Private Client Briefings
Private Client E-Briefs
The Law Society has recently issued warnings against using un-regulated Will Writers to prepare property protection trust Wills. There is widespread concern that these products are being miss-sold and that firms making these Wills are un-regulated, and may not be qualified to undertake the work
Recent research has revealed that British homeowners could have overpaid a total of £90 million in inheritance tax after inheriting residential properties.
The Partners in Sharman Law welcome the latest proposals by the Legal Services Commission published on the 23rd April 2012 to bring Will writing and estate administration services within the scope of legal services regulation. If implemented, the proposals would ensure that all those who provide these services will be regulated.
From the 6th April where at least 10% of an estate is left to charity, the estate benefits from a reduced rate of inheritance tax on the balance of the estate. This change is an opportunity for the general public to increase their support for good charities at little or no cost to other beneficiaries within the estate.
One of the hardest things a Solicitor when drafting Wills is that they can be faced with real problems if the Testator (i.e. the person drawing up the Will) lacks mental capacity.
A recent case has added clarity to the situation where a Will is made and it is signed by someone other than the person making the Will.
A husband and wife instructed a Solicitor to draw up mirror Wills whereby they each left their estate to each other and, in the event they did not survive, to their friend. The Wills were prepared by the couple’s Solicitor and the couple signed the Wills in the presence of the Solicitor and a Secretary. However, by mistake, the husband and wife each signed the other’s Will.