Changes to inheritance act 1975 & trustee act
Inheritance (Provision for Family & Dependents) Act 1975
- A person may qualify as being maintained by the deceased (and so eligible to make a family provision claim) if the deceased made a substantial contribution to that person’s reasonable needs other than for full, valuable consideration under an arrangement of a commercial nature. This might be for example a child of an unmarried parent, where the child was from the pre-deceased partner.
- A person who was maintained by the deceased immediately before the death will be eligible to claim under the IPFDA 1975 whether or not, beyond the fact of providing maintenance, the deceased had formally assumed responsibility for that person’s maintenance.
- The course describes the current law trustees can only appoint ½ of a minor’s / child’s inheritance until their vesting age is reached, and in order to give trustees additional flexibility to appoint the whole trust fund before vesting age, we had to include a special power into the Will of the client.
- This revision of the law now removes that requirement – trustees will from October have the right to appoint the child’s entire trust fund for the child’s benefit.
All changes are due to be implemented in October / November 2014.
If you have any concerns regarding your estate, as a Will writer in Bexhill-on-Sea, I’ll be happy to offer you a FREE CONSULTATION NO OBLIGATION in your home, if you live in Sussex & Kent.
This message was added on Monday 14th July 2014