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Bloomsburry Family law

Wills, Trusts & Probate

Taxation within the administration of an estate Liability and Protection

As if personal representatives did not have enough to worry about in the general administration of their estate, eg legatees demanding immediate payment of monies due to them, creditors of the estate wanting their money likewise, problems disposing of assets at the best price and possible questions arising from the interpretation of a will, personal representatives have also got to bear in mind the three main taxes and how they impact upon them during the administration of an estate

STATUTORY WILLS - A CASE STUDY

Mrs Jones, as part of her retirement planning, granted an enduring power of attorney to her nephew, Roger. Unfortunately, her mental faculties subsequently deteriorated and Roger, in complying with his legal duty, registered the enduring power with the Court of Protection. As time went on, Mrs Jones found it hard to manage living on her own and so moved into The Elms residential home.

Trusteeship Liability and Protection

The aim of this article is to examine the protections available to trustees for breach of trust, and in particular trustee exemption and indemnity clauses, in the light of recent case law. Exemption clauses will generally exonerate the trustee from the consequences of certain actions so he is not liable at all; an indemnity clause will indemnify the trustee from such actions so that even if he is liable he can claim reimbursement. Indemnity clauses may allow the trustee to claim from the fund itself or (particularly where the fund is being wound up), seek indemnity from beneficiaries.

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