Would members consider it reasonable for a solicitor to advise a client regarding a nil rate band trust for a Will made in 1991 and where assets were well above any IHT band?
Many thanks,
Angela Gavin
Wills and Trusts Planning Company Ltd
If a solicitor, or any other professional, is asked to look at a client’s will and, based upon their knowledge of the client, the provisions in the will look inappropriate, I believe it would be unprofessional not to draw this to the client’s attention.
If a will is nearly 30 years old, during which time the nature and value of the client’s estate may have greatly changed, I suggest it becomes more “reasonable” for the professional to raise the issue. I understand that many lawyers suggest wills should be regularly reviewed to ensure they continue to reflect the testator’s wishes/intention – periods of 5 to 10 years often being mentioned as a minimum frequency of review (assuming no fundamental change in circumstances).
Paul Saunders