Our 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 loved ones, is vital. House price inflation means many homeowners fall into the Inheritance Tax net and with more and more people buying second homes, in the UK or abroad, there is increased need to use specialist advice to protect estates.
You may not need the services of a solicitor after someone has died , particularly if the estate is relatively small and simple to administer. For a step by step guide on what to do after someone has died, click here.
Wills
The process for drawing up a Will is generally more straightforward than most people believe. It Having a will can provide you with the knowledge that, in the event of your death, your wishes can be acted on promptly and in accordance with your wishes to provide security for your family.
We can advise on the drafting and updating of Wills to ensure that as your circumstances change, your Will continues to reflect your wishes.
Elderly client services (incl. Including powers of attorney and Trusts )
Powers of Attorney allow you to place the day-to-day administration of your finances with an Attorney, if your health is poor or your mental faculty prohibits you from attending to financial affairs. A Lasting Power of Attorney provides the flexibility to continue to deal with matters while you are able or willing to do so, if that is your wish.
Our specialist practitioners will explain how these documents can be best used to support your circumstances.
NB Enduring Powers of Attorney became Lasting Powers of Attorney in October 2007
Trusts can be used as a way of structuring your assets in various different circumstances, for example if you wish to provide for young members of the family, or a loved one who is otherwise unable to properly manage for themselves. They can also be useful vehicles in planning for tax and future residential home fees.
Inheritance Tax planning
Increasing house price inflation in the UK means that Inheritance Tax is no longer “a tax on the rich”. The threshold for Inheritance Tax (the nil rate band) is currently set at £325,000 for the tax year 2009/2010,. Inheritance Tax is a flat rate tax at 40%, payable on the value of the estate that exceeds the threshold figure. Spouses can now take advantage of a transferable nil rate band when the second spouse dies, in certain circumstances.
A wide range of tax planning measures can be taken to reduce the potential for paying Inheritance Tax. Our experts can advise you on the best options for your particular situation.
Administration of estates on death
Our team of Probate specialists provide advice with understanding and sensitivity when winding up and administrating estates. We tailor our service to meet client’s needs, we can deal with the whole of an administration, alternatively deal with such aspects as a family wish, if matters are more straightforward.
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.
