Interviewing - WAE Flashcards
What to add at end of interview if new client
- Will prepare and send out a client care letter and Ts & Cs of your firm following the meeting
- Could also mention that you require two forms of ID, one giving the client’s address (e.g. utility bill) and one the client’s identity (e.g. passport) before you can legally act on their behalf
What to always ask re beneficiaries
- Would it be possible to give me info on who the possible beneficiaries are?
- How are they related to …?
- From the info I have been given, these are the following people that are potential beneficiaries, is there anyone missing?
- Make you have found out or asked about – spouse or cp / children / parents / siblings / grandchildren / grandparents / uncles or aunts / cousins
- Are there any dependents meaning is there anyone who was supported financially by X?
- Is there anybody under the age of 18?
What to ask re IPFDA
- Do you anticipate any potential conflicts or disputes among your beneficiaries that we should address in your will?
- Have you had any discussions with potential claimants or beneficiaries about their expectations or concerns regarding their inheritance?
- Could maybe add in the statutory factors the court will consider and frame questions around those
NB: safeguard is to advise them to withhold from distributing until 6 months from grant
What to always ask re assets
1) From the info provided, I understand these assets form part of the estate. Could I confirm the value of each of these?
2) Are there any assets that I have not mentioned?
3) Make sure you have found out or asked about:
* Real estate (sole name / joint tenancy / tenancy in common / mortgage?)
* Joint property
* Insurance policies
* Trusts
* Pension schemes
* Financial accounts (bank account, savings account)
* Investment assets (e.g. painting, shares, bonds, car)
4) What is the value of each of these assets as this is important for tax reasons?
5) What debts and expenses are part of the estate?
6) Are there any foreign assets such as overseas investments or property as this may have tax implications?
What to always ask re the will
- Any subsequent challenges / disputes re validity of will?
- Are any witnesses present during signing of will also beneficiaries?
- Are you aware of any documents that might have been attached to the will that have not been provided or subsequent amendments?
- Were there any significant changes made to the will?
Professional conduct points
- Asking about the will - will is not a public doc until Probate
- Be careful because your client is the executor, not the beneficiaries
- Client attorney privilege continues even after death
- Testamentary freedom – you are free to give your assets away as you please in your lifetime
- However, as your solicitor I need to make you aware of the fact that a claim can be brought by some people under IPFDA (Inheritance Provision for Family and Dependants Act) - You can’t promise / undertake that an IPFDA claim will not be brought about
- Original will vs copy
- Minor but only one named PR – you can act for both, can contact the second one
Fees:
- If relevant, would be discussed at the beginning and be more specific at the end if they want
- Just to advise you my hourly rate is … plus VAT plus any disbursements or expenses and we can discuss that further of the interview if you would like and it will all be set out in the client care letter in more detail
Undue influence questions
- Can you provide some background on the circumstances leading up to the creation or amendment of the will in question?
- Have you observed any concerning behaviour or interactions between the testator and other individuals who may have had an influence on their decisions regarding the will?
- Did the testator ever express any doubts or reservations about the provisions of their will, or the individuals involved in its creation?
- Were there any significant changes made to the will that seemed out of character for the testator or were made under questionable circumstances?
Points to discuss re beneficiaries if interviewing T
- Beneficiaries - who?
- Any specific individuals / charities?
- Any children from previous relationships?
- Provision for partner?
- Substitutes?
- Conditions on gifts e.g. reaching certain age / milestone?
- Trusts?
Points to discuss re beneficiaries if interviewing PR
- Are there any beneficiaries who sadly passed away before X? It appears that there is a substitution clause so … or it appears that there is not so …
- It appears that there are some restrictions or conditions in place in the will. Can I confirm that e.g. X is still unmarried or under 25?
Points to discuss re assets if interviewing PR
- Which assets are no longer owned by deceased?
- Whether funeral arrangements have been made (deducted as tax liability)
Questions to ask T re the will
- Do you understand that a will must be in writing, and signed in the presence of two witnesses to be valid?
- Do you have any other questions about those formalities?
- Are you under any undue influence or pressure from others to make specific provisions in your will?
- Are you confident you understand the nature and extent of your assets?
- Can I confirm that you have no other valid wills in existence?
Points to raise re marriage if interviewing T
- Marital status (be sensitive)
- Mutual wills
- Mirror wills
Points to raise re divorce if interviewing T
- Settlement (has it - when? / terms / receiving support)
- Former spouse still PR - ok with you?
- Can still claim re IPFDA
Points to raise re cohabitees if interviewing T / PR
- Clarify living arrangement
- How long lived together
- Whether they contribute to ougoing / expenses / mortgage payments
General points to raise re tax
- Questions or concerns re IHT implications
- Lifetime transfers - to whom, how much, when
- Any other gifts or transfers that could have tax implications
Questions re tax if interviewing T
- Do you have any specific concerns or questions about how inheritance tax may impact the distribution of your estate to your beneficiaries?
- Would you like guidance on how to minimise tax liabilities through estate planning strategies?
- Have you considered any inheritance tax planning strategies to minimise tax liabilities, e.g. making gifts, setting up trusts, or taking advantage of available reliefs and exemptions?
Points to raise re tax if interviewing PR
- NRB and any relevant transfers
- Funding for IHT
- Deceased’s income sources
- Ongoing tax matters / liabilities pre-death
- Potential cgt re asset sales
- Whether they would like assistance from a tax professional / accountant to review tax situation to avoid law compliance
Points to raise re admin of estate if interviewing T
- Who would act as executor
- Still happy for X to act?
- Guardians for minor
Points to raise re admin of estate if interviewing PR
- Does X want to act?
- Has X intermeddled?
- Any concerns / reservations re fulfilling duties? If so, how can we address?
- Any logistical challenges / scheduling conflicts that may affect PR ability to collaborate re estate
- Aware of deadlines and legal requirements for filing?
- Familiarity with role
Points to raise re distribution of estate if interviewing T
- Trusts or other estate planning structures - long-term management
- Conditions or instructions with specific gifts i.e. how to be distributed / maintained
Points to raise re distribution of estate if interviewing PR
- Plan for managing & distributing?
- Guidance on communicating?
- Would any PRs prefer to delegate?
- Variation / disclaimer?
What to ask re co-owned land
- Are you aware of the concept of joint tenancy and tenancy in common? Is the co-ownership structured as TIC or JT?
- How many co-owners are involved, and what are their respective shares or interests in the property?
- Are there any agreements or documents governing the co-ownership relationship?
- Are there any restrictions or limitations on how the property can be used or disposed of?
- Have there been any disputes or conflicts regarding decision-making or property management?
Other points re co-owned land
- Survivorship - JT
- Future plans / goals for property
- Exit plans
- Options for those who wish to sell
- Dispute mechanisms
- Communication of intention to sever?
