Q&As

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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 9th Nov
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
The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
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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 9th Nov
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 Jovana Nedeljkov of Bankside Chambers 9th Nov
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 9th Nov
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 9th Nov
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
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
Precedents
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
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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 9th Nov
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 9th Nov

Most recent Q&As content

Q&As
This response assumes that the deed is executed by an individual.This response excludes execution under seal, by electronic signatures, by...
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Produced in partnership with Cecilia Xu Lindsey of 9 Stone Buildings 1st Dec
Q&As
Non-tax reasons for holding a company in trustA shareholder trustee has all the same rights and duties of a shareholder who is absolutely entitled to...
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29th Nov
Q&As
A lasting power of attorney (LPA) does not provide the attorneys with the power to exercise settlor powers on behalf of the donor who has lost...
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Produced in partnership with Naomi O’Higgins of Howard Kennedy 29th Nov
Q&As
The residence nil rate band (RNRB) is an addition to the basic nil rate band (NRB), which further reduces the inheritance tax (IHT) payable on death....
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29th Nov
Q&As
This Q&A considers the order of priority for an application for administration'>Letters of Administration with Will annexed, where a firm, appointed...
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29th Nov
Q&As
For general information on cross border estates, see Cross-border estates—overview.The answer to this Q&A will vary depending on whether the Will in...
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29th Nov
Q&As
Practice Note: Ordinary powers of attorney explains that while the Powers of Attorney Act 1971 does not contain any provisions as to the capacity...
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29th Nov
Q&As
Guidance on valuing interests in land on the death of a co-owner can be found in Practice Note: IHT—valuation principles and particular types of...
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29th Nov
Q&As
In responding to this Q&A we have assumed that the trustees are all UK residents. Further, we have not considered the inheritance tax implications of...
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29th Nov

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