LPC Law Notes Private Client Notes
A collection of the best LPC Private Client the director of Oxbridge Notes (an Oxford law graduate) could find after combing through twenty-nine LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Private Client notes available in the UK this year. This collection of notes is fully updated f...
The following is a more accessible plain text extract of the PDF sample above, taken from our Private Client Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
The sort of Questions you are likely to get in the exam…
Do T’s have authority to give X xx,xxx?
Look to the trust instrument and respective clauses.. what are the Trustees powers? Do they have authority to pay capital? State clause number and confirm Y/N.
Appointment of capital
An appointment of capital from a discretionary will trust within 2 years of death will normally be read back into the will under IHTA 1984,s144.
Usually reading back would mean that the spouse exemption would apply to the xx,xxx appointed and so the tax paid on the xx,xxx would be refunded.
- NOTE: Appointments can be made within 3 months and from 2 years of death so the appointment should not be made immediately or there will be no
reading back. This is because reading back occurs only where the transfer
would otherwise be chargeable to IHT. An appointment in the first 3 months is
not chargeable. Advice is often ‘to act swiftly’
Sometimes you can get around this if time is pressing. Depending on the will the Trustees may be able to lend money from the trust under the Power to Lend provision (refer to clause/ schedule) and then releasing the debt so as to turn it
into an appointment of capital when safe to do so.
(c) [NAME] has also heard from Andrew’s widow who has been approached by an American woman who claims she and Andrew had a relationship shortly before his death and she has had a child, Nick, as a result. Andrew’s widow and Phillip have reasons to believe the story and wonder if the child could be maintained as a beneficiary of the trust. Advise [NAME] (12 mrks)
(c) Although Nick is a grandchild of Julia (and within the class of beneficiaries in
5.3.2 as “remoter issue”) he is illegitimate and is disqualified as a beneficiary
under clause 5.4. The trustees could add him as a...
Buy the full version of these notes or essay plans and more in our Private Client Notes.
A collection of the best LPC Private Client the director of Oxbridge Notes (an Oxford law graduate) could find after combing through twenty-nine LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Private Client notes available in the UK this year. This collection of notes is fully updated f...
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