Codicils The purpose of a codicil is that it amends or adds to an existing valid Will, usually making minor amendments such as changing the executors or adding or revoking a gift or clause. The nature of a codicil is that it is supplemental to and considered as annexed to the prior Will. However, a codicil is capable of being an independent document so that the revocation of a Will does not necessarily effect the revocation of a codicil to it: Re Savage’s Goods. A codicil must comply with the same formal requirements as those for a Will. Under section 1 of the Wills Act 1837 (WA 1837) ‘the word ‘Will’ shall extend to a testament, and to a codicil, and to an appointment by Will or by writing in the nature of a Will in exercise of a power’. A codicil must therefore

For general information on agricultural property relief (APR) and business property relief (BPR) and the qualifying conditions for each, see Practice Notes: IHT—agricultural property relief and IHT—business property relief. APR is available on the agricultural value of land and property; that is on individual assets. BPR is available on the whole value of a business. Some property may

The order appointing deputies should have provided that the costs of the application be paid out of the (now deceased) parent’s estate, subject to detailed assessment. The standard wording is 'The deputy is entitled to receive fixed costs in relation to this application.' This reflects the general rule in relation to property and

Where a testator dies, and assets passing under the Will have been sold, can the beneficiary take the proceeds of sale instead? It appears from this Q&A that there was a specific gift of item(s) to a beneficiary. The general rule is that specific gifts of particular item(s) identified in a Will only take effect if the item(s) are owned by the testator at the date of their death. If the item(s) are not in the estate at death, the gift will be adeemed and will fail. There are some limited exceptions to the rule:

Where a deceased person had a claim but can no longer personally pursue it as a result of their death, their executors (or administrators after a grant of letters of administration) can bring proceedings in that capacity without adding as parties any of the beneficiaries of the Estate (CPR 19.10). Therefore, a claim that could previously have been brought by the deceased (or, where they lacked capacity, on their behalf) can still be maintained after their death. The first consideration will be the nature of the verbal tenancy agreement. If the agreement relates to residential property and was for a rent, it is

Duties of executors/trustees In her capacity as executrix, the widow would be under a duty to collect and get in the real and personal estate of the deceased and administer it according to law and the terms of the will—section 25 of the Administration of Estates Act 1925. See Practice Note: Personal representatives—powers, duties and remuneration. In her capacity as one of the trustees, the widow would be under a duty to observe the terms of the trust,

Business relief on lifetime transfers Business property relief (BPR) applies to reduce the value transferred by a transfer of value. For further information on BPR, see Practice Note: IHT—business property relief. There are restrictions on business relief on lifetime transfers made after 17 March 1986. The restrictions take the form of a clawback of business relief that was available as at the time of the lifetime transfer if further conditions relating to events subsequent to the transfer are not also met. Lifetime transfers that are potentially exempt and lifetime transfers that are

HMRC will only accept that income is shared between joint owners of property in specified proportions if those proportions reflect the beneficial ownership. As well as providing evidence of the underlying beneficial ownership, the legal owners would also need to file Form 17 with HMRC. See HMRC manual: TSEM9851 Form 17 Rule—Evidence. It sounds from this Q&A that the declaration of trust which was executed by the deceased (while living) and their spouse did not change the beneficial entitlement to the future sale proceeds of the property, but only contained an agreement that the income

Private Client analysis: The deceased, who was a convicted paedophile, died leaving an estate worth in excess of £4.5m. It was apparent to the executors that he may have committed sexual abuse against minors in the UK and Europe, and that the victims might have personal injury claims that survived against the estate and would, if made out, categorise them as creditors of the estate. However, the executors did not know the identities or locations of any of the victims. In these circumstances, the question facing the executors was: what should they do? They applied to the court for directions. Chief Master Marsh ruled that that was ‘the only safe course of action’ and made a number of directions with a view to trying to identify and locate unascertained victims and potential creditors. Written by Mark Cunningham QC of Maitland Chambers, who acted for the executors in this case, as well as in National Westminster Bank plc v Lucas (Savile).

We have assumed that the deceased and the surviving partner were not married or registered civil partners. We also assume that the surviving partner's estate would suffer an inheritance tax liability, regardless of the inheritance from the first death. A deed of variation can be effected by the personal representatives of a legatee who survives the deceased but

This Q&A assumes that the child in question is an adult and also, for inheritance tax (IHT) purposes, that the life tenant holds a qualifying interest in possession under the trust. Life interest trusts A life interest trust gives the life tenant an interest in trust assets for their lifetime, which is usually the entitlement to receive the income from the assets or to live in a property. Upon that beneficiary’s death, the assets pass to one or more remaindermen. For tax purposes, the life tenant has an interest in possession, namely ‘a present right of present enjoyment in the net income of the Trust property without

We have assumed that the property in which the reservation subsists at death is not settled property. The effect of the gift with reservation of benefit (GWROB) rules in section 102 of the Finance Act 1986 (FA 1986) applying is set out in FA 1986, s 102(3) which says that: ‘If, immediately before the death of the donor, there is any property which, in relation to him, is property subject to a reservation then, to the extent that the property would not, apart from this section, form part