Probate Practitioners Conference 2021

Pat Nown, Mercia Group

This critical unlimited relief can significantly reduce IHT exposure but can frequently present challenges during the probate process because the pre death opportunity to secure is wasted, or not recognised, or there is a lack of appreciation of certain rules. Pat will include practical scenarios to help identify pitfalls to avoid as well as ensuring opportunities.  

Lesley King, University of Law

Trusts are in daily use in Private Client Practice but it is very easy to get things wrong. This session will look at some common traps including:

• Defective exercise of powers
• A fraud on a power
• Defective appointments and retirements of trustees
• Failing to spot self-dealing
• Not reserving a right of revocation
• Some common tax blunders
• chargeable transfer, not PET
• loss of BPR/APR
• the unintended IPDI

After this session, you will be able to identify and avoid common pitfalls.

Lesley King, University of Law

The way in which property has been left on death is often unsatisfactory either because the personal circumstances of family members have changed or because tax legislation has altered. The introduction of the residence nil rate band in 2017 means that many wills prepared before that date are now unsuitable. However, families are not stuck with an unsuitable result. Statutory provisions exist which allow the way in which assets have been left to be complete redrafting redrafted after death to achieve a better result.

This session examines:

• the alternative provisions available which allow alterations to be read back to the date of death and the matters which govern the choice which one to select
• what can (and cannot) be achieved by the use of the statutory provisions
• the pitfalls that can mean the desired effect is not obtained

After this session, you will be able to:

• identify occasions where reading back provisions will be useful
• select and implement the appropriate provision
• advise clients on what can and cannot be achieved
• avoid pitfalls

Chris Greenhalgh, ICAEW

In this session, Chris will explain the monitoring process and provide feedback from the visits QAD has carried out in relation to probate. In particular, the session will cover:

• The monitoring process
• Feedback from QAD’s 2020/21 probate visits
• ICAEW resources for probate practitioners

Andy Holton, Mercia Group

This session will look at recent developments and the non-tax problems we find on compliance reviews including:

•  The practitioner PA1 and using MyHMCTS
•  Pricing and service transparency
•  Other compliance issues

Vicki Banthorpe, Momentum for Professionals

Many accountancy probate practitioners think that once they become licensed the probate work will role in. In 99% of cases this does not happen!

Building a successful probate practice requires a proactive and continuous approach to your marketing. From her experience of working with probate practitioners across the UK, Vicki will share her thoughts on what works and what does not work when it comes to generating income from your probate service.

Pat Nown, Mercia Group

This slot will focus on key computational pitfalls which arise when determining the IHT liability arising on death including:

• When single and double grossing up apply and how they work
• The impact of lifetime gifts and common errors
• Reducing the IHT rate with the charitable legacies
• Residence Nil Rate band pitfalls and downsizing