Risk and Negligence in Wills, Estates, and Trusts

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Overview

Risk and Negligence in Wills, Estates, and Trusts provides essential guidance for all will draftsmen. It offers in-depth analysis of negligence and wills, together with commentary on safe practice and the avoidance of risk. Together the areas covered provide a framework for the safe practice that is now essential in this much disputed area of work.

This updated edition examines the new developments in will preparation and what is needed for safe practice as well as the important cases since the last edition. This work contains indispensable practical guidance, tailored to meet the demands of all those involved in wills, trusts, and estates and disputes relating to them. Practical advice in establishing best practice to avoid disputes is given and the appendices include practical forms and checklists to assist this. In addition there is analysis of the allied subjects of estate and trust administration and commonly encountered problem areas. A section also concentrates on duties in relation to taxation aspects of this work.

Negligence and private client work is a fast developing area of modern law. The recent financial crisis has helped to focus attention closely on what risk is and how it should be managed. This has not merely been in the financial sector but in all areas of business. The legal profession has seen some major financial failures and an operating climate that is increasingly difficult. The rise in PI claims, the insurers' restrictions on cover, and the increased cost of cover have led to an increased focus on professional ability and risk management. Therefore, knowledge of the risks, what constitutes safe practice, and how to manage risk, are essential for anyone practising in this area.

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Product Details

  • ISBN-13: 9780199551606
  • Publisher: Oxford University Press, USA
  • Publication date: 5/15/2009
  • Pages: 400
  • Product dimensions: 6.80 (w) x 9.60 (h) x 1.50 (d)

Meet the Author

Martyn Frost, Director, Trenfield Trust & Estate Consulting Ltd,Penelope Reed QC, Barrister, 5 Stone Buildings,Mark Baxter, Barrister, 5 Stone Buildings

Martyn Frost is a Director at Trenfield Trust & Estate Consulting Ltd. He previously worked with a major trust company and latterly has been a consultant with law firms in the Manchester area. He is a former Deputy Chairman of STEP and a former Vice-President of The Association of Corporate Trustees.

Penelope Reed QC has practised at the bar since 1983, predominantly in the area of trusts, wills, contentious probate, family provision claims and tax. She has appeared in many of the leading cases on Wills and estates and lectures widely on these topics. She is a member of STEP, ACTAPs and an officer of the Chancery Bar Association

Mark Baxter is a barrister at 5 Stone Buildings where he has a broad traditional chancery practice including a particular focus on contentious and non-contentious trusts and probate, and related professional negligence.

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Table of Contents

Part A: Negligence and Will Preparation
1. An Introduction to Tort
2. The Duty of Care in Relation to Will Preparation
3. Other Aspects of the Duty of Care
Part B: The Process of Will Preparation
4. Client Issues
5. The Will Draftsman
6. Instructions, Preparation, and Execution
7. Other Issues
8. Risk
Part C: Administration of Estates and Trusts
9. Introduction and New Business
10. Neutrality of PR and Trustees
11. Administration Processes
12. Timing
13. Assets
14. Distributions
15. Powers and Duty of Care
Part D: Taxation
16. Wills and Tax Advice
17. Tax in the Administration of Estates
18. Tax and Trusts
19. Tax Advice during the Lifetime of the Client
Part E: Litigation
20. Introduction and Procedure
21. Limitation
22. The Assessment of Damages
23. Mitigation and the Interrelation with Other Claims
Part F: Statutes and Appendices
Appendix 1. Wills Act 1837
Appendix 2. Trustee Act 2000
Appendix 3. Will instruction form
Appendix 4. Execution of a will
Appendix 5. Information needed in an emergency will pack
Appendix 6. Administration of estate progress sheet
Appendix 7. Estate account checklist

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