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Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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Produced in partnership with Paul Davies of Clarke Willmott 12th Jan
Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
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9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
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9th Nov
Practice notes
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
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9th Nov
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
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9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
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9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
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9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
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9th Nov
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
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9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
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Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
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Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
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Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Financial matters content

Practice notes
STOP PRESS:The guidance in this Practice Note may be affected by the announcements in Autumn Statement 2015. For an overview of these announcements,...
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9th Apr
Practice notes
In recent years the phenomenon of the capital-rich, cash-poor elderly client has become more common. Generally their wealth is tied up in their home...
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9th Apr
Practice notes
Elderly clients frequently seek advice from their professional advisers on how to dispose of their house to relatives, either permanently or so that...
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9th Apr
Practice notes
Solicitors are not generally involved in the actual determination of where a client should invest and must be careful not to give financial advice to...
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9th Apr
Practice notes
There is a difficulty when acting for elderly clients as to what age they are classed as 'elderly'. That age has been a movable target over the years...
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9th Apr
Practice notes
Individuals may find themselves liable to pay income tax and capital gains tax during their lifetime. On death their estate may be liable to...
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Produced in partnership with Sophie Fenn of The Wilkes Partnership Solicitors 9th Apr
Practice notes
STOP PRESS:The Chancellor in his 2014 Autumn Statement announced that the Bereavement Support Payment will become operational from April 2017 and will...
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9th Apr
Practice notes
A lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In contrast, gifts...
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6th Apr
Practice notes
Although local authorities have some responsibilities regarding care funding and it is that area that causes major discussion, they also have...
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16th Mar
Q&As
The judgment of the Court of Protection in Re Buckley: The Public Guardian v C at [41] clarified that the fiduciary duties owed to a donor by their...
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22nd Jan
Precedents
Dear [insert name of client]Thank you for your instructions [I refer to our meeting and your instructions] to [insert the details of the gift to be...
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29th Nov
Q&As
Under general trust law, there is no restriction on the spouse of a beneficiary or settlor acting as trustee of a settlement. In fact, there is very...
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29th Nov
Q&As
There appears to be two issues:•the powers/duties of a deputy to maintain the property of the patient, and•the attitude of the relevant local...
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29th Nov
Q&As
The role of an appointee is to deal with the benefits of someone who cannot manage their own affairs due to mental incapacity or severe disability....
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29th Nov

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