I must confess that in view of its three-line, 11-word title, I approached this new book with a mix of curiosity and trepidation. What would, in fact, lie within?

The answer is, it seems to me, an extremely helpful reference book on estate tax planning. I mean the authors no injustice by summarising the content in this way, given that the book does stretch beyond estate tax planning in certain respects, but estate tax planning is the book’s primary focus – something that is perhaps not made terribly clear by the book’s wordy title.

The authors are two well-known names in the realm of private client work, and their extensive knowledge and technical understanding of the subject matter is apparent throughout the 385 pages of this new title. They explain in the preface that their original idea was to deal with common will drafting and estate administration problems primarily through a series of precedents accompanied by some commentary, but that as the latter grew the structure of the book was reconsidered. The result is a happy marriage of commentary and precedents, providing arguably the best of both worlds. The book is divided into two parts, containing three and seven chapters respectively. The first part provides a general overview of the law governing wills and trusts and the taxes that apply in this context; the second addresses specific aspects of tax-efficient estate planning and estate administration.

The first two chapters provide a concise and up-to-date overview of the legal framework governing wills and trusts. Chapter 2 contains a particularly insightful analysis of powers of advancement, appointment, resettlement, maintenance and appropriation, and the fiscal consequences of each. The third chapter sets the scene further by summarising the fundamentals of inheritance, capital gains and income tax as they apply in the private client context. The result is a 53-page chapter in which technical concepts are explained clearly with appropriate references to statutory provisions and case law, and illustrated by 15 illuminating examples. This is likely to be of great assistance to many private client practitioners who come across the odd tax problem now and again and simply have not had the time (leaving aside inclination) to pick up and learn off by heart the most recent edition of, say, Tiley & Collison’s UK Tax Guide.

As indicated above, the remainder of the book addresses certain specific tax planning issues. Chapter 4 considers the consequences of the introduction of the transferable nil-rate band by the Finance Act 2008 (and the announced freeze of the band at GBP325,000 until 2014-15). Helpfully annexed is a table of nil-rate bands dating back to 1914. Chapter 5 considers the requirements, fiscal treatment and possible uses of immediate post-death interests. Consideration is given in Chapter 6 to the various ways in which provision can be made for one’s children. The chapter analyses bereaved minor trusts, section 71D trusts and bare trusts, comparing and contrasting the fiscal treatment of each and providing useful drafting guidance; Her Majesty’s Revenue and Customs (HMRC)’s own guidance is also reproduced in an appendix. Chapter 7 considers when and how pilot trusts can be used as an effective tax planning device and highlights certain pitfalls. Chapter 8 explains how to make the most of instruments of variation and disclaimer, and the reader is once again reminded of frequently encountered pitfalls and problems. Finally, Chapter 9 contains helpful guidance regarding tax-efficient administration of estates, including tips on how to keep on the right side of HMRC, while Chapter 10 concludes the book by explaining and analysing business and agricultural property relief.

The book’s added value is that each chapter is supplemented by a number of precedents, which are clearly drafted and cross-referred to in the commentary. Some 44 precedents are included in total, covering all the major topics addressed in the commentary. The busy practitioner will therefore find helpful precedents ranging from an appropriately brief memorandum of appropriation (Precedent 9.2) to a full, 11-page, 15-clause will, accompanied by helpful ‘Drafting hints’ (Precedent 1.1). Electronic copies of all the precedents are supplied on the accompanying CD-ROM, which is easy and quick to install. The precedents are intuitively arranged by chapter and automatically open as Microsoft Word files, making it easy to save a copy on one’s own computer and amend as necessary.

As the authors rightly point out in the preface, ‘For the professional adviser, the position entering the second decade of the 21st century is clouded with uncertainty’. This new title makes a valiant effort to dispel such uncertainty, and is warmly recommended.

Edward Hewitt is a barrister practising at 9 Stone Buildings, Lincoln’s Inn, London