Private Client - the Online Summer Series 2023

As private client practice becomes more complicated there are many tax, trusts and will drafting pitfalls that practitioners need to be aware of.  This new conference will look at some of the more important complex issues that can arise, while giving guidance on how to continue to provide best service to clients and not fall foul of claims. 

Chaired by John McArthur of Gillespie Macandrew, the conference, taking place online, will include topics ranging from legal rights, family protection trusts and avoiding will drafting pitfalls to executry tax issues, the administration of international estate assets and will rectification.

An expert panel of speakers will join John, including Andrew Paterson from Murray Beith Murray, Roddy Harrison of Wright, Johnston & Mackenzie, Brodies’ Nicola Neal, Anthony Allsopp from Title Research, Gillespie Macandrew’s Sarah-Jane Macdonald and David Welsh of Axiom Advocates.

Questions to be considered will include:

• what are the practical, technical and taxation issues arising from Family Protection Trusts?
• how do you avoid executry tax pitfalls?
• what is the relationship between legal rights and partnerships?
• how do you avoid claims when drafting wills?
• what are the key considerations when administering international estate assets?
• what are the alternatives to rectification of wills?
• will the provisions of the new Trusts and Succession (Scotland) Bill help or hinder practitioners?

What's being covered?

Family Protection Trusts or Why a trust is not always a good idea

“Just because you can does not always mean you should”. This talk will cover the practical, technical and taxation issues arising from the large number of Family Protection Trusts practitioners are encountering.  It will also cover the range of potential solutions available to resolve them.

Roddy Harrison, Wright, Johnston & Mackenzie

Avoiding executry tax pitfalls

The implications of getting the tax position of an executry wrong are ever increasing with the complexities of CGT 60 day reporting, its interaction with when a valuation is agreed by HMRC and how that interacts with the Residence Nil Rate band. In addition, LBTT and ADS can occasionally cause complexities. John aims to equip you to deal with these or at least recognise the pitfalls before you fall into them.

John McArthur, Gillespie Macandrew

Legal rights and partnerships: key considerations

This presentation will provide a brief overview of legal rights and it will consider the relationship between legal rights and partnerships, including section 22 of the Partnership Act 1890, an overview of what constitutes partnership property, inheritance tax considerations and settlement of legal rights where partnerships are involved.

Nicola Neal, Brodies

Trusts and the court – will the new Bill help or hinder?

This session will look at some of the current scenarios where court actions are necessary to administer trusts - appointment/removal of trustees, seeking authority to use a power and variation of trusts.  It will then consider how the new Bill might help reduce some of the court actions, whilst looking at whether it could hinder trust administration with potential for disclosure requests, court intervention and disputes between trustees.

Sarah-Jane, Macdonald, Gillespie Macandrew 

A practical guide to avoiding pitfalls and claims when drafting wills

This session will consider possible pitfalls in drafting wills including: client communications and identification; capacity and domicile; the problem of legal rights; the effect of IHT on the testator’s estate; specific issues in relation to particular bequests; and survivorship destinations.

Andrew Paterson, Murray Beith Murray

The administration of international estate assets

Gathering assets in assets held in UK estates from North America

• Transferring or selling shareholdings in the US
• Application of the US/UK tax treaty and obtaining a Transfer Certificate (Form 5173)
• Medallion Signature Guarantee stamp – what is it and how is it used
• Escheated shareholdings & escheatment claims
• Shareholdings listed in Canada

Resealing a Confirmation in foreign jurisdictions

• Where is a reseal required
• Obtaining foreign Grants
• Challenges and timescales

Anthony Allsopp, Title Research

The legalities and practicalities of rectifying wills in Scotland

David will consider the legislative provisions relating to the rectification of wills, what they mean in practical terms, and what the courts have made of them so far. He will identify matters to look out for and alternatives to rectification if and when the circumstances do not allow for rectification.

David Welsh, Axiom Advocates

This conference is proudly sponsored by Title Research