Articles in ‘Wills, Trusts and Estates’ Category

It has long been established that a Will can be challenged on the grounds of undue influence. However the evidential threshold to prove undue influence has been set high by the courts so successful cases are few and far between. This week one of these rare cases has been reported in the context of three daughters contesting their mother’s Will on the grounds that their father and brother pressured their mother to leave her whole estate to their brother.

In the recent case of Cowan v Foreman a widow attempted to make a claim on an estate 17 months after the relevant deadline had passed. The judge refused to give permission for her late claim, suggesting a stricter approach should be adopted by the court in the future. However, a recent decision in the case of Bhusate v Patel, to allow a widow to make a claim over 25 years out of time, suggests that this strict approach may not be adopted for every case.

Hawksmoor’s recent error – accidentally serving a £4,500 bottle of wine instead of a £260 bottle of the same vintage – wasn’t ideal for the restaurant. But if a similar mistake had been made by a wine investor, he or she might have lost out on a tax-efficient return

The Guardianship (Missing Persons) Act 2017 (the ”Act”), also known as Claudia’s Law, came into effect on 31 July 2019. It is designed to provide relief for the families of those who have been missing for 90 days or more. We look at the issues involved, and whether or not it provides sufficient safeguards for the missing.

In England and Wales, there is testamentary freedom. This means that a client of sound mind is perfectly entitled to make a Will for capricious, frivolous, mean or even bad reasons without the Will being invalid.

The Government is bringing in legislation that will allow individuals to have their Wills witnessed via video links. The legislation will apply to Wills made since 31 January 2020, the date of the first registered Covid-19 case in England and Wales.

New rules in respect of capital gains tax (CGT) will come into force, for UK residents, affecting all disposals of property from 6 April 2020.

Partner and head of our Private Client team James McNeile examines two important notices issued this month: the first one signalling potential changes to taxation of chargeable gains, and the second concerning the final regulations regarding the UK Trust Register.

The impact of the Covid-19 pandemic on the housing market has been widely reported, with a near complete halt on transactions during lockdown.  This was undoubtedly frustrating for those keen to move but arguably even more so for individuals looking to reclaim an additional 3% of SDLT previously paid as a result of the higher rates now attaching to second homes.

The EU Succession Regulation, known as  Brussels IV, came into force on 17 August 2015. Its intention was to simplify issues relating to succession across the EU. Whilst the UK, Ireland and Denmark opted out, it’s still relevant to any UK resident individuals who own assets in any other EU member state.

It is commonly known that trusts are very useful asset protection vehicles, enabling value to be ring-fenced and managed appropriately for the benefit of one or more individuals.  Whilst wide ranging in their use, trusts can be particularly valuable where an individual wishes to make provision for a vulnerable beneficiary.

Land Registry revealed that average house prices in England increased 3.5% in the year to June 2020 with prices hitting a new peak. Increasing house prices means that a vast amount of wealth is usually tied up in property on death which can then be subject to Inheritance Tax.