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  • 1,500+ Business Documents - Agreement to sever a joint tenancy
    Agreement to sever joint tenancy Owning a property as joint beneficial owners means each joint owner is taxed on an equal share of income or gains derived from the property. However, if one of them dies, their share automatically passes to the others before any will comes into effect. Severing the joint tenancy and instead owning the property as tenants-in-common means that each owner is entitled to a specific share of the property which can be bequeathed to anyone they wish. Automatic transferMost couples that...
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  • 1,500+ Business Documents - Chattel lease
    Chattel leaseIn order for a gift to be effective for inheritance tax (IHT) purposes, you must be excluded from benefiting, other than to a minimal extent, from the asset given away. However, you can use the asset without jeopardising your IHT position where you lease the asset from the person you gave it to. Not a gift with reservationWhere you make a gift and retain rights over it, for example giving antique furniture to your son or daughter, but keep it in your home, it remains part of your estate for inheritance...
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  • 1,500+ Business Documents - Letter of wishes to accompany a will
    Letter of wishes to accompany a willUsing a letter of wishes can remove uncertainty for those looking after your money and assets after you die.UncertaintyWhen you draft your will you generally express exactly how you want your estate to be divided up in terms of each individual's share. For example "I leave the residue of my estate to my three children in equal amounts". This is fine for the bulk of your assets, but what about your personal possessions? Uncertainty over how you would prefer these to be distributed...
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  • 1,500+ Business Documents - Deed of assignment of life policy
    Deed of assignment of life policyAs part of your estate planning you might want to transfer a life insurance policy to someone else, say a son or daughter. You can do this by assigning the benefits of the policy to them. Share your estateYou cannot give away an insurance policy as such, because the terms under which the insurance is written are specific to the policy holder. However, you can transfer the value of a life assurance policy by assigning its benefits, i.e. a payout on the death of the person insured,...
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  • 1,500+ Business Documents - Land and buildings tenancy in common declaration
    Land and buildings tenancy-in-common declarationYou may need a tenancy-in-common declaration for a variety of reasons. Use it as evidence to satisfy HMRC that the property is now actually owned in unequal proportions.Split to your needsA Tenancy-in-common Declaration is usually used when you would like to change the proportion of ownership from an automatic 50:50 split under a joint tenancy. Therefore if you sever a joint tenancy you will need to use this document instead.This declaration should also be used...
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