Tax analysis: In the case of Changizi v Changizi and others, the English estate of a testator was left (after a deed of variation) as to 5/6 to his surviving spouse and 1/6 to his son. The executors had also paid inheritance tax (IHT) on failed potentially exempt transfers (PETs) to the son for which they had a secondary liability. There had already been considerable litigation in this case and considerable costs had been run up which had been awarded against the son. After the costs and IHT due on the failed PETs, the son was in debt to the estate before any distribution was made.
To continue reading this news article, as well as thousands of others like it, sign in with ½Û×ÓÊÓƵ or register for a free trial
EXISTING USER? SIGN IN CONTINUE READING GET A QUOTE
To read the full news article, register for a free Lexis+ trial
**Trials are provided to all ½Û×ÓÊÓƵ content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these ½Û×ÓÊÓƵ services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
* denotes a required field
What is the procedure for applying for a limited grant of probate?Where the deceased’s estate is solvent, section 113 of the Senior Courts Act 1981 provides that the court may grant probate or administration in respect of any part of the estate, limited in any way the court thinks fit. There are a
If a husband and wife hold shares in a company jointly, what happens on the death of one of them? Will the deceased's interest be extinguished so that the shares pass automatically to the surviving spouse without becoming part of the estate?On the death of one joint owner the legal title to the
A grant of probate has been issued with powers reserved to an appointed executor under a Will. How can the executor obtain full powers?Reservation of power to non-proving executor(s)A person appointed as executor under a Will is not obliged to accept the appointment. If they do not wish to accept
Scotland—the process for applying for sequestrationSequestration in Scotland is the legal process by which an insolvent debtor’s estate is gathered in, realised and then distributed among their creditors by a trustee appointed for that purpose. The process requires that a formal award of
0330 161 1234