What we can offer you

Our Services

Wills and Trusts

Take Back Control. Protect your wealth and your wishes using a combination of Wills and Trusts and Powers of Attorney/Living Wills.

WILLS

Express how to distribute the assets you own at the time of your death.

A will allows the testator (person whose will it is) to select how they wish their estate to be managed and distributed after their death. A will can only cover that assets that the testator still owns at the time of death. Trusts can be used to maximise the assets available for distribution after death.

Trusts

Maximise your wealth according to your wishes. In your lifetime, or protected for your beneficiaries.

There are many forms of Trust structure available. In order to optimise value, each Trust structure needs to be tailored to an individual’s particular circumstances. Whether your goal is to maximise assets available to you or protect assets during your lifetime, or pass to on the maximum amount possible, the process involves understanding your goals in establishing the Trust and the assets to be included therein.

Lasting Powers of Attorney/Living Wills

Ensure someone you trust can make financial and care decisions on your behalf.

A lasting power of attorney (LPA) gives someone you trust the legal authority to make decisions on your behalf should you lack the mental capacity or no longer wish to make decisions for yourself at some time in the future.
There are two types of LPA, one is for financial decisions and the other relates to health and care decisions.

Inheritance Tax

This tax can be applicable:

  • on the estate (assets) of someone who has died,
  • on certain assets when they are transferred into or out of selected Trust structures.

There is normally no tax to pay if:

  • the value of your estate/assets is below £325,000,
  • everything is left to your spouse or civil partner, a charity, a community amateur sports club

Inheritance tax is charged at 40% in most cases.

Beneficiaries in a Will do not normally have to pay tax on items they inherit, although there are some exceptions (e.g. on rental income during the period of administration from property left to them in a Will).

People who have been given gifts in the 7 years prior to death may have some Inheritance Tax to pay.

Funds from the estate are normally used to pay Inheritance Tax, and this is done by the Personal Representative (the person who is administering the estate – the executor when there is a Will and person/people named accept the executorship, the Administrator in all other cases.)

Probate and Estate Administration

In general, the probate/administration process involves identifying, and valuing the decedent’s assets, calculating and settling any tax liability, obtaining a Grant, collecting in the assets, liquidating them, settling all liabilities of the estate, and finally distributing the remainder in accordance with the will/laws of intestacy.

Personal Representatives (PR) - when someone dies, this person(s) administers the estate.

  • Executor - someone is appointed in a will and they accept responsibility, they become an ‘Executor’
  • Administrator – any other person who becomes a PR

In order to be able to have authority to administer the estate, the PR has to apply to the courts for a Grant of Representation. The people named on the Grant of Representation are legally responsible for and ultimately liable for the administration of the estate.

An Executor gets a Grant of Probate. An Administrator will get a Grant of Letters of Administration (or Letters of Administration with will annexed).

Acting as an Executor or Administrator can be complex and time-consuming. It can also be stressful if you are coping with the death of someone close to you.

We can provide support where:

  • The estate is valuable and inheritance tax is likely to be payable
  • The estate is complex — e.g. business or overseas assets, house clearances
  • Minors or family trusts are involved
  • Practical issues (such as your location or other commitments) make it difficult for you to take a hands-on role as an executor or administrator

Get started today?

A member of our dedicated team is ready to help you.

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