Posted by Calum Campbell, Associate
The untimely death of Prince in April left shockwaves throughout the music world. Unfortunately, news that he may have died without making a Will (i.e intestate) means that the administration of his estate may become even more of a story as time passes. Currently his estate has been placed under the administration of the Bremer corporate trust company while relatives and lawyers search for a Will.
Obvious tensions between two men who had previously been appointed to oversee their elderly mother’s finances meant that they were no longer capable of acting as attorneys, a Judge recently ruled.
This week the Telegraph reported the recent decision in the estate of Ian Wooldridge. It is believed that, possibly for the first time, a claim by a widow under the Inheritance (Provision for Family and Dependants) Act 1975 has been dismissed by the court without any award being made.
In his pre-election budget of April 2015, Chancellor George Osborne announced that the Government will review the ongoing availability of deeds of variation. A consultation was consequently launched, which could potentially lead to significant changes to inheritance tax mitigation.
A study has concluded that families are paying too much for relatives’ care “all too often.” Detailed research, carried out by the Local Government Ombudsman, found that in many cases families were being denied the information they need to make an informed decision about the best option for their loved ones.
It’s usually a very private topic that not many people want to think about, let alone discuss with others; that topic is death. And dying. And anything else in that morbid category usually left only to ‘industry’ professionals such as solicitors, accountants, doctors and funeral directors.
As the dust settles on the Summer Budget, experts are starting to pick over the details of the Chancellor’s shake-up of Inheritance Tax (IHT) laws.