The increase in the value of cryptoassets has undoubtedly contributed to the continued interest and adoption of this still relatively new asset class across organisations and individuals. The ease of purchasing, selling or transferring a cryptoasset has improved significantly over the last few years (which has in part stemmed from the development of the regulatory
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How to safeguard against a future incapacitated partner, director or shareholder
Having poured blood, sweat and tears, not to mention money and time, into building a successful business, the loss of mental capacity of a shareholder, director or partner could be devastating for a business and that person’s wider family unless the necessary safeguards are put in place for these key individuals.
As a business owner,…
Addiction and divorce: challenges for the client and the adviser
As family lawyers, we are used to meeting our clients at a time when they are at their most vulnerable. This is intensified when addiction is present within a family. Divorce or separation places an added burden upon everyone involved and those individuals are likely to have experienced or still be experiencing the destruction that…
Vulnerable individuals and financial abuse: what to look out for
We increasingly encounter situations where a vulnerable person may have been financially abused by a third party. A recent study by STEP found that financial abuse is increasing and it is most prevalent where there is uncertainty about whether a person lacks capacity or their decision-making ability is in decline.
Individuals who have a reduced…
Supporting a loved one with capacity issues
Supporting a loved one with capacity issues can be very challenging, as well as emotionally distressing. In this article we explore some practical considerations and offer tips and advice to support a loved one in these circumstances.
Understanding Capacity Issues
- If, due to injury, illness of disability, a person’s ability to understand and make decisions
…
Capacity to make a Will (“Testamentary Capacity”)
For a Will to be valid, amongst other things, the person making the Will (known as the “testator”) must be of “sound mind”.
The test for capacity to make a Will (otherwise known as “testamentary capacity”) is based on case law which states the testator must:
…
Capacity to marry and make a prenuptial agreement
The test for capacity to enter a prenuptial agreement is the same as the normal test for capacity (mentioned in Blog 1) and the individual must be capable of understanding their assets and the nature and effects of the contract they are entering into.
However, the test for capacity to marry is low and is…
Capacity to act as an executor
An executor/executrix is a person named in a Will who is responsible for carrying out the instructions in a person’s Will and administering their estate. Executors can have a number of responsibilities following someone’s death, including: securing, insuring and clearing the deceased’s property, collecting in all the deceased’s assets, paying outstanding bills, distributing the estate,…
Capacity to act as a trustee
When a trust is established, the person creating the trust (known as the “settlor”) typically appoints trustees to become the legal owners of the assets within the trust, which they manage for the benefit of others (known as the “beneficiaries”). For example, after a person’s death, a trustee may distribute capital and income from the…
Capacity to litigate
Capacity to litigate involves an adult who is a party (or intended party) to proceedings in court.
For example, an individual may bring a civil litigation claim for compensation as a result of injuries sustained in a serious road traffic accident. However, if the injuries sustained include brain damage, there may be doubt as to…