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Vol 25 No 2 Feb/March 2020

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Varying the Disposition of an Estate After Death


ISBN13: 9781784461416
Published: January 2020
Publisher: Law Society Publishing
Country of Publication: UK
Format: Paperback
Price: £50.00



In stock.

The way in which property has been left on death is often unsatisfactory, either because the personal circumstances of family members have changed or because tax legislation has altered.

The introduction of the residence nil rate band in 2017 means that many wills prepared before that date are now unsuitable. However, families are not necessarily stuck with an unsuitable result. Statutory provisions exist which allow the way assets have been left to be redrafted after death to achieve a better result.

Varying the Disposition of an Estate after Death provides invaluable help to those advising clients about the opportunities, implications and pitfalls of varying the disposition of estates using variations and disclaimers. Inheritance tax, capital gains tax, income tax, stamp duty, trusts and their implications are fully considered.

The book explains:

  • the alternative provisions available (IHTA 1984, s.142, s.143 and s.144)
  • which variation should be selected
  • the formalities required
  • what can be achieved by each section of the Act, and
  • the pitfalls

A full suite of precedents for deeds of variation and related issues is included.

Subjects:
Wills and Probate
Contents:
Part 1. Introduction:
1. Why do statutory provisions dealing with post-death alteration of dispositions exist?
Part 2. Variations and disclaimers:
2. Difference between a disclaimer and a variation
3. Variations and inheritance tax
4. Disclaimers and inheritance tax
5. Variations, disclaimers and capital gains tax
6. Variations, disclaimers and income tax
7. Variations, disclaimers and stamp duties
8. Variations and disclaimers in action
9. When it all goes wrong: curing mistakes
Part 3. Compliance with testator’s request and orders under Inheritance (Provision for Family and Dependants) Act 1975:
10. Compliance with testator’s request
11. Orders under Inheritance (Provision for Family and Dependants) Act 1975
Part 4. Property leaving a relevant property trust within two years of death:
12. Inheritance Tax implications
13. Capital Gains Tax implications
14. Some examples of section 144 in action
Appendices
Precedents