Fact finding

By Tolley in association with Emma Haley at Boodle Hatfield LLP
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The following Trusts and Inheritance Tax guidance note by Tolley in association with Emma Haley at Boodle Hatfield LLP provides comprehensive and up to date tax information covering:

  • Fact finding
  • Preliminary matters
  • What are the relevant questions to ask the client?
  • Checklists
  • The fact-find in relation to jointly owned land
  • The need to check relevant supporting documents

Preliminary matters

An essential first step of any estate planning exercise is to get to know the client and find out all the relevant information about his circumstances (past, present and future), as far as these can be determined.

The adviser will first need to complete the necessary identification procedures to comply with money laundering regulations. The usual client acceptance (on-boarding) procedures will need to be followed as well.

The adviser will then need to take instructions from the client. These should be recorded in writing and form part of the client care agreement so that the scope of the work to be undertaken is clearly understood by both adviser and client. The extent of the work may develop into other areas as the matter progresses and this should also be agreed on both sides.

What are the relevant questions to ask the client?

Once the client’s objectives are clear, the adviser should carry out a detailed fact-find. The nature of the information required will be determined by the type of advice or planning required. The information required for drafting a will may be different from that required for a lifetime trust. For each diff

More on Lifetime planning: