Planning and Drafting Wills for Clients with Businesses

Contents

Business property relief is exceptionally valuable but the benefits can be wasted if the will is not properly planned. This video will look at warnings that business clients should be given and at some pitfalls that can occur where property attracting relief passes as part of the residue of the estate.

• Provision for Succession
  • Obligations?
• Is relief available?
  • Assessing the chances
  • Change in nature
  • Sale
  • Excepted assets
• Maximising IHT advantages

• Advantages of a discretionary trust
  • The double dip
• Unexpected results if part of residue
  • Effect on specific and pecuniary gifts
  • Effect on nil rate band legacies

Learning objectives

On completion of this video you should be able to:

• Identify circumstances in which clients should be warned to re-examine succession planning
• Advise clients on factors which may prevent relief at the date of death
• Explain to clients the most IHT- effective way to deal with business assets on death  and draft accordingly
• Avoid the pitfalls associated with residuary gifts containing property qualifying for relief

Speaker

PROFESSOR LESLEY KING

Professor Lesley King of the University of Law is co-author of Wills, Taxation and Administration: A Practical Guide; A Modern Approach to Wills, Administration and Estate Planning (with Precedents);  A Practitioner’s Guide to Wills; Wills: A Practical Guide and editor of The Probate Practitioner’s Handbook. She is the wills and probate columnist for the Law Society Gazette, and writes and lectures extensively on wills, taxation and related matters.