There are several reasons a farmer might consider setting up a joint venture: they may need more resource (monetary, machinery or simply more manpower); it might enable an aspiring farmer to get a foot on the farming ladder (which would otherwise be prohibitively expensive); and a JV can help a family farm to navigate a potentially difficult period such as a death in the family.
In this article, we outline 15 reasons why writing a Will should be a priority. From deciding who receives your assets to appointing guardians for your children and even reducing Inheritance Tax, a well-drafted Will provides clarity, control, and peace of mind for you and your family.
One of the criticisms of the old insolvency regime was that a Trustee in Bankruptcy (“the trustee”), who had failed to immediately realise their interest in a bankrupt’s family home, was able to recover this interest several years after the date of discharge of the bankruptcy order.
A recent ruling at the Central London County Court (Duggan v Duggan), is a timely reminder that the purpose of the Inheritance (Provision for Family and Dependants) Act 19751975 Act is to make financial provision out of a deceased person’s estate for an eligible applicant with a genuine need.
If you believe that you have unreasonably been left out of a will, you may be able to apply for reasonable financial provision from the deceased estate pursuant to the Inheritance (Provision for Family Independence) Act 1975 (“Inheritance Act”).
It is not unusual for land and property to be held within a trust for the benefit of family members (and is a particularly common arrangement for farming families). Predictably, this arrangement can enter choppy waters when one of the beneficiaries wants – or needs - to sell their share.
A property protection trust will is a will designed to help protect your property from an assessment to long term care fees. The half share of the family home belonging to the first person to die, passes into the trust.
Join our Private Client Team for an insightful seminar on effective estate planning and succession strategies, designed to help preserve and protect your wealth for future generations. Whether you're a business owner, farmer, or involved in family-owned enterprises, this session will provide you with essential legal and strategic advice.
Following the Judgment of Ilott v Mitson & Others handed down on 15 March 2017, this has given rise to a number of legal questions for the profession and has caused those who may have a claim pursuant to the Inheritance (Provision for Family and Dependants) Act 1975, to ask “what does this mean for me?”
A case in which I advised the parents of a four-day old baby who died in 2012 after being deprived of oxygen has recently been in the news as the family has only just received a five-figure settlement and an apology from Warwick Hospital.