LAW2021 Online: Wills and Probate (Spring)

Presented by Professor Lesley King

This session will provide a review of current issues in Private Client Practice. 2020 was not easy for anyone. This session will focus on avoiding problems and pitfalls.

It will include:

• The uses and limitations of post-death variations
• The latest on BPR
• Where are we with probate application
• Good practice on video-witnessed wills
• Registering trusts and estates following implementation of the 5^th Anti-money Laundering Directive

Presented by Professor Lesley King

There are a number of areas where property issues affect private client practitioners, particularly in the administration of estates and trusts. In this session we cannot look at all of them but will consider:

CGT issues

• CGT and PRS
• Simple and complex estates
• The new rules on accelerated payment
• Saving CGT by appropriating assets

Stamp Duty Land Tax issues

• SDLT and estates
• Lifetime gifts and the additional rate
• Lifetime gifts and ’First Time Buyers’ relief (temporarily suspended)

Presented by John Thurston

As we are all aware, the Government is considering how care for people in their own homes and care home fees should be funded. This course will consider any new proposals made by the government, but whatever is proposed. clients will seek advice about transferring assets to children to avoid care home fees.

Can it be done? If so what can be transferred, and when and how?

The course will consider:

• What are the chances of finishing up in a care home?
• When does the Health authority have to pay?
• What capital assets will not be taken into account?
• Deprivation of capital
• What a local authority can do if there has been deprivation of capital
• What advice should be given to clients concerned about care home fees
• Effectiveness of asset protection trusts

Presented by John Thurston

Lasting powers of attorney have been around for some years, but continue to cause problems to practitioners. How do you deal with a client suffering from dementia or who has had a stroke? Are health and welfare lasting powers a good idea? Can an attorney make use of the lifetime exemptions from IHT? How do you deal with an attorney who is misbehaving?

Topics will include:

• Basic principles enshrined in the Mental Capacity Act
• The test for capacity and its effect on the tests for capacity to make wills and lifetime gifts;
• Gifts:
• Revocation and cancellation of lasting powers - what to do if an attorney is not acting properly;
• Trustees and delegation by lasting powers - can co-owners delegate their powers?
• Recent cases.