Trusts Guide
Many people use a trust to reduce inheritance tax, if you put an asset into a trust you no longer own it, so depending on when you die your beneficiaries may no..link
Call for Will reforms.(2017)
The Law on Wills needs to be updated to reflect modern forms of communication advises the Law Commission.
The Law Commission has highlighted the need to reform the law concerning Wills, bringing it in to the modern era suggesting that electronic communications such as texts and emails should be recognised.
The existing law states that for a Will to be valid it must be completed by a person aged 18 or over and witnessed by two people also over the age of 18, the Law commission would like this to change in instances where the deceased has made their wishes clear.
If a person dies intestate, ‘without a will’ there are rules as to how an estate will be divided up which may or not be in line with the deceased wishes, with around 40% of people dying without a Will the accuracy of these rules are often questioned by the relatives.
The commission realises that incorporating electronic communications into probate law can cause contention but it feels that on consideration it will improve the accuracy of the deceased wishes.
The rigidity of the existing rules make it so that even if a deceased person’s intentions are obvious if they have not followed correct procedure those wishes can be dismissed, which can’t be right.
The review should also update the mental capacity of the person making the will, the existing Law relies on the Victorian test of ‘delusions’ of the mind, which does not allow for modern medical understandings.
Following this announcement a consultation will be conducted on the proposals finishing in November 2017.
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