Private Client Issues – June 2023

Welcome to this month’s edition of Private Client Issues, Blake Morgan’s monthly round-up of the topics you may find of interest. It features insight and advice on developments affecting private individuals.

Our teams work both from our offices and remotely and are happy to meet with you virtually, or in person where this is preferred. We have found that many clients prefer the convenience of a video meeting, whilst other prefer face to face, particularly for the first meeting.

Is a Pre-Nuptial Agreement enforceable?

This is one of the most common questions asked about Pre-Nuptial Agreements by clients and professional contacts and rightly so. Couples increasingly wish for autonomy over their matrimonial finances and to have clear, bespoke arrangements now and in the future. If they were to divorce, they would like certainty over their financial arrangements without the risk of the litigation.

Read more about pre-nuptial agreements

What is the Residence Nil Rate Band?

The “Residence Nil Rate Band” (known as RNRB) is an inheritance tax free allowance, which is beneficial for all who have descendants and who own or have owned their own property. We look at this in more detail, and explain the key points.

Read more about RNRB

Good news for consumers with the Digital Markets Bill

In its own words, the Government hopes the Digital Markets, Competition and Consumers Bill will ‘crack down on rip-offs, protect consumer cash online and boost competition’, while also ‘clamping down on subscription traps’. The intention is to address unfair business practices, while promoting the digital economy and increasing consumer choice and confidence.

Read more about the Digital Markets Bill

Making a digital Will

Many people do not know what happens to digital assets when they die and why it is important to include them in their Will. We look at different types of digital assets, what happens to them if you lose capacity and what you should include in your Will.

Read more about digital assets in your Will

Testamentary capacity – mental capacity and challenging Wills

Mental capacity is critical to making a Will. The concept is known as ‘testamentary capacity’ and concerns the ability of a person (the testator) to make a Will. We look at an example where the daughter of the deceased challenged the Will of her father, which disinherited her and left nearly all of his estate to charity.

Read more about challenging Wills

If you are impacted by any of the above topics or you would like further information on how we can help you, please contact your usual Blake Morgan adviser.