Insights| Tozers LLP

Insights

What happens if an executor ignores their duties?

Posted on 23rd September 2022 in Probate & Wills, Later Life Planning

The Society for Trust and Estate Practitioners (STEP) have recently reported a case in the England and Wales High Court (EWHC) where an executor faces jail time for ignoring their duties and failing to act.

Posted by

Sue Halfyard

Partner & Chartered Legal Executive

Insights

New deprivation of capital guidance for local authorities

Posted on 07th September 2022 in Later Life Planning, Safeguarding Vulnerable Clients

The Local Government and Social Care Ombudsman has issued guidance to councils on the often-complex issue of Deprivation of Capital decisions.

Posted by

Sue Halfyard

Partner & Chartered Legal Executive

Insights

Another one bites the dust: aparthotels and their claim to Business Property Relief

Posted on 01st August 2022 in Parks, Later Life Planning, Company & Commercial

Business-owners will no doubt be well aware of the potentially valuable relief from Inheritance Tax known as Business Property Relief. Where successfully claimed, BPR can shield the full value of a business from the charge to Inheritance Tax.

Posted by

Rachael Morley

Partner & Solicitor

Insights

What is an EPA and are they still valid?

Posted on 22nd July 2022 in Later Life Planning

EPAs were replaced by Lasting Powers of Attorney in October 2007, so it is no longer possible to make a new EPA. However, many existing EPAs will still be valid and may still be used by the relevant attorneys if needed.

Posted by

Emma McAdam

Solicitor

Insights

Lasting Powers of Attorney: Making your wishes clear

Posted on 01st June 2022 in Later Life Planning

When making a Power of Attorney there are many considerations to consider, including choosing someone you trust to carry out your wishes and conduct your affairs.

Posted by

Sue Halfyard

Partner & Chartered Legal Executive

Insights

Two-thirds of those planning to retire this year will work part-time to keep up with the rising cost of living

Posted on 06th April 2022 in Probate & Wills, Later Life Planning

Abrdn have surveyed 2,000 of Brits and the results show that instead of retiring, many of us are considering part-time work with two-thirds (66%) planning to remain in some form of employment in 2022 compared to 56% in 2021 and 34% in 2020.

Posted by

Sue Halfyard

Partner & Chartered Legal Executive

Insights

Registration of Trusts with H M Revenue & Customs

Posted on 25th March 2022 in Probate & Wills, Later Life Planning

The Financial Times has reported that as many of 1 million trusts in the UK could be caught by a new requirement to register trusts with HMRC. Failure not to register could result in the risk of fines and potentially difficulties accessing professional advice.

Posted by

Sue Halfyard

Partner & Chartered Legal Executive

Insights

Change to LPAs allows discretionary fund management

Posted on 25th March 2022 in Probate & Wills, Later Life Planning

The OPG is expected to update its LP12 guidance note to confirm that attorneys will not require specific wording in order to instruct discretionary fund managers.

Posted by

Emma McAdam

Solicitor

Insights

Department for Health and Social Care issue a consultation on draft statutory guidance concerning the care charging reforms

Posted on 14th March 2022 in Probate & Wills, Later Life Planning, Safeguarding Vulnerable Clients

The government announced in September 2021 charging reforms and their commitment that personal care costs in England will be capped at £86,000 over a person's lifetime. This is scheduled to take effect in October 2023.

Posted by

Sue Halfyard

Partner & Chartered Legal Executive

Insights

Estate Administration - missed assets and liabilities

Posted on 04th March 2022 in Probate & Wills, Later Life Planning

One of the main roles of a personal representative’s role is to identify all the assets and liabilities in the estate.

Posted by

Sue Halfyard

Partner & Chartered Legal Executive

Insights

Can I make gifts as an attorney?

Posted on 18th February 2022 in Later Life Planning

If you are appointed as an attorney under a Lasting Power of Attorney (LPA), you may wonder whether it is possible to make gifts on the donor’s behalf, for instance to family members or charities they would support.

Posted by

Emma McAdam

Solicitor

Insights

78% admit to not seeking advice on retirement plans

Posted on 16th February 2022 in Probate & Wills, Later Life Planning

New research by abrdn reveals four in five (78%) retirees admit they have not sought any professional financial advice on their retirement plans.

Posted by