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Isle of Man – it can be a bit of a nuisance for some estates

Isle of Man it can be a bit of a nuisance for some estates

The Isle of Man is an interesting place from a legal point of view.  It is a British crown possession so the Queen is head of state, but it has its own common law which generally follows English law.  The Isle of Man forms part of the non-metropolitan territories of the United Kingdom, but it is not part of the EU.  Although it is not a fully sovereign state it does have a separate jurisdiction from the United Kingdom, and that means where there are assets based in the Isle of Man, the executors will probably need to obtain an Isle of Man probate.

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Trust Practitioner’s Handbook by Gill Steel 4th Edition

Trust Practitioners Handbook

This is an excellent practical guide to the administration and taxation of trusts.  It will no doubt find a welcoming home in both private client departments of law firms and the offices of trust administration companies.  The 4th edition has been updated to take account of the Perpetuities and Accumulations Act 2009 and changes to the Finance Act 2006.  It also deals with recent changes to inheritance tax compliance and the penalty regime.

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European succession regulation

European succession regulation

This regulation came into force in August 2015 and it harmonizes certain aspects of the law of succession of the majority of the member states of the EU. The UK and Ireland are not signed up to it. Nevertheless, executors who are involved in administering an estate with property in France or Spain or Malta or certain other EU countries, should be aware of its provisions.

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Usufruct

Usufruct

If you are an executor and have foreign property to deal with you may have come across this term. Usufruct is a legal right to property found in civil law jurisdictions such as France and Spain. Its Roman roots can be seen in the fact that it combines the two interests of usus and fructus. Usus is the right to use property directly and without altering it and fructus is the right to derive profit from that property, for instance by renting or selling crops. Usufruct is not equivalent to absolute ownership of the executor of estate and often will last only during a person’s life and, in that sense, is similar to a common-law life interest.

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Property in France

Property in France

The French state has traditionally taken a very interventionist stance in relation to inheritance. For many years a surviving spouse got a very raw deal but her position is no longer out of line with the position in other states. If you are an executor with an estate where the deceased held property in France, you will benefit by ensuring that the French aspects are dealt with by a knowledgeable and expert notaire in France. At Probaters we have in our team Katie Budd who is not only a STEP* qualified solicitor, she also speaks French and has dealt with her own family’s property in France.

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