TWB Announcements and Law Updates
English Law recognises two forms of beneficial ownership, joint tenancy and tenancy in common. When I explain their meanings, differences and how each type impacts one’s choices within a Will, a common question from people is: how can I recognise if my/our property is held as tenants in common Jules?
Read MoreThe role of a trustee is not to be underestimated. The duties and responsibilities of such offices are serious and as such should be undertaken with care.
If within a Will there are any trusts created, there will also be an appointment of people to look after the assets of the trust. These people are known as the trustees.
Read MoreThe role of an executor is not to be underestimated. The duties and responsibilities of such offices are serious and as such should be undertaken with care.
It is the responsibility of the executor to ensure the terms of a Will are adhered to. As such it may be seen as quite a compliment to be asked to be an executor.
Read MoreNo matter how many years cohabiters have lived together, no matter how many children they might have together, the fact remains that upon death, there exists no automatic cohabiter rights to a partner's estate. Moreover, in some circumstances, death can leave the survivor with nothing.
Read MoreWhen recommending a client follow this advice, it is very rare to not get asked: so what’s the benefit of writing life insurance into trust? Well, quite simply, doing so is one of the best and easiest ways of shielding a slice of your estate from Inheritance Tax (IHT) and thus safe guarding your wealth for the benefit of those who will ultimately benefit. Life insurance policies can make up a significant portion of your estate. By placing it in a trust, you can preserve it in its entirety and determine how and when your beneficiaries receive their inheritance.
Read MoreTo reiterate, anyone over the age of 18 and who has capacity can make a Will. I strongly recommend doing so to anyone in a relationship, who has children, assets or a combination of all three. And importantly, Wills are not for just sorting out finances and property in the event of death; you can specify what should happen if you become incapacitated (known as an advanced decision, advance directive or living Will), appoint guardians for your children and even leave money to your friends or a charity.
Read MoreOn 29 January 2020, the APPG published an informal report on Reform of inheritance tax (IHT). This report comes at a time when many are expecting a range of tax reforms. The report considers a range of reform options but its key recommendations look to simplify IHT and lower the tax rate charged.
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