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Question of the week: To what extent can an executor sell estate properties and collect in the rest of the estate assets if they are put on notice of a claim under the Inheritance (Provision for Family and Dependants) Act 1975?
NEWS
This Q&A considers how an executor should deal with the administration of estate assets, including selling and collecting in assets, when on notice of a potential claim under the Inheritance (Provision for Family and Dependants) Act 1975.
Question of the week: To what extent does section 27 of the Trustee Act 1925 provide protection for administrators on an intestacy against claims by unknown beneficiaries and creditors?
NEWS
This Q&A considers to what extent Section 27 of the Trustee Act 1925 provides protection for administrators on an intestacy against claims by unknown beneficiaries and creditors.
Question of the week: Trustees have been holding the sum of £500K for around two years. Our client is the life tenant and has received no income to date (only capital payments) due to a failure on the Trustees’ part to properly invest funds in accordance with their duties as appointed Trustees. What steps should the Trustees have taken?
NEWS
This Q&A considers the duties owed by trustees in investing trust funds.
Question of the week: W dies first and her estate is valued at £1.3m including non-exempt cash legacies, residue 90% to her husband and 10% to a charity. H dies three months later with an estate valued at £1.4m including non-exempt cash legacies, a cash legacy of 10% of the estate to the charity with residue to the children. H's executors seek to vary his 90% entitlement under the first estate in favour of the children, to avoid taper on RNRBs. As this variation will reduce the gift of 10% to charity, will the charity need to agree to the proposed variation? If so, can H's entitlement be varied to make up for any loss?
NEWS
This Q&A considers the variation of dispositions under a Will.
Question of the week: What CDD challenges could remote working present?
NEWS
This Q&A offers guidance on the client due diligence (CDD) challenges remote working could present, such as conducting CDD while you are not in the office and do not meet the client in person, and suggests steps you can take to fulfil CDD obligations in these circumstances.
Question of the week: What CDD challenges could remote working present?
NEWS
This Q&A offers guidance on the client due diligence (CDD) challenges remote working could present, such as conducting CDD while you are not in the office and do not meet the client in person, and suggests steps you can take to fulfil CDD obligations in these circumstances.
Question of the week: What action could a life tenant of a share of a trust fund take in order to transfer her life interest to her children?
NEWS
This Q&A considers whether a life tenant can assign or otherwise transfer their life interest to the remainder beneficiaries.
Question of the week: What are the key points to consider when advising on a new Will for an individual when that individual's spouse has dementia and assets including properties are held jointly by the two of them?
NEWS
This Q&A considers the key points to consider when advising on a new Will for an individual when that individual's spouse has dementia and assets including properties are held jointly by the two of them.
Question of the week: What are the specific conditions under which a payment to settle a contested claim to an estate is treated as a potentially exempt transfer?
NEWS
This Q&A considers the specific conditions under which a payment made to settle a contested claim to an estate qualifies as a potentially exempt transfer.
Question of the week: What are the tax implications of parents selling their main residence at an undervalue to their son?
NEWS
This Q&A considers the tax implications of parents selling their main residence at an undervalue to their son.
Question of the week: What civil or criminal personal liability could a nominated officer (also referred to as the Money Laundering Reporting Officer, or MLRO) or Money Laundering Compliance Officer (MLCO) potentially incur in the role and what is the source of this liability?
NEWS
This Q&A considers and summarises potential personal liability a nominated officer (also referred to as the Money Laundering Reporting Officer, or MLRO) and Money Laundering Compliance Officer (MLCO) could incur in the roles.
Question of the week: What constitutes consideration for money or money’s worth within the meaning of IHTA 1984, s 142(3) which would prevent the ‘reading back’ of a variation of a Will or intestacy made under IHTA 1984, s 142(1)?
NEWS
This Q&A considers what constitutes consideration for money or money’s worth within the meaning of IHTA 1984, s 142(3) which would prevent the ‘reading back’ of a variation of a Will or intestacy made under IHTA 1984, s 142(1).