Services > Family, Home & Personal Law

Wills, Probate, Tax and Trusts

People are living longer than ever before and the need to protect accumulated wealth for your own use, or to pass on to your heirs, is vital.

Many homeowners fall into the Inheritance Tax net and with more people buying second homes in the UK or abroad, there is increased need to seek specialist advice to protect estates.

Wills

The process for drawing up a Will is generally far more straightforward than most people believe. It is an action that can provide you with the knowledge that, in the event of your death, your wishes can be acted on promptly and in a timely manner. It also ensures that the distribution of assets can be undertaken quickly and efficiently to provide security for your family.

The importance of making a Will cannot be overstated. Each Will we draft is tailor-made for the client, taking into consideration his or her personal financial circumstances, family and commitments. We will also advise you on ways to reduce potential inheritance tax liability.

Probate and administration of estates on death

After a death it is important to those who are left behind that the estate is administered with sympathy as well as efficiently. Administering an estate involves obtaining valuations of all assets, ascertaining all liabilities, preparing any necessary inheritance tax papers, agreeing any tax liability with HM Revenue & Customs and applying for the Grant of Probate (or Letters of Administration in the event that there is no will). After the Grant has been issued the assets of the estate can be realised and distributed according to the Will or the intestacy rules as the case may be. Our team of Probate specialists provide advice with understanding and sensitivity when winding up and administrating estates. Where appropriate, the service includes tax saving advice to ensure the estate is passed on, in as efficient a manner as possible, to the beneficiaries.

Power of Attorney, Lasting Powers of Attorney and Court of Protection Orders

Powers of Attorney and Lasting Powers of Attorney allow you to share or place all of the day-to-day administration of your finances with your Attorneys. They are of particular use in circumstances where your health or your mental faculty prohibits you from attending efficiently to your financial affairs. Our specialist practitioners will explain how these documents can be best used to support your circumstances and will draft them in accordance with your wishes.

Inheritance Tax

The threshold for Inheritance Tax is currently set at £312,000 for the 2008/2009 tax year, with fixed increases imposed by the Government so it will reach £325,000 for the 2009/2010 tax year. Inheritance Tax is a flat rate tax at 40%, payable on the value of the estate that exceeds the threshold figure.

Following recent changes to the Inheritance Tax regime, currently married couples and civil partners can use the unused tax free allowance of their deceased partner on their death to pass assets of up to twice the tax free allowance on to their heirs free of Inheritance Tax. Tax planning measures can be taken throughout your lifetime to reduce the potential for paying Inheritance Tax. Our team can advise you on the best options for your particular situation.

Trusts

Trusts provide considerable scope to pass on assets or reduce Inheritance Tax liability by placing the asset outside of your estate. Sometimes a trust may arise under the provisions of a Will or an intestacy and that trust could last for many years.

We can act as Trustees on your behalf or draft Trust documentation to place the Trusteeship with your nominated individuals.