Tag Archives: Beneficiaries

Good News for Child Savers

Good News for Child Savers

family held in hands-xsmlChanges in Legislation means Good News for Child Savers

Thanks to legislation introduced this April, 2014 which follows a consultation by HM Treasury, from April, 2015, parents of some six million children with savings in Child Trust Funds (CTFs) will now be able to convert their CTFs to Junior ISAs.

Up until now, the government has blocked parents from transferring money from CTFs into Junior ISAs, trapping these young savers into accounts with very poor, uncompetitive rates as compared to ISAs. For example, the best interest rate on a CTF is around 3% as compared to 6% on a Junior ISA.

What this essentially means is that children will have access to a much better choice of products, offering better savings rates for a greater return on their investment. They will also pay lower charges.

Financial experts have hailed this as ‘great news’ for child savers.

CTFs were introduced by the Labour Government in 2005 when 1 million children born between September, 2002 and January, 2011 were given vouchers of £250 each by the government to kick-start their savings.

However, the Coalition government scrapped them in 2011.  As a result, and as quoted by Danny Cox of investment firm Hargreaves Lansdowne, “Child trust funds have been in terminal decline since 2011, seeing millions trapped in expensive products.”

The current advice given to parents is to carry on saving in CTFs until April 2015 when they can then be converted into Junior ISAs.

More information about Child Trust Funds and the new legislation can be found on the government’s website at www.gov.uk.

 This article is intended for general information purposes only and  shall not be deemed to be, or constitute legal advice. Newnham &   Jordan Solicitors cannot accept  responsibility for   any loss as a result of acts or omissions taken in  respect of this   article or any external articles it may refer or link to.

 

Is Confusion or Inebriation Grounds for Invalidating a will?

A recent case demonstrated that challenging a will that may have been made under undue influence can be very difficult to prove, even where confusion and even inebriation may have affected the person making the will.

A Granddaughter challenged her Grand Mothers will alleging that it was made whilst under the ‘undue influence’ of her Grand Mothers neighbour in order that he would benefit from the will.

The neighbour had been present when the solicitor visited the woman to take her instructions for the will and she referred to him for guidance. She also showed a significant degree of forgetfulness and confusion, to the extent that the solicitor wished to obtain a doctor’s opinion on her mental capacity to make a will.The woman later contacted the solicitor, saying that she did not want to see a doctor and no longer wished to go ahead with making the will. Her neighbour later telephoned the firm to confirm this. It was the view of the solicitor that the neighbour was involved in that decision.

She then found a new solicitor, who prepared a will for her that passed her entire estate to her neighbour.

When the will was challenged in court, evidence was produced that the woman had been taking a cocktail of drugs and also drank heavily. She was normally inebriated by mid-morning and also suffered from confusion.

Despite these circumstances, surprisingly, the judge ruled that there was ‘no arguable case’ that the neighbour had exercised undue influence over the woman and rejected the challenge to the will.

The case shows how high the hurdle is that has to be overcome in order to demonstrate that a will has been procured by undue influence.

Newnham & Jordan Solicitors are regulated, professional wills and probate solicitors in Bournemouth, Poole and the local area. For help with making a Will or amending an existing one we offer home appointments and a cost effective service. Contact us on 0845 680 7871 or via the online form

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.

Is Confusion or Inebriation Grounds for Invalidating a will?