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💔 When Good Intentions Go Wrong: How a Lifetime Trust Could Have Protected Norma
An 82-year-old woman was evicted from her own home after gifting it to her daughter. With no trust or legal safeguards in place, her rights were lost. A Family Lifetime Interest Trust (FLIT) or Right to Occupy could have protected her. Don’t risk your home—plan properly.
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The Future of Funerary Rights: Binding Wishes, Legal Clarity, and Reform
At present, a person’s decisions about what happens to their body after death are not legally binding, often leading to family disputes and uncertainty. The Law Commission’s upcoming review, set to begin in 2025, aims to determine whether these wishes should be enforceable and how disputes over funerary arrangements should be resolved. With advancements in…
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Understanding Equity Release, Life Interest Trusts, and Tenancy in Common
Property ownership choices significantly affect estate planning, particularly with equity release and life interest trusts. This article contrasts joint tenancy and tenancy in common, emphasizing the complexities tenants in common face when seeking equity release. It underscores the necessity of professional guidance for optimizing ownership structures and financial arrangements.
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How Farmers Can Use Trusts and Agricultural Property Relief to Optimise Inheritance Tax Planning
Inheritance Tax (IHT) planning is a crucial consideration for farming families looking to preserve generational wealth. With the availability of Nil Rate Bands (NRB), Agricultural Property Relief (APR), and strategic use of trusts, it’s possible to pass significant assets to children while minimising tax liabilities. This blog explores how couples can use trusts effectively, leveraging recent updates…
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What Do You Need for Your Lasting Power of Attorney (LPA) Instruction Meeting?
Creating a Lasting Power of Attorney (LPA) ensures your wishes are followed if you become unable to make decisions for yourself. To prepare for your LPA instruction meeting, please gather the following information and documents. 1. Personal Information 2. Attorneys and Replacement Attorneys 3. Certificate Provider 4. Health and Welfare LPA This LPA covers decisions…
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What do you need for your will instruction meeting?
To help you prepare for your will instruction meeting, here’s a list of information and documents to have ready. This ensures we can create a will tailored to your needs without delays. Personal Information: Offspring and Dependents: Executors and Trustees: Assets and Property: Gifts and Beneficiaries: Funeral Wishes and Organ Donation: Other Provisions: Legal and…
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Judicious Encouragement and Protecting Inheritance from Divorce
For clients creating wills, it’s common to leave assets first to a spouse and then to children in equal shares. Yet, when concerns arise about the risk of a child’s inheritance being exposed to a future divorce settlement, straightforward provisions may not offer the necessary protection. In such cases, families should consider advanced planning to…
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What is Donatio Mortis Causa? Understanding ‘Death Bed Gifts’
In the realm of inheritance law, Donatio Mortis Causa (DMC) offers a fascinating mechanism for passing on assets. This type of gift is made in contemplation of imminent death, bridging the gap between gifts given during life and those left in a will. With the ability to revoke the gift if circumstances change, DMC allows…