Wills & Trusts Law Reports | June 2015 #150Kingston Smith were engaged to provide inheritance tax planning advice to Mr and Mrs Robin, who had terminal medical conditions, in early 2003. They wished to ensure that as much of their property should be available to support the survivor and, following the death of the survivor, their disabled daughter. Mr Chadda, who was a partner at Kingston Smith, discussed strategy at a meeting with Mr and Mrs Tobin based on utilising their inheritance tax nil rate bands, which would require them to make new wills and (in case of a beneficial joint tenancy) service of a notice of severance in rela...
Luke Barnes cautions against overlooking the significance of joint tenancies and severance ‘A failure to sever a joint tenancy during ancillary relief proceedings can have dramatic and unexpected consequences.’ It is a fair bet that most family and private client practitioners will have advised a client to consider severing the beneficial joint tenancy of co-owned …
Continue reading "Joint Tenancies: Cutting ties"
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