Heirs and Affairs

Heirs and Affairs

By PrivateClientPodBusiness
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Heirs and Affairs episodes

  • Understanding Pitfalls in Estate Administration

    In this episode of "Heirs and Affairs," Vikki Shamond and Emma Pope from the Private Client team at Clarke Willmott delve into the crucial aspects and common pitfalls of estate administration.

    Whether you’re preparing a will, considering who you might select as an executor, acting as an executor, or managing estate matters, this discussion offers valuable insights to avoid costly mistakes and ensure smooth estate handling.

    Key topics covered:

    • The broad scope and process of estate administration
    • Common pitfalls: delays, misidentification of assets, and tax issues
    • The importance of proper record keeping and dealing with HMRC
    • Duties and responsibilities of personal representatives
    • Strategies for handling missing beneficiaries and lost wills
    • The significance of storing wills correctly and updating executor information
    • How to navigate inheritance tax allowances and reliefs
    • The implications of trusts, deeds of variation, and recent HMRC reforms like TRS.

      • To find out more visit https://www.clarkewillmott.com

      25 min
    • Cross Border Issues in Estate Administration

      In this episode of Heirs and Affairs,  Lauren Smart and Jeremy Bourke from the Clarke Willmott probate team explore the complexities of managing estates that span multiple jurisdictions.

      Whether you're an individual planning your estate or an executor handling international assets, this episode offers critical insights to help navigate assets, beneficiaries or tax liabilities spread across international boundaries.

      Key Topics Covered:

      • How the applicable law is determined based on domicile and residence status
      • The benefits and pitfalls of having multiple wills across jurisdictions.
      • Critical tax considerations in cross-border estate planning
      • Challenges when dealing with international assets including shares, properties, and digital assets.
      • The importance of choosing the right executors and the value of a joined-up estate plan
      • The impact of language barriers, legal differences, and procedural delays across borders
      • Tips for estate planning to streamline probate and reduce costs

        • For more information visit www.clarkewillmott.com

        22 min
      • Nuptial Agreements for Farming Families

        Join Tom Chiffers and Holly Smith in this episode of the Heirs and Affairs podcast from Clarke Willmott, as they explore how nuptial agreements aren’t just for Hollywood marriages, they can protect the assets of farming families.

        Holly, a family law expert, clarifies misconceptions around nuptial agreements and explains the important role they can play in preserving generational wealth.

        Essential listening for anyone with an interest in modern estate planning.

        35 min
      • Lifetime Trusts for Farming Families

        In this episode, Tom Chiffers and David Maddock discuss the intricacies of trusts, particularly focusing on lifetime trusts for farmers and landowners.

        They discuss the fundamentals of trusts, their uses in asset protection, and the implications of recent changes in inheritance tax legislation.

        The conversation also covers capital gains tax considerations and the role of discretionary trusts in estate planning.

        The episode wraps up with a discussion on the flexibility and strategic advantages that trusts offer in achieving your financial goals.

        36 min
      • Succession Planning for Farming Families
        In this episode of the Clarke Willmott Farming Heirs and Affairs Podcast, Tom Chiffers and Philip Whitcomb discuss the critical topic of succession planning for farming families, especially in light of recent changes in inheritance tax legislation.
         
        They cover the importance of effective communication among family members and advisors, and the various tax implications that arise during the succession planning process.
         
        The conversation also covers recent changes in inheritance tax rules, the relevance of capital gains tax, and the advantages of different business structures for farming families. Finally, they provide practical tips for initiating and managing the succession planning process effectively.
        30 min
      • Trusts Untangled

        In this episode, Carol Hawking and Georgia Collier from Clarke Willmott discuss 'the niggly bits' in Trusts, including the definition of a trust, different types of trusts, capacity of trustees, use of trustee powers, and common issues that arise.

        The conversation covers the importance of reviewing the trust document and understanding its powers and limitations. They also discuss the role of lay trustees and the benefits of appointing professional trustees.

        Other topics covered include insurance products in trusts, changing trust provisions, tax consequences of trust actions, and the importance of keeping the letter of wishes up to date.

        To find out more, visit www.clarkewillmott.com

        27 min
      • Afterlife Edits: the Art of Rewriting Wills

        Georgia Collier joins Carol Hawking once again to discuss Deeds of Variation, which allow individuals to change the terms of someone's will after their death.

        They explain the timing issues involved and the various reasons that someone might want to enter into a deed of variation, from faulty wills, tax planning, loan plans, asset protection, and diverting assets to different people.

        They also discuss the use of trusts and property discounting, and highlight the vital importance of proper documentation and seeking professional advice when considering a Deed of Variation.

        To find out more, visit https://www.clarkewillmott.com/

        26 min

      About Heirs and Affairs

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      Heirs and Affairs, the podcast from Clarke Willmott’s Private Client team.