax Act 1984 are to apply to it. Such a deed normally ‘re-directs’ an outright disposition occurring in favour of an individual on death. The ‘re-direction’ can be to a different individual or into trust.
Unless a power of revocation has been reserved (which is rare) a gift into trust is an outright disposition of the settlor’s interest in the property given away. Notwithstanding the gift is made into trust by means of a deed of variation, the law generally pertaining to gifts will apply. Accordingly, unless the deed was incorrectly drafted, and did not reflect the settlor’s intentions (in which case rectification may be available) it
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.