Wills, Probate and Trusts

A bare trust arises where assets are held by a person or persons (known as trustees) for the benefit of another person or persons (known as beneficiaries). Bare trusts are commonly, though not exclusively, used to hold assets for minors.

A common dilemma for many individuals is how to secure the future for both their spouse and children after their death.

Domicile is the country which is considered to be a person’s permanent home as distinct from nationality or residence. Every person acquires a domicile of origin when they are born, normally that of their father.

Double taxation can arise where one country imposes tax on worldwide assets of the deceased and another country imposes tax because some of the deceased’s property is situated within its jurisdiction.

In this article we will discuss and explore the main tax heads of relevance to the creation of trusts and their operation. Trusts are an arrangement whereby a person (a trustee) holds property as its nominal owner for the good of one or more beneficiaries.

The much-debated Assisted Decision Making (Capacity) Act 2015 (the “Act”) was enacted on the 30th December 2015, but requires commencement orders to bring it fully into effect.

Far reaching changes in succession law at a European level became operational on 17th August 2015 when the EU Succession Regulation (EU/650/2012), known as Brussels IV, came into effect.

The Nursing Homes Support Scheme Act 2009 (“the Act”) came into operation in its entirety on 27th October 2009. It provides the legislative basis for the financial support scheme for those requiring long-term residential nursing care.

Presented by Robert Kennedy, Partner, to the International Women’s Organisation on 28th January 2009. Wills 1. When should a will be made? Anybody who owns an asset or who expects to receive a gift or inheritance in the future should make a will. It is also important to up-date one’s will as circumstances might warrant.