This course is also available as a residential option in Oxford – click here for more details.
This course is designed to bring delegates up to a basic level of competence in private client work.
Following delegate feedback, this course has been extended to 4.5 days and is suitable for experienced practitioners in any field wishing to change specialisms and also for trainees as it assumes no knowledge at the outset.
There will be practical exercises and case studies throughout and the content has been designed to cover a wide variety of topics in a structured format with plenty of opportunity for questions and discussion.
Accompanying the course materials will be a Resources Pack with forms, guidance and other materials. Due to the introductory nature of the course and the fact that only the basics are covered, it may be necessary to attend some of our other courses for more advanced training.
Day 1: Will Drafting and Basic Tax
- What happens if there is no will or a badly drafted will?
- A consideration of the Intestacy Rules
- Structure of a will and specific clauses:
Revocation, appointing executors, trustees and guardian
- Different types of legacy and why they fail
- Drafting to avoid failure
- Gifts to spouse and children
- Drafting residuary gifts
- Statutory powers of trustees, PRs and an understanding of the STEP provisions
- Execution and the solicitor’s duty
- IHT - basic principles and IHT calculation
- CGT - basic principles and the effect of death on CGT
- Tax Efficient wills - effective use of nil rate band and the transfer of the unused nil rate band
- NRB trusts and the two year discretionary trusts
- Variations and disclaimers
Day 2: Trusts - Common Trusts, Basic Drafting and Taxation
- Principles and essential elements for creating trusts: Classification and types of trusts
- Appointment, retirement and removal of trustees
- Powers and duties of trustees
- Variation of trusts
- Taxation of trusts:
- IHT, CGT, IT
- Vulnerable persons’ election
- Drafting lifetime trusts
- Bare trusts
- Interest in possession trusts
- Discretionary trusts
- Disabled persons’ interests
- Protective trusts
- Overriding powers of appointment
- Administrative provisions
Day 3: Advising Elderly Clients
- The five principles of the Mental Capacity Act 2005
- The Code of Conduct
- Assessing mental capacity
- Certificate providers
- Completing Lasting Power of Attorney forms
- Duties of attorneys
- Advance decisions
- Statutory wills
- Attendance allowance
- Disability living allowance
- State funding for community care
- Nursing care funded by NHS
Day 4: Probate and Administration of Estates
- Overview of the steps in an administration:
- Personal Representatives: - different types, their duties and authority and options available
- The initial interview: Taking instructions: information required, immediate practicalities to address
- Setting up the file; terms of business and costs information letters; organising and managing the file
- Obtaining information about the estate and ascertaining beneficial entitlement
- Property passing outside the Will or intestacy - including jointly owned property
- Is there a "Will?"
- Is it the last Will?
- Are the clauses valid?
- Is it admissible to probate?
- Preparing the papers to lead to the grant:
- Responsibilities of Personal Representatives;
- Form IHT 400, calculation and payment of IHT (with particular reference to inclusion of lifetime gifts),
- Excepted estate provisions and raising funds to meet IHT liability
- Form of the Oath for common form Grants: Probate, Letters of Administration with the Will annexed and Letters of Administration and other evidence: affidavits etc.
- Administering the estate: collecting in assets, paying debts and legacies, settling deceased's tax liability to date of death
- Tax during the administration of estate
- Finalising IHT, corrective accounts and obtaining Clearance Certificate.
- Finalising the administration: Estate Accounts
- Inheritance (Provision for Family and Dependants) Act claims
Day 5 AM Workshop of Practical Exercises and Case Studies
This will provide an opportunity to review your learning over the course and look at detailed case studies with worked examples. Feedback from earlier events shows this is a much needed exercise in consolidation.
Day 5: Optional afternoon lecture: 1pm - 4pm Fee Charging for Private Client Work.
Using the course case studies Linda will explain her approach to the challenging exercise of setting an effective fee charging structure.