LAW2024 Online: Wills and Probate (Autumn)

Topics covered include:

Dealing with IPDI Trusts

Presented by Professor Lesley King

These trusts are very popular with married couples, civil partners and cohabitees as a way of providing for successive beneficiaries and protecting assets from second marriages/relationships and care home fees.

This session will look at problems that can arise when acting as or advising trustees:

• Do the trusts have to be registered and, if so, when?
• Can trustees exercise powers in their own favour
• Consequences of terminating an IPDI during beneficiary’s lifetime
• Is RNRB available on second death?
• Likelihood of challenge from surviving spouse/civil partner
• Trustee losing capacity
• What’s the difference between a right to occupy and a full life interest?
• Who is entitled to the remainder interest?
• What happens if a trustee loses capacity?
• Problems for trustees when exercising powers

The Rules on Low Income Trusts and Estates

Presented by Professor Lesley King

The changes to the rules introduced in 2024/25 applying to low income trusts and estates are significant. In some cases there is a simplification But in others this is not the case. There are winners and losers. This session will look at:

• The position before 6 April 2024.
• The current rules
• Implications for PRs and beneficiaries of estates
• Implications for trustees and beneficiaries of trusts with a right to income

Wills Trusts; The Pitfalls

Presented by Helen Forster

Will Trusts are often built into wills for various reasons, such as asset protection or tax planning. However, careful planning and advice is required before simply adding these trusts into a clients Will. When used correctly they can be a great tool to provide flexibility and assurance for your clients, however frequently they are incorrectly utilised and cause significant tax liabilities.

A sound knowledge of the laws surrounding each type of trust is needed to be able to accurately advise your clients on their options.

This session will run through the most common types of will trusts and how they operate for tax purposes so that you can consider the most efficient way to meet a client’s needs.

Digital Lasting Powers of Attorney

Presented by Julie Bell

The Powers of Attorney Act 2023 will transform how the vast majority of Lasting Powers of Attorney will be made.

This session will look at:

• Why change is needed
• Digitalisation of the drafting process
• Retention of the paper system
• The identity verification process and who it will apply to
• Who can register?
• Who can object to registration – what will change
• Evidence of registration

Recent cases – including the role of the certificate provider