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A recent case on the difficult area of proprietary estoppel demonstrates that when it comes to who will inherit your estate, you may not be able to change your mind if the potential beneficiary has already relied on the promise. Continue reading →
Mr Aleksic was born in Montenegro but had lived in the UK since shortly after the Second World War and died a British citizen. He worked very hard throughout his lifetime and acquired an estate of over £2 million. Unfortunately however Mr Aleksic’s English was by no means perfect and his home-made Will included many misspelt words, faulty grammar and misplaced punctuation which needed to be interpreted by the High Court. Continue reading →
In an age when we are living longer, but not necessarily healthier, nominating a trustworthy person to make decisions for us in the event of mental incapacity is sensible life planning. Continue reading →
Depending on particular circumstances, they will generally not save the majority of those getting financial support for home care or residential care fees any money. Continue reading →
A number of trusts, known as “relevant property trusts” holding assets within their trust funds escape a 40% IHT liability on the death of the estate planner, but for inheritance tax which is chargeable (during the estate planner’s lifetime and upon death) when assets enter the trust (entry charge at the lifetime rate of 20%), or are distributed to beneficiaries (exit/ proportionate charge) and also a time-based charge every ten years (the ten year anniversary/periodic charge) where no inheritance tax would otherwise be payable simply because distributions are deferred indefinitely. Continue reading →
Unlike the capital gains tax regimes applicable to most countries internationally which charge tax on gains made on properties sited within the relevant domestic jurisdiction which disposed of by their owners, the UK at present does not charge capital gains tax (CGT). Continue reading →
Ben Parr-Ferris, Senior Litigator, Contentious Probate team of Healys, continues his series of articles explaining the different ways in which Wills and Probates are contested. Continue reading →
Foreigners who are purchasing high value properties in the UK, particularly in London, are exposed in greater measure to inheritance tax, particularly if the properties have future growth potential. Continue reading →
Stamp Duty Land Tax (‘SDLT’) on residential properties has historically operated on a ‘slab’ system, meaning that a single rate of tax was charged on the whole amount of the transfer price, depending upon the rate applicable within the relevant charging band. Continue reading →
There are rare opportunities in life to effectively turn back the clock and recreate history. One of these rarities exists in the ability of the beneficiaries of a deceased to effectively rewrite the will of the testator, or if he or she died intestate to write what was previously unwritten. Continue reading →
