What a residuary gift comprisesThe residuary estate will not necessarily comprise only cash, but will usually include other assets that have not been...
Revocation of a WillA Will is revocable at any time during the testator's lifetime. A testator may not revoke their Will in any manner they choose: a...
Hotchpot clauses in Wills can be very useful in equalising benefits between beneficiaries. They also have a place in respect of a partial intestacy....
Warning to caveator, Rule 44(5)In the High Court of JusticeFamily Division[The nominated registry as defined by rule 44(15)]To [name] of [address] a...
Identification of beneficial interestsThe personal representatives (PRs) of an estate must identify:•the beneficiary or beneficiaries entitled to each...
Can an executor serve a section 42 notice?Under the Leasehold Reform, Housing and Urban Development Act 1993 where a tenant had the right to a lease...
The government guidance Practice guide 6: devolution on the death of a registered proprietor provides (at para [2.3]) that the personal representative...
If property is purchased in the joint names of two or more co-owners, a statutory ‘trust of land’ arises. Where property is held on a trust of land,...
The main point to appreciate is that the nil rate band (NRB) and the spousal exemption are two completely separate provisions of the inheritance tax...
The operation of the basic nil rate band (NRB), the transferable NRB and how it is calculated is explained in Practice Notes: IHT—nil rate band (NRB)...
The most important principle to grasp in a case such as this is that the amount chargeable to inheritance tax (IHT) is not the value of what was given...
Discounted Gift Schemes (DGS’s) are schemes involving lifetime gifts of policies of life assurance designed to reduce a charge to IHT.Life assurance...
Declarations of trustThe question specifically relates to an express trust by the deceased rather than an incomplete gift, as to which, see Pennington...
DutiesThe personal representatives (PRs) must identify:•the beneficiary entitled•what each beneficiary is entitled to receive•the time at which each...
While ordinarily a tenancy will in principle attract an inheritance tax (IHT) liability on its value (subject to the nil rate band and other reliefs)...
The trustees specified in the Will (who may be the executors) may have been given sufficient power of advancement under section 32 of the Trustee Act...