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Introduction to Wills and Trusts : Planning for the Future

Introduction to Wills and Trusts : Planning for the Future. SCAMPPS 30 September 2010 Brian Bacon. Jargon.

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Introduction to Wills and Trusts : Planning for the Future

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  1. Introduction to Wills and Trusts :Planning for the Future SCAMPPS 30 September 2010 Brian Bacon

  2. Jargon “Every Constituency Labour Party (“CLP”) and Branch Labour Party (“BLP”) affiliated to this Party and as a precondition to continued affiliation thereto shall with effect from forthwith do and execute such acts and deeds to transfer the beneficial ownership of their respective freehold and leasehold properties legal title to which is presently held wither by individuals or by Labour Party Nominees Limited to and for the benefit of The Labour Party subject only the CLP’s and BLP’s existing rights of occupation thereof and to their continued receipt of all the rents and profits therefrom and the right to license and to lease the said properties from time to time subject to the prior written consent of the National Executive Committee but subject to the CLP’s and BLP’s continuing respective obligations in respect of any borrowings secured on such properties”

  3. Introduction to Wills and Trusts : Planning for the Future Introduction • Providing in wills for family members with learning difficulties • Using trusts • Other points • Questions

  4. Introduction to Wills and Trusts : Planning for the Future • OFT figure : 53 % of adults have not made a will • In 2009, 60% of registered deaths were intestate

  5. Introduction to Wills and Trusts : Planning for the Future WHY MAKE A WILL? DOES IT MATTER? • Rules of Intestacy - 1925 • Controlling ultimate destination of your property • Appointment of Executors • Certainty • Inheritance Tax Planning

  6. Introduction to Wills and Trusts : Planning for the Future : Why make a will? • Extending statutory powers • Appointment of Guardians • Funeral Directions • Constant Review

  7. Introduction to Wills and Trusts : Planning for the Future BENEFICIARIES WITH A LEARNING DISABILITY BENEFICIARIES WITH A LEARNING DISABILITY • What do we mean by a learning disability? Mental Capacity Act provides a definition : “unable to make a decision due to an impairment of, or a disturbance in the functioning of, the mind or brain” • Rules of Intestacy • Court of Protection

  8. Introduction to Wills and Trusts : Planning for the Future BENEFICIARIES WITH A LEARNING DISABILITY- THE COURT OF PROTECTION BENEFICIARIES WITH A LEARNING DISABILITY - THE COURT OF PROTECTION • A Superior Court of record • The Court has the same powers as the High Court

  9. Introduction to Wills and Trusts : Planning for the Future • Bad press: “Secret Court seizes £3.2bn from elderly” • Criticisms: Controlling vs leniency • Misunderstanding THE COURT OF PROTECTION

  10. Introduction to Wills and Trusts : Planning for the Future BENEFICIARIES WITH A LEARNING DISABILITY BENEFICIARIES WITH A LEARNING DISABILITY • Rules of Intestacy • Court of Protection - The Mental Capacity Act 2005 • Means Tested Benefits and Local Authority Provision • Enhanced share • No provision at all? Risk of Local Authority claim

  11. Introduction to Wills and Trusts : Planning for the Future THE SOLUTION? • Make a Will • Charitable legacies – indirect benefit • Set up a Trust What are the options?

  12. Introduction to Wills and Trust : Planning for the Future What is a trust? IS IT? What is a trust? • Legal Concept • Settlor • Trust Fund • Trustees • Beneficiaries

  13. Introduction to Wills and Trusts : Planning for the Future WHY SET UP A TRUST? • IHT Planning – direct planning and by-product of a trust • Protecting Beneficiaries • Court of Protection – The Mental Capacity Act 2005 • Beneficiaries with Learning Disabilities Benefits of a trust?

  14. Introduction to Wills and Trusts : Planning for the Future THE GIFT TO YOUR BENEFICIARY? • “I leave half my residuary estate to John absolutely” • A minor or adult without capacity cannot hold property in their own name • Court of Protection • Means tested benefits Example

  15. Introduction to Wills and Trusts : Planning for the Future TYPES OF TRUSTS • Life Interest Trust (IPDI) • Protective Trust • Charitable Trust • Discretionary Trust • s.89 Trusts • Disabled Trusts Types of trust

  16. Introduction to Wills and Trusts : Planning for the Future DISCRETIONARY TRUSTS • How do they work? • Letter of Wishes • Flexibility • Trustees • Trust Management Discretionary trusts

  17. Introduction to Wills and Trusts : Planning for the Future LIFETIME TRUST • What is it? • Resources? • Future additions by other family members Lifetime trust

  18. Introduction to Wills and Trusts : Planning for the Future OTHER POINTS TO CONSIDER - WILLS • Capacity • List of assets and how they are held • Trustees • Professional / family / friends • Trust Company • Guardianship Key points to remember

  19. Introduction to Wills and Trusts : Planning for the Future OTHER POINTS TO CONSIDER - WILLS • Specific and residuary gifts • Your or others future inheritance • Death in Service Benefits • Reviewing your will and obtaining professional advice • Lasting Powers of Attorney Other points to remember

  20. Introduction to Wills and Trusts : Planning for the Future QUESTIONS

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