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Wills: A Practical Guide 2nd Edition

Wills: A Practical Guide 2nd Edition

Author: Lesley King; Peter Gausden
Publisher: Wildy, Simmonds and Hill Publishing
ISBN: 9780854902743

Previous Edition ISBN: 9780854900909
Published In: September 2019
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

$76.05

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' …an easy to use introduction for someone new to will writing or a useful reminder for the more experienced practitioner.' From a review in Law Society Gazette.

This new edition of Wills: A Practical Guide explains what is involved in making a will, with particular reference to avoiding those issues which often given rise to litigation.

Information is provided on the formalities for making a will, the rules on testamentary capacity and related issues, which may affect the validity of the will. There are sections on less common aspects of will-making which often cause problems for practitioners including gifts for the benefit of pets, gifts to employees, gifts of business interests, mutual (as distinguished from mirror) wills, testamentary options, burial and other requests and dealing with property overseas.

These matters are dealt with in the context of the new rules on interpretation of wills resulting from the Supreme Court’s decision in Marley v Rawlings.

The inheritance tax implications of will planning and drafting are covered along with typical strategies for dealing with family wealth by making best use of the exemptions and reliefs available. There is also a chapter aimed at dealing with drafting pitfalls and, more importantly, how to avoid them.

Problems can arise if the existence of a will is uncertain and so there is a helpful section on storing and locating a will. The book also features a selection of useful precedents and checklists.

WILLS AND OTHER DEATH DISPOSITIONS

1.1 Why make a will?

1.2 What wills can give away

1.3 What wills cannot give away

1.4 Intestacy

RESTRICTIONS ON TESTAMENTARY FREEDOM

2.1 Introduction

2.2 Inheritance (Provision for Family and Dependants) Act 1975

2.3 Mutual wills

2.4 Contract to leave property by will

2.5 Proprietary estoppel

TESTAMENTARY CAPACITY AND INTENTION

3.1 Introduction

3.2 Testator’s age and physical capacity

3.3 Testator’s mental capacity

3.4 Testator’s intention

3.5 Practical issues for the practitioner preparing the will

REQUIREMENTS FOR VALID EXECUTION

4.1 Introduction

4.2 A simple recipe for getting it right

4.3 Formalities in section 9 of the Wills Act 1837

4.4 Practicalities of execution

4.5 Codicils

4.6 Wills made outside England and Wales and

section in 1 of the Wills Act 1963

4.7 Wills not subject to section 9 of the Wills Act

1837;

REVOCATION OF WILLS

5.1 Freedom to revoke wills

5.2 Methods of revocation

5.3 Revocation by a later will or codicil

5.4 Revocation by destruction

5.5 Revocation by subsequent marriage or formation of a civil partnership

5.6 Effect of divorce and dissolution

5.7 Conditional revocation

5.8 Revocation and privileged wills

ALTERATION TO WILLS AND USE OF CODICILS

6.1 Alterations made before execution

6.2 Alterations made after execution

6.3 Use of codicils

CONSTRUCTION AND INTERPRETATION OF WILLS

7.1 Introduction

7.2 General principles of construction

7.3 Applying basic rules of construction

7.4 Using extrinsic evidence as an aid to construction

7.5 From which date does a will speak?

7.6 Omitting, changing and supplying words

7.7 Class gifts and the class closing rules

7.8 Defining children and other relatives

WHY GIFTS IN WILLS MIGHT FAIL

8.1 Reasons for failure

8.2 Disclaimer

8.3 Ademption

8.4 Lapse

8.5 Forfeiture

8.6 Beneficiary witnesses will

8.7 Uncertainty

8.8 Contrary to public policy

8.9 Gift induced by force, fear or undue influence

8.10 Doctrine of satisfaction

8.11 Abatement

WILLS DEALING WITH PROPERTY ABROAD

9.1 Problems caused by owning foreign property

9.2 Forced heirship

9.3 Community of property

9.4 The EU Succession Regulation

9.5 How many wills?

9.6 Helping clients to deal with local lawyers

10.

LOCATING AND STORING WILLS

10.1 Storing wills

10.2 Locating lost wills

10.3 Obtaining probate in absence of the original will

11.

APPOINTMENT OF EXECUTORS AND TRUSTEES

11.1 Why appoint executors?

11.2 Executors distinguished from administrators

11.3 Drafting the executor’s appointment

11.4 Who can be appointed?

11.5 Remuneration of executors

11.6 How many executors?

11.7 Executors as trustees

11.8 Limited and special appointments

11.9 Conditional, substitute and alternative appointments

11.10 Failure of appointment – divorce/annulment, renunciation and uncertainty

11.11 Protecting executors and trustees

11.12 Some other issues relating to executors

12.

APPOINTMENT OF TESTAMENTARY GUARDIANS

12.1 Introduction

12.2 Who can appoint a testamentary guardian?

12.3 Requirements for a valid appointment

12.4 When does an appointment take effect?

12.5 Consequences for the guardian

12.6 Funding for guardians and trust funds

13.

LEGACIES

13.1 A word on terminology

13.2 Types of non-residuary legacy

13.3 Methods of making gifts

13.4 Particular recipients

13.5 Subject matter of legacies

13.6 Relieving provisions and other qualifications attached to gifts

14.

DEALING WITH THE HOME AND LAND

14.1 Initial considerations before advising the testator

14.2 Points relevant to all testamentary gifts of land

14.3 Choices for the testator

15.

RESIDUARY GIFTS INCLUDING RESIDUARY TRUSTS

15.1 Need for an effective gift of residue

15.2 Value of residue uncertain

15.3 Calls on residue

15.4 Is a trust of residue always necessary?

15.5 Residuary provision

16.

IMPORTANCE OF INHERITANCE TAX

16.1 Importance of inheritance tax

16.2 Death estate

16.3 Exemptions and reliefs

16.4 The rate of tax

16.5 Transferable nil rate band

16.6 Residence nil rate band

17.

PLANNING A TAX-EFFICIENT WILL

17.1 Introduction

17.2 Using trusts

17.3 Making best use of the residence nil rate band

18.

POWERS TO DEAL WITH INCOME AND CAPITAL

18.1 Power to apply income – section 31 of the Trustee Act 1925

18.2 Power to advance capital – section 32 of the Trustee Act 1925

19.

ADMINISTRATIVE POWERS FOR PERSONAL REPRESENTATIVES AND TRUSTEES

19.1 Introduction

19.2 STEP standard provisions

19.3 Legacies to minors

19.4 Power to invest

19.5 Power to acquire land

19.6 Power to act though personally interested and to buy trust property (‘self-dealing’)

19.7 Appropriation of assets

19.8 Power to charge

19.9 Retention of directors’ remuneration

19.10 Power to employ agents

19.11 Appointment of new trustees

19.12 Power to act on counsel’s opinion

19.13 Indemnity clauses

19.14 Insurance

19.15 Power to carry on a business

19.16 Power to borrow

19.17 Exclusion of the apportionment rules

19.18 Trusts of Land and Appointment of Trustees Act 1996

20.

FUNERAL AND OTHER REQUESTS

20.1 Funeral arrangements

20.2 Donation of the body and body parts

21.

PRACTICAL ISSUES WHEN TAKING INSTRUCTIONS AND AT EXECUTION

21.1 Preliminary matters

21.2 Terms of the will

21.3 Executing wills

22.

TIPS ON AVOIDING DRAFITING PITFALLS

22.1 Failing to make provision for an event

22.2 Internal inconsistencies

22.3 Ignorance of a legal rule

APPENDICES

A Family Will

Intestacy Rules

Planning a Tax-efficient Will – Case Studies

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