Mark advised the trustees of a discretionary trust on various issues relating to a legacy of shares in a family trading company. The deceased’s Will left shares worth around £15 million to the trust.
Esther acts for the executors of the deceased who owned and ran two businesses as a sole trader, two businesses in partnership and had shareholdings in four limited companies. The deceased’s estate is valued at approximately £7 million.
Assets in the first to die’s estate, comprised of property and land held within a farming partnership. There were some inconsistencies between the partnership agreement, the property ownership and the will. There were also two children and it was important to balance the needs of the farming and the non-farming child.
The client (P) died owning a farm on which a mixture of business activities were being carried out.
The client (K) died owning a 75% share of some farmland extending to around 230 acres which was used for agricultural purposes.
We have recently advised on an estate of a non-UK domiciled client where the deceased was domiciled in Poland and left assets in both Poland and England.
Frequently a foreign Will is prepared with the intention of covering worldwide assets and foreign wills can be recognised in England. The facts are case specific and this can quickly become a complicated area of law on which you should seek legal advice.
Dying without a valid will can cause confusion and more upset to loved ones who are left to administer your estate.
After the death of their parents, four siblings found themselves unable to agree on how to progress their parents’ estate.
Following the death of their father, a family faced a large inheritance tax bill and the prospect of having to sell the family home to settle it. They also did not know what to do with their parents’ personal belongings, such as their artwork, furniture and jewellery.
We often advise how an estate will be administrated where the deceased has not left a will and there are no known relatives. Here we explain how we supported a family in a similar scenario.
One child of three children was appointed by their late father under their will to act as executor and obtained a grant of representation to deal with the estate.
In order to obtain a grant of probate, the deceased’s original will must be lodged at the Probate Registry alongside the probate application. There are occasions when the original will is not available which adds an additional layer of complexity.
Mr X died in 2016. At his death, he and his wife owned a number of properties (both residential and commercial), some of which were in his sole name and others of which were in joint names. Mr and Mrs X had an son and one of the properties was co-owned by Mr X and the son. Mr X also owned a number of other bank accounts and investments as well. The total value of his estate was around £4 million.
When a member has passed away, trustees and pension scheme administrators can usually exercise discretion over the distribution of death benefits due from a pension scheme. More often than not when a trustee has exercised this discretion, the benefits fall outside of the estate for Inheritance Tax (IHT) purposes.
An entire family, including children died in a tragic accident. None of the family had a Will and we were asked to obtain Grants of Letters of Administration.
TSP’s multi-disciplinary team were able to provide a seamless, expert and sensitive service to a farming family with a farming company and a mixture of residential and agricultural property.
This case study illustrates that it is possible to rebut an argument from HMRC that large cash reserves held in a business should not benefit from Business Relief (BR).
We acted for the widower of a young Polish woman who had been working in England for the last few years of her life. It was thought that she had retained her domicile of origin in Poland and the couple had very much left open the possibility of returning to Poland in the future.
This case study demonstrates the expertise of our Wills, Trusts & Tax Planning team who have recently advised a client on deeds of variation, inheritance tax and discretionary trusts.
This case study demonstrates the expertise of our Wills, Trusts & Tax Planning team who have recently settled a farming case, saving a potential IHT liability of over £500,000.