Wills, Probate and Advising the Elderly Update 2022

KEY SUBJECTS

• TRUSTS: MAKING SENSE OF THE TRUST REGISTER (TRS) AS THE TRS CLOCK TICKS DOWN
• CAPITAL TAX UPDATE
• IHT ISSUES DURING THE ADMINISTRATION OF AN ESTATE
• LASTING POWERS OF ATTORNEY UPDATE
• DISPUTED WILLS – MINIMISING THE RISKS
• ELDERLY CLIENT UPDATE

SPEAKERS

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

Professor Lesley King, Professional Development Consultant, University of Law

Caroline Bielanska, Solicitor, TEP, Independent Consultant, Mediator, Author and Trainer

PROGRAMME

9.30am CHAIRMAN’S INTRODUCTION

TRUSTS: MAKING SENSE OF THE TRUST REGISTER (TRS) AS THE TRS CLOCK TICKS DOWN

Understanding which trusts or joint ownerships need to be registered, in the light of the latest HMRC Guidance, and how TRS applies to our practices.

The potential TRS impact on probate and conveyancing work, as well as trust and tax planning, is of increasing concern to practitioners. With the anti-money laundering (AML) provisions, it is important to be clear about the registration obligations for non-taxable express trusts under 5MLD, as well as taxable trusts under 4MLD. With the limited scope of some exclusions from the need to register, the 5MLD rules can seem random and unfair, so how do they work?

• As the clock ticks down to the TRS registration deadline of 1 Sept 2022, we will explore:
  • The latest guidance in the TRS Manual and how it helps with difficult TRS issues
  • Some key points re joint ownership of land and life policies
  • What to do about trusts wound up since Oct 2020 when 5 MLD came into effect
  • Bare trusts: understanding what is excluded and those that need registering
  • When are the results of litigation matters excluded and when to register?

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

CAPITAL TAX UPDATE

An update on any developments in capital taxation, which will reflect any changes in 2022. This will likely include:

• The new IHT rules re Excepted estates, from Jan 2022, and how they work in practice
  • Including changes in client practice to help with changing compliance obligations.
• Will Trust taxation: understanding the 6 options
  • With the IHT treatment of will trusts determining the TRS consequences, it’s a good time to consider:
    • the key Inheritance Tax and Capital Gains Tax treatment of each trust
    • the capital tax traps that can arise in will drafting
    • the options for trusts of property
• Where is capital tax planning after the 2021 tax changes and any in 2022?

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

IHT ISSUES DURING THE ADMINISTRATION OF AN ESTATE

This session will look at:

• Loss on sale relief
• Obtaining the reduced rate of IHT
• When not to elect for reading back on post-death variations
• Sale of assets
  • on which instalment option has been claimed
  • for more than probate value

Professor Lesley King, Professional Development Consultant, University of Law

LASTING POWERS OF ATTORNEY UPDATE

During the Pandemic the OPG advised that people make ordinary powers of attorney, advance decisions to refuse medical treatment and set up third party mandates because of the length of time it takes to get an LPA registered. It is still taking up to 20 weeks for an LPA to be registered and there is a clear need for the process to be modernised and to avoid rejection of the LPA. This session will cover the current work of the OPG and case law update and include the following:

• Plans to modernise LPAs
• Access to medical records by PFA attorney
• Drafting LPAs following Re PW (Jehovah’s Witness)
• Investing when the LPA does not include a Discretionary Management power
• Reappointment of joint attorney clauses v successive donees

Caroline Bielanska, Solicitor, TEP, Independent Consultant, Mediator, Author and Trainer

DISPUTED WILLS – MINIMISING THE RISKS

Even if not facing a negligence claim, it is stressful and expensive to be involved in litigation over contested wills. This session will look at internal office processes and procedures that can help avoid problems. It will consider:

• Arranging the initial interview
• Use of questionnaires
• Attendance notes
• Confirming instructions
• Avoiding misunderstandings
• Medical reports
• Checking the will
• Execution of the will
• Larke v Nugus precautions
• Review of precedents

Professor Lesley King, Professional Development Consultant, University of Law

ELDERLY CLIENT UPDATE

This session will cover recent cases which impact older clients relating to capacity, best interest decisions and health and social care including:

• Access to digital assets when a client lacks capacity
• Rectification of property title where attorney has exceeding authority
• Responding to abusive and neglectful behaviour by family
• Update on the Health and Social Care Bill
• The Social Care White Paper
• The Care Cap
• Ombudsman’s decisions relating to care funding

Caroline Bielanska, Solicitor, TEP, Independent Consultant, Mediator, Author and Trainer

5.00 pm CLOSE OF PROCEEDINGS