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

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Presentation Transcript
jargon
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”

introduction to wills and trusts planning for the future3
Introduction to Wills and Trusts : Planning for the Future

Introduction

  • Providing in wills for family

members with learning difficulties

  • Using trusts
  • Other points
  • Questions
introduction to wills and trusts planning for the future4
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
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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
introduction to wills and trusts planning for the future why make a will
Introduction to Wills and Trusts : Planning for the Future : Why make a will?
  • Extending statutory powers
  • Appointment of Guardians
  • Funeral Directions
  • Constant Review
introduction to wills and trusts planning for the future beneficiaries with a learning disability
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
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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

introduction to wills and trusts planning for the future9
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

introduction to wills and trusts planning for the future beneficiaries with a learning disability10
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
introduction to wills and trusts planning for the future the solution
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?

introduction to wills and trust planning for the future what is a trust is it
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
introduction to wills and trusts planning for the future why set up a trust
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?

introduction to wills and trusts planning for the future the gift to your beneficiary
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

introduction to wills and trusts planning for the future types of trusts
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

introduction to wills and trusts planning for the future discretionary trusts
Introduction to Wills and Trusts : Planning for the Future DISCRETIONARY TRUSTS
  • How do they work?
  • Letter of Wishes
  • Flexibility
  • Trustees
  • Trust Management

Discretionary trusts

introduction to wills and trusts planning for the future lifetime trust
Introduction to Wills and Trusts : Planning for the Future LIFETIME TRUST
  • What is it?
  • Resources?
  • Future additions by other family members

Lifetime trust

introduction to wills and trusts planning for the future other points to consider wills
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

introduction to wills and trusts planning for the future other points to consider wills19
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