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Introduction to Will Drafting for Accountants

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Introduction to Will Drafting for Accountants MONDAY, 25 MARCH 2019 In association with… icaew.com The value of ICAEW membership Qualified professionals to advise you on technical and 1 ethical matters 259 World class Industry and library ... country guides ... with Connecting information ACA/FCA members through and research online professionals communities, offering blogs and forums tailored help Internationally recognised designatory letters Member App available on Android and iOS INTELLIGENCE AND INSIGHT APRIL 2015 | ICAEW.COM/ECONOMIA ISSUE 37 | ACCOUNTANCY | FINANCE | BUSINESS 200+ Confidential Fight for and non- your right Specialist technical Multimillionaire barrow boy Barry Hearn on fortune, family and making his own way helpsheets and judgmental PRIVATE EQUITY THE PENSIONS REVOLUTION EUROPEAN support and ROAD TRIPS FAQs advice 18 International member groups 3,450+ 24h electronic 24 10 journals UK District International Societies offices and books Information online when you need it – no cost, no time zone, no delay Agenda Time Session 09:00 Registration 09:30 Formal requirement for wills; When to use life interest trusts; When to use discretionary trusts; Taking instructions for a will – who is the client?, family, size of estate, who does the client wish to benefit; Capacity to make a will and knowledge and approval of the contents; Undue influence: Conflict of interest – couples may have different wishes; Does client have an equitable interest in a house vested in the name of someone else? Does someone else have an equitable interest in a house vested in the name of the client? The difference between joint tenants and tenants in common; The imposition of a trust in case of co-ownership of a house of land; Possibility of a claim under the Inheritance (Provisions for Family and Dependants) Act 1975 - duty to warn clients, statements about why testator is cutting out a relative 11:00 Refreshment Break 11:15 The basic structure of a will; Wills in contemplation of marriage/civil partnership, conditional on the marriage/partnership taking place; Revocation clauses; The choice of executors/trustees, advantages and disadvantages of the possible appointees; Appointment of the partners in the firm as executors; Charging clauses; Funeral wishes; Appointment of guardians; Drafting points with regard to specific gifts – ademption, difference between specific gifts and general legacies, generic gifts, who bears the cost of transfer; Gifts of personal chattels; Incorporation of documents; Precatory trusts; 12:45 Lunch 13:45 Drafting points with regard to gifts to minors – vested or contingent, named or class gifts, express substitution clauses and s 33 Wills Act 1837, who is included in a gift to children, adopted children, bereaved minors trusts; Gifts of residue – why is it given to executors/trustees on power to retain and sell it? Survivorship clauses – are they necessary? Can they cause problems? Conditional gifts/determinable interests; Residence nil rate band and its effect on drafting wills; Powers of personal representatives/trustees, and reasons for amending the implied powers; the STEP standard provisions; Use of punctuation in wills; Is it in order to draft a will benefitting yourself? 15:15 Refreshment Break 15:30 Demonstration of will drafting software 17:00 Event Close Speaker Biography John Thurston, LL.B., TEP, Solicitor John is particularly interested in the law relating to wills, trusts, taxation, powers of attorney and elderly clients. He is the author of “A Practitioner’s Guide to Powers of Attorney”, “A Practitioner’s Guide to Trusts”, “A Practitioner’s Guide to Inheritance Claims” , “A Practitioner’s Guide to Executorship and Administration” and “Estate Planning for the Middle Income Client” all published by Bloomsbury Professional. He is also a contributor to “Tolley’s Administration of Trusts” “Tolley’s Administration of Estates” and 'Tolley's Accountants Legal Service", and contributed a section to “Tax Efficient Will Drafting” published by LexisNexis Butterworths. He is also a frequent presenter of training courses for solicitors and other professionals. Introduction to will drafting. Delegates' notes. © John Thurston. 03/19/19 1 All rights reserved. No part of these notes may be reproduced in any material from (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of these notes) without the written permission of the copyright owner except in accordance with the provisions of the Copyright, Designs and Patents Act 1988. The doing of an unauthorised act in relation to a copyright work may result in both a civil claim for damages and criminal prosecution. These notes have been prepared for the purposes of the presentation, and should not be relied upon for giving advice to clients without checking that advice. No responsibility can be accepted by the course provider or the presenter for any loss occasioned by a person acting or refraining from acting on the basis of these notes. The presenter may offer opinions or suggestions about questions, but no responsibility can be accepted for the accuracy of such opinions or suggestions. 2 Terminology. ......................................................................................................................... 4 Formalities. .......................................................................................................................... 5 Uses/advantages/disadvantages of different gifts. ............................................................... 7 Taking instructions. ............................................................................................................ 11 Capacity/undue influence. .................................................................................................. 12 Conflict of interests. ........................................................................................................... 22 Transfer into the name of one party. .................................................................................. 23 Estoppel. ............................................................................................................................ 25 Joint tenants in common. ................................................................................................... 29 Inheritance (Provision for Family and Dependants) Act 1975. ........................................... 30 Typical structure of a will. ................................................................................................... 36 Joint tenants or tenants in common. .................................................................................. 47 Gifts to children or grandchildren. ...................................................................................... 49 Grossing up. ...................................................................................................................... 54 Survivorship clauses. ......................................................................................................... 56 Pets. ................................................................................................................................... 57 Options. ............................................................................................................................. 58 Gifts to unincorporated associations. ................................................................................. 60 Charities. ............................................................................................................................ 61 Conditions precedent, conditions subsequent and determinable interests. ....................... 62 Increased nil rate band where home inherited by descendants. ........................................ 65 Is it in order to draft a will benefitting yourself? .................................................................. 82 Interpretation. ..................................................................................................................... 83 Drafting points. ................................................................................................................... 86 Powers of trustees/personal representatives. .................................................................... 89 The effect of relationship breakdown on wills. ................................................................. 113 3 Terminology. Will – a document intended to take effect on death. Codicil – a supplemental will. Executors – persons appointed by will to get in the assets of the testator, to pay the debts of the testator, and then distribute the assets to those entitled under the will. Bequest or legacy – a gift of personal property or money in a will. Devise – a gift of land. Pecuniary legacy – a gift of money. Specific gift – a gift of assets distinguished from other property. Residue or residuary estate – a gift of anything left. Attestation clause – clause at the end of the will reciting the requirements for execution of a will. Intestacy – no valid will. Partial intestacy – will, but it does not dispose of all of the property of the deceased. Administrators – where will does not appoint executors, or there is no will, the court will appoint administrators to deal with the estate. Grant of probate – confirmation by the court that a will is valid, and the appointment of the executors. Grant of letters of administration – grant by the court when there are no executors.
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