Will


Cryptocurrency estate planning: lessons from QuadrigaCX

12 April 2019

In a plot line worthy of a Dan Brown novel, the 30 year old CEO and founder of QuadrigaCX, Gerald Cotton, was reported as having died in India at the end of last year, seemingly having taken the passwords to the company’s cold storage wallets with him to his grave.

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IHT relief and holiday homes: has the tide turned?

6 September 2018

Confidence in claiming Inheritance Tax (IHT) Business Property Relief (BPR) in relation to holiday homes has been at a low ebb in recent years, following a string of cases that have ultimately gone against the taxpayer.  However, in the recent case of Graham v HMRC ([2018] UKFTT 0306 (TC)), the taxpayer was victorious.  Has this […]

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Domicile dramas

26 July 2018

Many advisers have to grapple with the sometimes difficult question of establishing their client’s domicile. A client’s domicile is fundamentally important in a diverse range of English legal and tax areas, such as whether: a client can bring divorce proceedings in the UK; a client is liable to UK Inheritance Tax on worldwide assets as […]

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The best Christmas present for your family: a discretionary trust?

30 November 2017

It’s beginning to look a lot like Christmas out there, as Bing says.  Thoughts turn to what gifts to give our family.  When it comes to making big gifts to family members, though, in lifetime or on death, still not enough people think of using a trust. Many people hardly know what a trust is; […]

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Ilott v Mitson Supreme Court decision: UK testamentary freedom reasserted

23 March 2017

Last week, the Supreme Court brought to an end a 13 year legal battle over the late Mrs Jackson’s Will. The Will left virtually all of Mrs Jackson’s assets (some £480,000) to three UK charities, cutting out entirely her only child (Mrs Ilott), who was for many years estranged from her mother but who lived […]

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‘Toxic’ survivorship clauses: does your Will contain one?

12 January 2017

Do you have a survivorship clause in your Will? Chances are you do, if you leave assets to someone outright in your Will. The mischief that these clauses are designed to avoid is this. If A gives a gift to B in his Will and B dies the day after A, B’s estate will get […]

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Charitable giving in Wills: charity must be governed by UK law to secure IHT exemption

20 October 2016

The UK Inheritance Tax (IHT) saving is probably the last reason why anyone would deliberately choose to leave assets to charity in their Will. However, it is the case that leaving assets to charity is very IHT efficient, for two key reasons. Qualifying gifts are 100% IHT exempt – the charity will not have any […]

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Brits abroad! Will planning for Brits with foreign assets

14 July 2016

With the summer holiday season upon us, it’s time to dust down those dreams of owning a bolthole in your favourite part of the world, where summer means summer and the sky is always blue. It’s not uncommon for Brits to own assets outside the UK these days and not just the infamous holiday home […]

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Second marriage spouses and Wills: three key bear traps to avoid

16 June 2016

Second marriage spouses sometimes have Wills that do not leave their assets to their second spouse outright. This is particularly the case when there are children from the first marriage and the intention is to ensure that everyone – the second wife and the children from the first marriage – receive something. For some clients, […]

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To keep or not to keep Wills with Nil Rate Band trusts?

21 April 2016

Chances are, if you’re British, married and have a professionally drawn Will which predates 2008, you may have a discretionary trust of the Inheritance Tax Nil Rate Band (NRB) in it. It is often called something like the ‘Legacy Fund’ and, while the exact words may differ, the Will usually provides for a gift of […]

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