An unmarried couple with no intention of marrying - the estate is around £2million. They each have unequal shares. They both want to include a life interest over their share of the estate with their children as the ultimate beneficiaries. I do not believe an IPDI would be tax efficient and was contemplating using a discretionary trust. Looking for any thoughts or suggestions on this one.
Lifetime gifts, insurance, a discretionary trust or get married.
An IPDI will not help as you say.
Simon Northcott
A civil partnership?
These situations are a fertile ground for conflict of interest claims after the first death. Whether you can successfully defeat the claim is immaterial. The claim, if made would have to be reported to your professional indemnity insurers and that is what would do the damage. Your premium would increase. It might be best to decline to act and refer each to a separate solicitor for independent advice. As a first step it might be an idea to talk it through with your professional indemnity insurers.
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