Category: Blogs – Trust and Estates
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Life Interest Trusts in Wills for Spouses, Civil Partners or Unmarried Partners
Life Interest Trusts in Wills for spouses, civil partners or unmarried partners. The technical term for a life interest arising under a Will is an “immediate post-death interest”. Life Interest Trusts give a particular beneficiary the legal right to receive the income from, or to use property comprised in the trust. This right normally lasts…
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Setting Up a Charity in the UK and Tax Implications
SETTING UP A CHARITY IN THE UK There are 6 steps to setting up a charity. 1. Find trustees for your charity You usually need at least 3. Trustees are responsible for the operation of your charity. They must show they understand their legal requirements. 2. Make sure the charity has ‘charitable purposes for the…
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Are you considering buying a property for your children?
Are you considering buying a property for your children? A child under 18 cannot take legal title to property, but there are two ways in which property can be held for them: a simple ‘bare trust’ or a more formally constituted trust, such as a ‘life interest’ or ‘discretionary trust’. (1) Under a ‘bare trust’,…
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Trust & Estate Planning
The person who transfers assets into the Trust, is called the Settlor. They can also be a Trustee. For legal reasons – if you want the Trust to be able to sell property – you should have at least two Trustees up to four. Beneficiaries of Trusts can also be Trustees. Trusts can last for…
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What is a Grant of Representation?
What is a grant of representation? A ‘grant of representation’ is the generic term for the legal order issued by the probate court in the estate of a deceased person in England and Wales. In Scotland a grant equivalent is called a ‘confirmation’. The grant gives legal authority to prove that the executor or administrator (the…
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Challenging a Will
How to challenge someone else’s will? Invalidity All wills must comply with the Wills Act or they will be invalid. For a will to be legally valid, the testator (will-maker) must: be 18 or over make it voluntarily be of sound mind make it in writing sign it in the presence of 2 witnesses who are…
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Making a Valid Will
Will and Mental Capacity A person making a will must have the mental capacity to make it. This means: they must be able to comprehend the extent of their estate; they must be aware of the people who they would usually be expected to provide for (even if they choose not to); and they must…
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What Happens to a Deceased’s Car When They Die?
A motor vehicle is a chattel, and you don’t have to wait until a grant of probate or letters of administration have been issued to transfer a car to another owner or to sell it. You will need the owner’s death certificate and legal proof of your entitlement to sell the vehicle on behalf of…
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What is ‘Probate’?
What happens to my affairs after I die? When you die, someone has to take care of your affairs, pay any outstanding debts and distribute your Estate to those that are entitled to inherit it. This is known as the Probate process. You can choose who you want to do this in your Will by…
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Gift in a Will and its Lapse
What Happens if a Beneficiary Dies Before the Testator/Testatrix? If a beneficiary dies between the point when the Will was made and the death of the testator/testatrix, the beneficiary’s estate will usually have no benefit from the Will. If the beneficiary has predeceased the testator/testatrix, the benefit is said to have lapsed. IHTM12084 – Succession:…