Trusts are very often considered to be complicated and expensive. However, although the “terms and conditions” can sometimes be detailed and extensive, the fundamental purpose of a Trust will usually be stipulated by the person or people wishing to create it. The “legalese” contained within the paperwork is merely to ensure that a Trust is …
Inheritance Tax and Investment Property
Investment Property is NOT Automatically Exempt from Inheritance Tax (IHT) It is widely recognised that although most ongoing active businesses are exempt from Inheritance Tax (IHT) upon the death of the owner(s) or controlling shareholder(s), businesses where the main activity relates to investment property or properties are NOT exempt from potential IHT liability. Can I …
Vulnerable Adult Beneficiaries of a Will
Beneficiaries of Wills may be vulnerable for many reasons, including but not limited to learning difficulties, illness, and addiction. How do we provide for a vulnerable (and possibly dependent) adult Beneficiary in our Will? The beneficiary’s vulnerability is not as important as their care needs, and the solution is known as a Vulnerable Person Trust. …
Jointly Owned Property and Wills – The Connection
Jointly Owned Property and Wills: If you own your property as Joint Tenants with another person or people, you may decide that you want to change the ownership, so it is then held as Tenants in Common instead. This will enable you to gift your share of the property to someone other than your co-owner(s) …
Have you Unknowingly Invalidated your Will?
Are you aware of some of the different ways in which your Will could be affected by a change in your circumstances, or vice versa? Have you Unknowingly Invalidated your Will? A New Property Purchase If you purchase a new property with another person, this may have implications if your locally arranged Will (see previous …
Local Devon Probate Guidance Equals a Larger Inheritance as a Result
What is Probate? Most people have heard the term “Probate”, however far fewer are aware of what it means. The following is some Probate Guidance from TRF Wills. Just because we have a Will, that does not automatically mean that after our death the people dealing with our affairs can immediately begin sharing out our …
Local Devon Probate Guidance Equals a Larger Inheritance as a ResultRead More
Wills and Vulnerable Beneficiaries
Will beneficiaries can be vulnerable for many reasons, including but not limited to learning difficulties, illness, and addiction. How do we provide for a vulnerable, possibly dependent adult Beneficiary in our Will? The beneficiary’s vulnerability is not as important as their care needs, and the solution is known as a Vulnerable Person Trust. Vulnerable Person …
Reasonable Provision for Estranged Family Members
When a disgruntled family member (the applicant) attempts to contest a lack of, or insufficient, provision for them from a deceased person’s estate, then the courts apply a two-stage test, so what is reasonable provision for estranged family members. Firstly, the court considers whether the Will or Intestacy (if there is no Will) of the …
Disabled Persons Trust
The term “Disabled Persons Trust” is one that was created within the legal system. It is a term in no way endorsed by TRF Wills and we refer to it reservedly and solely because it is currently widely used and recognized within the Wills and Trusts industry. When someone wishes to provide in their Will …
Do-it-Yourself (DIY) Wills
You could choose to create your own Do-it-Yourself (DIY) Will rather than consult a specialist. This would almost certainly be a “cheap” course of action. Likewise, you could undertake your own dentistry, defend yourself in court against a wrongful accusation of a serious crime or unilaterally educate your children up to degree level. These would …
Co-Ownership of Property
How do you Jointly Own your Property and Why Does it Matter When you Die? When you buy a property, you may be buying it with someone else and you become co-owners as a result. There are two different ways to jointly own property, being either “Joint Tenants” or “Tenants in Common”. Despite the word “tenant” …
Joint Tenancy v Tenancy in Common – Devon Wills
We receive queries on this subject regularly, so this post is designed to help answer those common questions or misconceptions. If you hold your property as “Joint Tenants” with another person, you may decide that you want to change the ownership, so it is held as “Tenants in Common” instead. This will then enable you …
TRF Wills (TRF) was created by Michael Cotterill in 2005. He is a member of the Society of Will Writers and registered with the Information Commissioner’s Office.