The Law Society has published a new Practice Note – Making Gifts of Assets – which is a must-read for all involved in private client work since it details the possible implications of acting for clients who wish to transfer assets to family/friends prior to death as a way of planning for future care. In such circumstances, solicitors have a duty to advise their client about the benefits and risks of gifting assets and should ensure that they clarify their own role and responsibilities in the process. Failure to do so could result in a solicitor being implicated if they are found to have assisted a client’s deliberate deprivation of assets.
From a compliance perspective, there are a number of issues highlighted in the Practice Note, which includes capacity, vulnerable clients, influence/duress, conflict of interest and money laundering.
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