PRIVATE CLIENT LEGAL EXPERTISE
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LawSkills Newsletter -
September 2020
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Message from Gill SteelWell, after a decent break to recover my health, I am back in the office and raring to go. In September I have given myself a gentle introduction back into the world of work but come October, there'll be no stopping me! I have a chronic illness which gives me good days and not so good days so during my break I've had some 'down' days when I needed to respect my low-energy levels but equally I've had some good days when I've been able to meet up
with friends - socially distanced of course - and enjoy what has turned out to be a good summer weather-wise. I'm sure many of you have also welcomed a break during July and August. Holidays may have proved challenging with quarantine restrictions popping up in popular destinations but as lockdown has gradually been relaxed I hope you've been able to venture out for a staycation at least and to visit friends and family. A break from routine and these rather stressful days of the pandemic gives us all a boost. And now, September is here and perhaps, like me, you view this as a fresh start. A new 'term' so to speak. Here at LawSkills we've
got lots of exciting developments in the pipeline a new e-commerce website to come on stream in 2021 with notes and webinars to purchase and publications and products to buy of which more detail to follow over the coming weeks..... watch this space! As ever, do let us know if there is something particular you would like us to provide. 'til next time... keep well and stay safe. Gill
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Gill's GemsWills Abatement is what happens when the assets in an estate on death are insufficient to match the provisions in the Will. Large lists of pecuniary legacies are therefore a typical set of gifts which are vulnerable if the deceased's estate has been decimated by care home fees, for example. If an estate is insufficient to pay all legacies in full, general legacies must, in the absence of a contrary intention in the Will, abate in equal proportions. If the surviving spouse or civil partner or other key
beneficiary is left the residue and that is lost because the residue abates first; then it can be useful to also leave them a general legacy and express the view that it is to take priority over all other gifts in the Will to avoid it being reduced in proportion along with the other general legacies. Worth a thought in these uncertain times. Tax HMRC have announced that they will no longer print and stamp the IHT421 – inheritance tax probate summary form and return it to customers. Instead, they will email the IHT421 probate summary form directly to the HM Courts and Tribunals Service. They will let you know when they’ve done this by either
writing to you, or by adding a note to their calculations. On Friday 1 May 2020 they also launched a new webchat service. You can now use this service to get help to complete the form IHT400 and schedules, and to answer other inheritance tax questions.
Latest specialist articles
The role of the Executor with the new CGT return
by Julie ButlerIncreasingly, executors are playing a role in the sale of farm property for a number of reasons. First, the demographic of a large amount of UK farm ownership is elderly. Second, the farm market has been strong. Land agents have been impressed with many buyers in the market for quality farms. Interest from local farmers has also been evidenced where a “once in a generation” opportunity comes up to purchase an adjoining farm to expand their holdings. Lifestyle buyers are also still active for those farms that have a strong residential element (large main house, cottages and tourism potential, etc). There is also the positive impact of the “rollover buyer”, for example, farmers with development land sales wanting to rollover into more farms.
Read more Construction of Wills
by Alana Graham In these strange times, many practitioners have seen the stampede by members of the public to have Wills drafted. Practitioners were then faced with the problem of whether Wills witnessed remotely would be valid (a problem since ‘cured’ by new legislation – although this author foresees much scope in challenging these Wills) and this state of events may have prompted many to write their own Wills thereby ushering further potential problems. Of course, this is not to say that Wills drafted by advisors cannot suffer the same fate and so this Article will look at the construction of Wills. Read more Book Review: Parker's Will Precedents (10th Edition)
by Gill Steel This compact book has long had a place on the practitioner’s bookshelf as somewhere to start an enquiry into the drafting of a Will. Its stated purpose is to provide precedents for practitioners to see how to best express a testator’s wishes or to see what different forms of words should be used. It is a book to slip into your briefcase when visiting a client and a book to encourage a new Will drafter to read from cover to cover to get started in the world of drafting Wills. Read more
As Training Budgets tighten......Training budgets have been under scrutiny by management for a while but now, with the fall-out from the Covid-19 pandemic coming into sharp focus this is now ever more true. How do you ensure your skills are up to scratch? The following article appeared in the Sole Practitioners' Group SOLO magazine (Summer issue) - and takes you through why a subscription to LawSkills Monthly Digest will help you, the practitioner....... One of the key reasons for being satisfied at work is personal development. Not only is it a requirement
for lawyers to be and remain competent throughout their careers but it always provides confidence if you are fully aware of the developments occurring in the areas of law in which you practice or in which you are interested. Read more
Upcoming Webinars from Legal Futurespresented by Gill Steel
Topical issues in Estate AdministrationThis webinar will bring practitioners up to date with development affecting estate administration so they are able to proceed with estate administration in confidence Register for this webinar Monthly Update - AugustThis webinars will provide the busy practitioner with a round-up of new developments in wills, probate, trusts, tax and elderly client matters. It will focus on developments during the month of August 2020. Register for this webinar Spousal Bypass Trusts - are they still helpful?This webinar is designed to remind practitioners of the pros and cons of using spousal by-pass trusts and to consider
their implications for clients. Register for this webinar IHT Treatment of 18-25 TrustsThis webinar will clarify for practitioners the IHT treatment of 18-25 trusts by revealing the application of the relevant property regime rules to trusts of this type. Participants will be able to comprehend the hybrid nature of these types of trusts. Register for this webinar
NEWS: Gill Steel is invited to become a Fellow of the Association of Tax Technicians After many years working in Tax and as a member of the Association of Tax Technicians, Gill was surprised and delighted to be invited by ATT to become a Fellow. Gill has a canny nack of delivering highly relevant, yet complex tax training to practitioners in a very approachable and understandable way. She makes a potentially dry topic come alive. If you or your team are struggling with tax in
your Private Client work get in touch and let us help you de-stress those thorny client tax issues. Gill can offer consultancy or training depending on your needs. I'd like to learn more about tax training from LawSkills please
(use this link to send us an email)
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