January/February 2012 #133 – Law Journals

Pensions: Pass it on

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Gill Steel examines pension by-pass trusts ‘The principle of the by-pass trust is simple. When a pension scheme member dies the lump-sum death benefit can be paid to the member’s spouse/civil partner by the scheme trustees free of inheritance tax (IHT).’Many clients have pension arrangements that provide death benefits. These clients may be thinking of …

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Equitable Tracing: Proprietary base needed?

In the first of two articles, Sukhninder Panesar discusses different approaches to equitable tracing in light of the Court of Appeal decision in Sinclair ‘Until the decision of the Privy Council in AG for Hong Kong v Reid [1994], English law had argued that the right to assert equitable ownership over unauthorised gains in the …

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Trustees: When is a trustee not a trustee?

Judith Morris compares the approach of the Jersey court in Re BB, A and C with that of the English court in Jasmine Trustees Ltd v Wells Hind ‘Persons who have not been properly appointed as trustees, if they have acted in good faith, believing themselves to be duly appointed, are entitled to indemnity in …

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Tax Planning: Avoiding the pitfalls

Tim Fullerlove gives trusts and estates practitioners an update on the remittance basis for non-doms ‘Section 809I ITA 2007 includes a rather arbitrary but potentially very expensive trap. It states that if a taxpayer nominates a source of income or gains and remits anything from that source before they have remitted all other income and …

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Musings From Manchester: New Year’s regulations

Geoffrey Shindler looks ahead to divine what regulators might have in store for wills and estate administration ‘Core elements that seem to be involved in regulating will writing are: education of the will writer, responsibility of the office holder within the firm, conduct rules (particularly conflicts of interest), CPD, monitoring compliance with the rules, redress …

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Regulating Trusts: Regulating trusts

George Hodgson sets out the current position of FATF on trusts ‘It is worth saying at the outset that STEP is unaware of any evidence that points to trusts representing a major problem with respect to money laundering. Indeed, a recent report on worldwide trends in corruption by the World Bank found the evidence “suggests …

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Wills: Virtual presence

Chris Walton explains why a review of online assets is an essential part of the will-making process ‘Many individuals overlook their digital assets and online profiles when making wills, perhaps because they are not so tangible as property or finance.’ Just ten years ago, the way in which we used the internet was very different. …

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Probate: From Russia with love

Morley-Clarke v Brooks & ors elucidates the court’s approach to the capitalisation of a life interest under an intestacy after the time limit has expired, as Fenner Moeran outlines ‘ Morley-Clarke v Brooks & ors [2011] covers the question of the position of a spouse where the marriage was voidable for reasons of capacity or …

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