It is worth paying attention to the formalities. James Poole reports on a case where failure to properly sever a joint tenancy had a profound effect on estate planning and distribution The main question was whether the joint tenancy had indeed been severed, by either the notice, the application or the letter. If so, then …
Continue reading "Estate planning: When severance goes wrong"
This post is only available to members.
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...
