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2025 in review: Under construction - Tax investigations
Krishna Mahajan
It has been widely reported in the press this week that British rock star Rick Parfitt, changed his will 5 days before he died on Christmas Eve to the exclusion of his current (third) wife with whom Rick had two young children. Rick also had two children with his first wife (one of whom predeceased him) and one child with his second wife. The Daily Mail reports that Rick’s estate is to be divided equally between his two adult children and his two minor children.
“Next of kin” is an emotive term; regularly used in the newspapers and a status worn by some as a badge of honour. But what does it actually mean? Nothing; it’s not a legal term.
Many modern trusts are fully discretionary. The trustees might be empowered to apply the trust assets “...for such one or more of the beneficiaries, in such shares, at such ages, and on such trusts as my trustees shall, in their absolute and uncontrolled discretion, decide".
Three quarters of people in the UK support a charity during their lifetime. However, many people do not realise that providing for a charity in their Will is also an option for them.
A dispute over the will of the man who once produced the Beatles throws light on some of the issues that arise and may suggest how room for argument can be kept as narrow as possible though intelligent preparation.
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