Making gifts of assets
Clients might ask for advice about transferring property or investments to family members or friends before their death, as a means of planning for future care or to reduce liability to tax.
A solicitor could be implicated if they are found to have aided a client's deliberate deprivation of assets, or be held to be negligent for inaccurate tax advice.
Whether the client wishes to gift assets or to offer them at significant undervalue, you must advise them about the benefits and risks of doing so and clarify your role and responsibilities in the process.
This practice note is the Law Society’s view of good practice in this area, and is not legal advice. For more information see the legal status.