Trusts and Trust Management

Northern Ireland farmers encouraged to make death bed tax plans

Northern Ireland farmers encouraged to make death bed tax plans

By Lenore Rice Specialist rural accountants have encouraged farmers in Northern Ireland and the rest of the UK to seek advice in respect of inheritance tax and capital gains tax in... Read more

World Elder Abuse Awareness Day

By Lenore Rice Thursday 15th June is World Elder Abuse Awareness Day, which aims to increase awareness about the abuse and suffering inflicted on older people in Northern Ireland, the UK... Read more

Significance of u-turn on absolute limits to care funding

By Lenore Rice The Conservative Party would prefer to call it a clarification rather than a u-turn, but either way, Theresa May has announced that there would be an “absolute limit... Read more

Over half of parents want to give away early inheritance

By Lenore Rice Just over a half of parents want to give an early inheritance gift to their children according to a new study by Key Retirement. The 53 per cent of... Read more

Supreme Court rules in favour of animal charities in Will challenge

By Lenore Rice The Supreme Court has ruled in favour of three animal charities who had challenged the decision of the Court of Appeal to award £160,000 to a woman who... Read more

Brothers asserting lack of testamentary capacity lose Will challenge

By Lenore Rice Two brothers have failed in their efforts to contest a Will of their father which bequeathed half of his £250,000 fortune to their stepmother. Richard and Jonathan Powell claimed... Read more

Make a Will in March and our fee goes to Northern Ireland Hospice

Wilson Nesbitt will be taking part in Northern Ireland Hospice's "Make a Will Month" again this year, meaning you can write a Will in March and make a donation instead... Read more

More parents using discretionary trusts to protect family assets from divorce

By Lenore Rice New research suggests that more people are using discretionary trusts to protect gifts of money or assets to their married children in the event of a future divorce. Discretionary... Read more

Inheritance lessons to learn from Prince and a princess

By Lenore Rice When it comes to making a Will and making plans to pass on your estate, there are no more obvious high-profile examples to look at than the cases... Read more

Making a Will continues to feature on resolution lists

By Lenore Rice There are a few resolutions that carry over from each year, and will almost certainly find themselves on next year's list as well - one of which is... Read more

5 things to consider when making a Will

By Lenore Rice A high percentage of adults in Northern Ireland consider making a Will but fail to carry through to writing one, largely because it is difficult to contemplate a... Read more

Poll reveals inheritance tax is the most hated tax in the UK

By Lenore Rice A survey has revealed that inheritance tax is the most hated tax among people in Northern Ireland and the rest of the UK, with 90 per cent of... Read more

Increase in gifting to cut inheritance tax bills

By Lenore Rice An increasing number of people in Northern Ireland and the rest of the UK are making gifts of assets in order to reduce the inheritance tax bill their... Read more

Inheritance tax payments in the UK reach 35-year high

By Lenore Rice A freeze on the inheritance tax threshold, coupled with the removal of some tax reliefs and rising property prices has resulted in the highest number of families in... Read more

Reminder to write a Will in November and our fee goes to charity

By Lenore Rice We are just past the half-way mark of Make A Will month, in which you can write a Will and make a donation to charity instead of paying... Read more

Will Aid month is underway - make a Will and our fee goes to charity

By Lenore Rice Throughout the month of November you can write a Will with the assistance of our experienced Will writing solicitors, and make a donation to charity rather than pay... Read more

Woman used power of attorney to steal sister's inheritance

By Lenore Rice A woman is facing prison after being found guilty of the theft of her sister's £50,000 inheritance. Maxine Forster, now aged 50, had been granted a power of attorney... Read more

Will Aid - Write a Will and our fee goes to Charity

Wilson Nesbitt is delighted to confirm that we will be again taking apart in the Will Aid scheme this November, which means you can write a Will and donate the... Read more

People in Northern Ireland are the most reluctant to make a Will

By Lenore Rice Fewer people in Northern Ireland have made a Will according to research that looked at adults across the whole of the UK. The research by unbiased.co.uk looked at how... Read more

Call for Inheritance tax to be merged with Capital Gains Tax

By Lenore Rice The Institute of Directors is calling for inheritance tax in Northern Ireland and the rest of the UK to be scrapped, with the group's head of taxation, Stephen... Read more

Will revisions required to benefit from new inheritance tax allowance

By Lenore Rice Accountants are warning that thousands of people in Northern Ireland and the rest of the UK will need to update their Will in order to benefit from a... Read more

One in three people are counting on inheritance cash payout

By Lenore Rice One in three people in Northern Ireland and the rest of the UK are expecting to receive an inheritance cash payout according to new research by insurer LV=. A... Read more

Budget speech delivers living wage and inheritance tax boost

Chancellor George Osborne surprised many people in his Budget speech with the announcement that the living wage would be introduced for employees aged over 25, coming into effect next April. The... Read more

Tory inheritance tax plan is 'special treatment for property owners'

By Lenore Rice The Conservatives have announced that they would introduce a new zero-rate band of £175,000 on a main property involved in an estate for inheritance tax purposes. Essentially, the threshold... Read more

Increasing number of estates are liable for inheritance tax

By Lenore Rice The continued freeze of the threshold at which inheritance tax becomes payable is expected to result in a record amount of inheritance tax receipts in 2015/16. The current inheritance... Read more

£1.3m compensation for daughter who was promised inheritance

By Lenore Rice The High Court in Cardiff has awarded £1.3million compensation to a woman who worked for nothing on her parents farm for years on the promise that she would... Read more

Wilson Nesbitt is participating in NI Hospice Make a Will Month

By Lenore Rice Throughout the month of March clients can write a Will with Wilson Nesbitt and make a donation to Northern Ireland Hospice instead of paying the standard solicitor fee. Make... Read more

38,000 inheritances delayed each year because of DIY Wills

By Lenore Rice New research suggests that as many as 38,000 inheritances in Northern Ireland and the rest of the UK are delayed each year because of poorly drafted Wills. An ineffective... Read more

Robin Williams family take inheritance dispute to court

By Lenore Rice An inheritance dispute involving the family of Robin Williams highlights the importance of clear and detailed instructions when writing a Will or creating a Trust. The children of Robin... Read more

Call for capital gains tax and inheritance tax to be merged

The Institute of Directors (IoD) is calling for the government to merge capital gains tax and inheritance tax to stop owners of high valued properties being taxed twice on the... Read more

Divorce among over-50s is up but negligence on Wills remains

By Lenore Rice The number of people over the age of 50 having a divorce has increased by 85 per cent since 2000, yet there is still the same negligence as... Read more

Legal help to fulfill your New Year's resolutions

A new year is upon us, and according to surveys and polls, over half of us have made some kind of resolution for 2015. As ever, health and finances top... Read more

Why modern life for over-50s makes writing a Will a necessity

By Lenore Rice Surveys consistently conclude that approximately 7 out of every 10 adults in Northern Ireland and the rest of the UK do not have a Will, and there is... Read more

Will Aid - Make a Will and donate to charity instead of paying us

By Lenore Rice Wilson Nesbitt is delighted to announce that it is taking part in Will Aid again this year. Running for the month of November, people can write a Will... Read more

Lack of Will allows estranged wife to inherit everything

By Lenore Rice An ex-policeman who had lived with his new partner for 15 months had failed to renew his Will before his death, meaning all of his estate passed to... Read more

Men are more likely to keep and update a Will

By Lenore Rice New research by the Law Society reveals that men are more likely to have a Will and keep it updated than women, however the vast majority of adults... Read more

NI farmer admits forging will to inherit £1m estate

By Lenore Rice A farmer from Northern Ireland has pleaded guilty to forging a Will in order to inherit the £1million estate from an elderly woman. Catherine Haughey, who died in December... Read more

Cameron says inheritance tax cut will have to wait

By Lenore Rice Prime Minister David Cameron has warned that an increase in the threshold at which inheritance tax becomes payable may have to wait until after the General Election in... Read more

Rise in council charges on houses to recoup care costs

By Lenore Rice Local councils are registering a legal charge on 8 properties a day to recoup elderly care costs according to new data obtained under the Freedom of Information Act. NFU... Read more

Inheritance tax implications of rising property prices

By Lenore Rice Northern Ireland property owners have learned that their house values increased by the lowest amount of the whole of the UK in the year to the end of... Read more

Inheritance disputes causing older couples to divorce

By Lenore Rice Divorce solicitors in Northern Ireland and the rest of the UK are seeing an increase in divorces among older couples who cannot agree on inheritance issues, and in... Read more

Son faked signature of brother to take £1.5m inheritance

By Lenore Rice Bristol Crown Court has heard that a man was cheated out of his share of a £1.5million inheritance after his businessman brother forged his signature to wind up... Read more

Proposals for inheritance tax to be paid before death

Inheritance tax is often referred to as the 'death tax', but if a proposal is taken up by the government it could become just another one of the taxes we... Read more

Musician Sting tells children not to expect big inheritance

By Lenore Rice Musician Sting has said that he does not intend to leave his £180million fortune to his children, and that they have already been told not to be expect... Read more

Daughters contest Will leaving fortune to mother's young lover

By Lenore Rice Two daughters are challenging the Will of their mother that left most of her £1.2million estate to her lover who was 23 years younger than her. Alison Walker and... Read more

Council fails to force sale of house to fund nursing care

By Lenore Rice A local council has lost it's bid to force the sale of a property belonging to an elderly woman who was taken into a nursing home. Mary Walford, aged... Read more

Government to promote lasting powers of attorney

By Lenore Rice The government is keen to promote lasting powers of attorney, will writing, and other matters connected to life planning with a special day to be held next year. The... Read more

Thank you to all our clients who took part in Will Aid

We would like to thank all our clients who took part in Will Aid 2013 - the annual scheme where people can make a Will and have the solicitor fee... Read more

Emily Morris receives STEP NI Diploma

Pictured right - The President of the Supreme Court Lord Neuberger presents Emily Morris with her STEP NI Diploma at a STEP conference at the Stormont Hotel in Belfast with... Read more

Parents lose bid to go back on farm inheritance promise

By Lenore Rice A woman who worked for years on her parents farm for low pay has won her fight to be given a stake in the business after her parents... Read more

Sisters remove mother as administrator of father's estate

By Lenore Rice The wife of multi-millionaire Northern Ireland man Michael Hoey has been removed as his personal representative after the High Court in Belfast ruled that she did not understand... Read more

Law Society advises Will writers on digital legacies

By Lenore Rice The Law Society has advised Will writers of the importance of clear instructions when it comes to their digital legacies. Many testators now have digital or online property, such... Read more

Wilson Nesbitt clients help us raise £1665 for charity

By Lenore Rice We are delighted to confirm that our clients have helped us raise £1665 for the charities supported by Will Aid by writing a Will with us and making... Read more

Lessons we can learn from Philip Seymour Hoffman's Will

By Lenore Rice The Oscar winning actor Philip Seymour Hoffman, who passed earlier this month, had written a Will that we can take some very valuable points from. First of all, that... Read more

Half of UK inheritance tax paid in London and South East

By Lenore Rice Approximately £3.1billion inheritance tax was paid in Northern Ireland and the rest of the UK in 2012-13, but half of that was generated from estates in London and... Read more

NI Mortgage advisers say only 1 in 4 clients have a Will

By Lenore Rice The results of a survey of mortgage advisers in Northern Ireland suggests that at best only a quarter of clients purchasing or remortgaging their property have written a... Read more

HMRC challenges yield £108m in additional inheritance tax

By Lenore Rice New research shows that the HMRC brought in 23 per cent more inheritance tax in 2013 as a result of challenging the valuation of estates, netting an additional... Read more

The Will to keep your New Year's resolution

By Lenore Rice Around half of us in Northern Ireland and the rest of the UK are expected to make resolutions for the New Year - only a small percentage will... Read more

Rising house prices to increase inheritance tax bills

By Lenore Rice The estates of deceased persons in Northern Ireland and the rest of the UK are likely to face a higher inheritance tax bill this year as a result... Read more

Wealthy women under 65 are most likely to inherit

By Lenore Rice A new government study has revealed that self-employed women under the age of 65 who are already considerably wealthy are the most likely to receive an inheritance. The figures... Read more

Emily Morris becomes first NI graduate of STEP Diploma

We are pleased to announce that Emily Morris of our firm has become the first Northern Ireland graduate of the STEP Diploma in Trusts and Estates. The course was designed to... Read more

Councils cracking down on care home fee avoidance

By Lenore Rice Councils are said to be paying more attention to the motivation behind transfers of property by older people to their grown up children before they go into care... Read more

Inheritances dropped to sort retirement shortfall

By Lenore Rice An increasing number of people are having to drop their plans to leave an inheritance to their children as they begin to count the cost of retirement, says... Read more

7 out of 10 people who died last year had no Will

By Lenore Rice Seven out of ten people who died last year did not have a Will according to charity Carers Trust. People who die without a valid Will are said to... Read more

Care home costs reduce chance of inheritance

By Lenore Rice A new report claims that 75 per cent of people in England and Wales that go into a care home will see all their savings and property value... Read more

IHT simplification proposal anything but simple

By Lenore Rice The HMRC has supposedly been trying to simplify the UK tax system, generally considered to be one of the most complex in Europe, if not the world. It's... Read more

Inheritance tax payments at 6 year high

By Lenore Rice The amount of inheritance tax paid by people in Northern Ireland and the rest of the UK rose for a third consecutive year in 2012, taking it to... Read more

Over half of millionaires don't have up to date Will

One of the most common reasons given by the 70 per cent of the adult population in Northern Ireland and the rest of the UK for not making a Will... Read more

Power of attorney used to steal from stepmother

A 66 year old woman has pleaded guilty to using a power of attorney to steal over £10,100 from her stepmother. Ann Fawcet and her husband were given power of attorney... Read more

Brothers win inheritance case against sister

A High Court judge has found in favour of two brothers who challenged payments made out of their late mother's estate to their sister. Susan Burbidge, aged 47, was cleared of... Read more

Will upheld despite declining mental powers

A son has lost his attempt to overturn a Will signed by his mother at the age of 88 without legal advice and without a medical check, despite the judge... Read more

Increased living costs reducing inheritances

Fewer people in Northern Ireland and the rest of the UK will be benefiting from inheritances according to Aviva's Real Retirement report. Just over one in five people who are approaching... Read more

Woman steals £120,000 from great uncles account

A woman who was put in a position of trust with access to her 84-year-old Great Uncle's life savings admitted to embezzling just under £120,000 to fund her gambling addiction. Franciso... Read more

Trustee guilty of serious dishonesty

A trustee of a Church Circuit has been described by a tribunal as acting with deliberate and "serious dishonesty" when he transferred money to a struggling building company, of which... Read more

Clergyman uses power of attorney to steal £60k

Reverend Peter Hesketh, aged 65 from Worcestershire, has been found guilty of using a power of attorney to steal over £60,000 from a vulnerable pensioner.The Catholic deacon was given a... Read more

Trustees £500k pay-off amounted to misconduct

The Office of the Scottish Charity Regulator (OSCR) has found that the trustees of Glasgow East Regeneration Agency (GERA) were guilty of misconduct when they paid out a £500,000 redundancy... Read more

Jail sentence for aunt who stole inheritance

Carole Walker, aged 57, has been sentenced to eight months in prison after admitting the theft of over £30,000 inheritance money that was intended for her niece. Ms Walker was named... Read more

New Years resolutions more finance orientated

The past couple of years have seen a change to the most popular New Years resolutions made by people in Northern Ireland and the rest of the UK. While dieting, exercise... Read more

The Will to keep your New Years resolution

As an increasing number of people in Northern Ireland and the rest of the UK resolve to start the New Year putting their finances in order, a large number of... Read more

More people living to 100 alters inheritance plans

A new report by the Office for National Statistics shows that more people in England and Wales are living beyond 100 years, raising more questions on the affect of an... Read more

Daughter says inheritance actually for cats

A woman who has been accused of concealing a  £50,000 inheritance gift from her Mum in order not to lose her pension credits says the gift was actually for her... Read more

Trustee jailed for theft from blind charity

A former trustee of the 'Fund for the Blind and Partially Sighted' has been given a 32 month prison sentence after being found guilty of stealing £120,000 from the charity. An... Read more

Daughter wins back land left to her on trust

A daughter has been successful in acquiring commercial property from her mother, after asserting that her father had meant for the land to be held in trust for her until... Read more

Ruling leaves trustees open to negligence claims

A ruling by the Court of Appeal has questioned the long established reliance on a principle of case law by trustees to undo any actions which brought about unforeseen or... Read more

200,000 family trusts affected by new 'stealth tax'

After some initial confusion as to whether the top rate of Capital Gains Tax (CGT) would only apply to discretionary trusts, it has now been confirmed that the new 28%... Read more

New rules could make changes to pension schemes

Acquisitive companies will be eager to get clearance from the pensions regulator if the UK government extends its powers, according to Claire Smith, writing for Financial News.She notes that many... Read more

Labour MP blames lack of support for failure of inheritance tax amendment

A Labour MP's proposal that siblings should be entitled to the same inheritance tax break as a married couple has been discarded.The Guardian reports that Frank Field's suggested amendment to... Read more

Moves to change sibling inheritance rules

Cohabiting siblings in Northern Ireland may soon receive the same rights as married and civil partnership couples regarding inheritance tax.An amendment has been proposed to the finance bill by Labour... Read more

Trusts a 'great opportunity' for lessening inheritance tax

Well-planned trusts can prove a "very effective way" to reduce inheritance tax liabilities and ensure that as much of your wealth as possible is passed onto the next generation, according... Read more

Wills 'need to be regularly reviewed'

Wills and trusts need to be regularly reviewed as the inheritance people are able to leave changes, according to the Law Society.The society claims that solicitors need to be consulted... Read more

Care home financial advice 'essential'

Taking financial advice about retirement and care home provision is "essential", Saga has claimed.The magazine, insurance and holidays provider for the over-50s, has welcomed Gordon Brown's review on social care... Read more

Having a will ensures money passes to correct inheritors

Making a will is essential for those who want to influence what happens to their estate after they die, a financial expert has advised.David Kuo, head of finance at Fool.co.uk,... Read more

Inheritances twice 1997 level

More people are liable to inheritance tax (IHT) bills as the average value of an inherited estate has risen to more than twice its 1997 level, according to a new... Read more

More inheritance tax bills being reduced by giving money away

The number of people giving away money before they die in order to reduce the inheritance tax (IHT) bill liable on their death is on the increase, according to Forum... Read more

Women in Northern Ireland 'more likely to be responsible for family finance'

Household finances are more likely to be controlled by the woman in the relationship, according to a new study by a child trust fund (CTF) provider.Research by Family Investments found... Read more

CTFs for teenagers 'not wasted'

Teenagers would not waste large sum of money received on their 18th birthday, according to new research.The Children's Mutual has revealed the gulf between what parents think their children would... Read more

Child trust funds 'an excellent way to save'

In the current economic climate there is no "better gift" to give your child than a deposit for a mortgage, according to industry experts.Child Trust Funds (CTFs) enable parents to... Read more

CTFs worth £2.4bn in future

The first group of children in Britain and Northern Ireland who have been eligible to set up a child trust fund (CTF) through a solicitor are looking at reaping around... Read more

Trust money 'could go to waste'

Money in child trust funds (CTFs) set up by solicitors on the birth of a child could go to waste if children in Belfast and Northern Ireland are not educated... Read more

Solicitors 'essential' for co-buyers

With property prices in Belfast and Northern Ireland remaining high, many people may be tempted to buy a house with other people, but this should be entered into with caution... Read more

IHT planning 'should start early'

Inheritance Tax (IHT) need not be a burden and though it is advisable to start planning early, it is never too late to begin, financial advisers have said.For homeowners in... Read more

More pensioners in the province

Solicitors in Northern Ireland are likely to see an increase in the number of people wanting to arrange their will, as national statistics show that there is an increasingly ageing... Read more

Ethical CTFs show future thinking

While most parents do invest money in stakeholder child trust funds (CTFs), Family Investments has said that a long-term investment in the ethical variety is the choice of families looking... Read more

Upward trend for ethical trusts

Solicitors in Britain and Northern Ireland are likely to see more clients setting up ethical child trust funds (CTFs), as more people become aware of environmental issues.A CTF is a... Read more

Clever couples can avoid high IHT

Married couples or those in a civil partnership can help to cut inheritance tax (IHT) by writing a nil rate band discretionary trust will, Willcare has advised. Couples in Britain... Read more

IFA hopes parents will trust in CTFs

An independent financial advisor (IFA) has said that the take-up of governmental Child Trust Funds (CTFs) is still disappointingly low but the industry hopes that parents will realise the benefits... Read more

Accountants face greater regulation

Accountancy services in Britain and Northern Ireland will face greater regulation from December 15th 2007.Companies offering accountancy, tax, audit and insolvency services will be forced to undergo monitoring for compliance... Read more

NI children get less cash

Children in Northern Ireland receive less money than their peers in the rest of Britain, it has been revealed.Northern Ireland's Children and Young People Commissioner, Patricia Lewsley, has said that... Read more

Non-working parents can still invest in CTFs

Family Investments has said that with more parents taking leave from work to look after their newborns, finances may be stretched, but that is no excuse not to build up... Read more

HMRC frustrated by CTF take-up

After one in five parents failed to invest their Child Trust Fund (CTF) vouchers, HM Revenue and Customs (HMRC) has invested the money on parents' behalf.Yet the downside is that... Read more

HMRC issues children's trust advice

As this year's Baby Show embarks on a tour of the UK, HM Revenue and Customs (HMRC) has issued advice to parents about the benefits of Child Trust Funds and... Read more

Expert says nil-band rate case proves zero

After a nil-band rate trust was ruled invalid by tax commissioners, many had feared that this method of cutting inheritance tax (IHT) would not work, but a leading expert has... Read more

Child Trust Funds hit record highs

More than 2.6 million children now have a trust fund set up for them, the government has revealed.The economic secretary, Ed Balls, announced that three quarters of parents in Britain... Read more

Beat the 'death duty' through giving

On April 6th the new inheritance tax (IHT) nil band rate will jump to £300,000, meaning that now may be the time for some shrewd gifting.As the new rate comes... Read more

Aged could help the young

The Pensioners' Income Series 2005/6 has revealed that the average income of UK pensioners has risen to £292 a week - an increase of 27 per cent over a decade.Published... Read more

Make the most of your nil rate band

With the Budget announcement that the inheritance tax (IHT) threshold will be raised progressively until it reaches £350,000 in 2010, homeowners across Britain and Northern Ireland should be updating their... Read more