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Under a trust, do those receiving trust assets have to pay the costs of transferring them?

Rights and duties of a trustee in relation to expenses incurred in transferring trust property to a beneficiary A trustee is under a duty to distribute the trust assets to the correct beneficiaries in the execution of the trust, which includes transferring the legal ownership...

•8th August 2023•Carlyon & Son•LPA, Power of Attorney, Probate, Wills•no comments

When valuing a property investment company’s shares for IHT and CGT purposes, do you take account of (deduct) a corporation tax liability?

This Q&A is relevant to situations in which the shares in the company are unquoted. The starting point for a valuation of unquoted shares is their open market value at the time of the transfer between a hypothetical willing buyer and willing seller. For the...

•2nd August 2023•Carlyon & Son•no comments

Should a letter of wishes, drafted to guide trustees of a discretionary Will trust, be dated on a different day to the Will in order to avoid the letter of wishes becoming a public document or disclosable alongside the Will?

When a Will becomes public A Will only becomes a public document if a grant of probate is required. This is usually dependent on the size of the estate at the time of the testator’s death. In applying for probate, the executors will send the...

•26th July 2023•Carlyon & Son•LPA, Power of Attorney, Probate, Wills•no comments

If an individual who owns 100% of the shares in a company gives shares to the individual’s children but continues to use a property held by the company, would there be a gift with reservation of benefit for inheritance tax purposes?

We have assumed that: The individual is domiciled in the UK and the shares in the company are UK situs property, and The individual does not pay full market rent for the occupation of the property The reservation of benefit treatment of a disposition for...

•17th July 2023•Carlyon & Son•LPA, Power of Attorney, Probate, Property, Wills•no comments

Does an executor with power reserved have any liability to the beneficiaries of the deceased’s estate, including for breach of duties? What liability does an executor with power reserved have?

Does an executor with power reserved to them have a liability to pay inheritance tax on an estate or is this the sole responsibility of the proving executor? Where an executor has had power reserved, they should not be performing the actions of an executor...

•12th July 2023•Carlyon & Son•LPA, Power of Attorney, Probate, Wills•no comments

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Asha Promoted to Head of Property!

Under a trust, do those receiving trust assets have to pay the costs of transferring them?

When valuing a property investment company’s shares for IHT and CGT purposes, do you take account of (deduct) a corporation tax liability?

Should a letter of wishes, drafted to guide trustees of a discretionary Will trust, be dated on a different day to the Will in order to avoid the letter of wishes becoming a public document or disclosable alongside the Will?

If an individual who owns 100% of the shares in a company gives shares to the individual’s children but continues to use a property held by the company, would there be a gift with reservation of benefit for inheritance tax purposes?

Does an executor with power reserved have any liability to the beneficiaries of the deceased’s estate, including for breach of duties? What liability does an executor with power reserved have?

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