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When embarking on asset and estate planning, an important but often overlooked enquiry is as to how the next generation will manage the assets (and what those assets might be) and who sensibly should be in charge. Consider the case of Frickleton v Frickleton. In this case one of four sons ends up as the sole executor … Continue reading
The great tragedy of any will that omits children, or provides for a grossly disproportionate split, is the difficulty to assess the whys and hows of the matter when the who is dead. Matters can be further complicated when the sole recipient of their parent’s bounty is also the sole executor. Consider for example Estate … Continue reading
References to executors and trustees are routinely combined and treated as synonymous with each other. But are they? Actually they are not. While the distinction is often unimportant, in certain circumstances it is critical. The executor’s duties include obtaining a grant of probate, getting in all of the assets, paying outstanding (and future) debts including … Continue reading
I was asked this week, in a round about way, whether trusts “still work”? The question was actually couched as to whether I was aware of any statistics about how many trusts are wound up. I am not aware of any statistics along those lines. However, from my own experience I still settle more trusts … Continue reading
Writing a will is in large part a leap of faith. The will-maker’s wishes may be clear and objectively reasonable, for example providing for a spouse or partner on the expectation that children will be provided for when the surviving spouse or partner dies. However, if on or more of the children are unhappy with the … Continue reading
Death and taxes are often cited as the only certainties. While these can be prepared for, sometimes, things change. Even where a sensibly drafted will is in place, circumstances that might not have been foreseen can arise. Sometimes at a time where the will-maker can no longer intervene. Where the issue relates to the appointment of … Continue reading
Discretionary family trusts can last, at present, for up to 80 years. While the Law Commission has suggested this should be extended to 150 years, in many circumstances just 80 years is too much. Trusts take management and prospective planning, and sometimes good management means making practical decisions that people might not like. It also means … Continue reading
The importance of getting wills right is obvious given that at some point, it will be the will-maker’s last words. However, it may not be well appreicated that the Wills Act 2007 contains a section allowing wills that otherwise do not meet the required formalities can be declared valid by the High Court. Since the … Continue reading
You can imagine it can’t you? Your client has died and so you get the will from deeds. You prepare the probate application and attend on your client’s surviving spouse. You talk gently about the loss. The probate documents are ready for submitting and then you happen to notice that the survivor’s signature is very … Continue reading
It is not uncommon for discretionary trusts to varied with the assistance of the court, which is provided for in the Trustee Act 1956 (s 64, 64A). However, the recent decision in the Matter of the Estates of Earl and Beverley Stick highlights the fact that s 64A can also be used to vary will trusts … Continue reading
Matters of Trust 