Financial matters

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Many elderly clients spend a lot of time thinking about their finances, worrying in particular:

  1. •

    whether they have and will have resources sufficient to cover their needs to the end of their life

  2. •

    where they can get extra finance when needed

  3. •

    how they can ensure that their chosen relatives inherit something

The practitioner must seek to answer these and other questions competently in order to offer a rounded service to the client and to ensure that a holistic approach to their needs is taken.

Disposing of property interests

The home is likely to be the single most important asset to the elderly client, both in monetary and psychological terms, and elderly clients often express fear of losing their home or of it being sold and the proceeds being eaten up in future care home fees.

As a result of these concerns, elderly clients frequently seek advice from their professional advisers on how to dispose of their house to relatives, either permanently or so that they no longer own it but can remain living there. The first is relatively simple but often not sensible, while the

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Latest Private Client News

Private Client weekly highlights—21 November 2024

This week’s edition of Private Client highlights includes: (1) Wigglesworth v Beetson, in which the claimant failed in an action for estoppel and adverse possession; (2) the Hansard Society to host a briefing on parliamentary process for Assisted Dying Bill; (3) Khan v Khan, which considered family property and constructive trusts; (4) analysis of the Autumn Budget announcement to bring unused pension funds and death benefits within the scope of IHT; (5) Palmer v Sans, which found that there was no transaction at an undervalue where property was already held on trust for the transferee; (6) KA v FA (The Secretary of State for the Home Department intervening), where the court recognised an overseas adoption notwithstanding failure of common law test; and (7) Kireeva v Bedzhamov, in which the Supreme Court has confirmed the application of the immovables rule to English property.

HoL committee issues call for evidence on Property (Digital Assets etc) Bill

A Special Public Bill Committee established by the House of Lords has issued a call for evidence on the Property (Digital Assets etc) Bill. The deadline for submissions is Friday 20 December 2024.

Privy Council rules BVI company shares are not immovable property (Al Thani v Al Thani)

Private Client analysis: In a decision which will come as a relief to private individuals who own shares in BVI companies, the Privy Council has decided that section 245 of the BVI’s Business Companies Act 2004 does not have the effect of re-categorising shares as immovable property for the purposes of succession. Written by Kyle Bonnell, pupil at XXIV Old Buildings.

Supreme Court confirms application of immovables rule to English property

The Supreme Court has unanimously dismissed Ms Kireeva’s (Russian bankruptcy trustee’s) appeal to overturn the Court of Appeal’s’ decision regarding matters arising out of the bankruptcy of Mr Bedzhamov. Peter Declercq and Patrick Elliot, partners at DCQ Legal (who acted for Ms Kireeva), discuss the implications of the judgment.

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