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Avoid slip-ups when dealing with wills
KEY POINTS
- Correcting a deed of variation that does not meet the requirements in IHTA 1984 s 142 and TCGA 1992 s 62(6).
- The transfer of property to a trust can be overlooked.
- Make sure the donor understands what the creation of a trust involves.
- Care must be taken in trust drafting and execution.
Straightforward administrative errors can cause the best and most carefully constructed tax planning to go awry. It is unfortunate that a lot of expense and time can be undone sometimes irredeemably by simple forgetfulness.
The recent case of Chadda (TC4154) is a prime example. In that the main issue was a lost document. Fortunately the planning was not undone by the lost document (other evidence of an agreement being sufficient) but...
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