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 Wills, Probate, Tax and Trusts
Wills
The process for drawing up a will is generally more straightforward than many people believe. A will provides you with the reassurance that, in the event of your death, your wishes can be acted on promptly and with the authority of a binding legal document.
We can advise on drafting and reviewing wills to ensure that as your circumstances change, your will continues to reflect your wishes.
Inheritance Tax
The current threshold is £312,000 above which tax is paid at 40% so in many cases the family home alone puts people in the inheritance tax net. Whilst there is no tax on assets passing to a spouse, and the new rules now mean that the tax burden on the death of the second spouse (or civil partner) has been eased, cohabiting couples will not benefit from these concessions and are at a greater risk of taxation on both deaths. Whatever your circumstances, we can advise on the need and various means of reducing, or even removing, the application of inheritance tax to your estate.
Asset Protection
It is frequently overlooked that whilst Inheritance Tax may erode an estate, the cost of care home fees during a person’s lifetime may result in there being little or nothing to leave! If you are anxious to maximise your estate, for those you intend to benefit long term, we can advise on various steps that may preserve much of your estate in the event of your partner surviving you and having to be accommodated in a care home.
Elderly Client Services/Court of Protection
Lasting Powers of Attorney allow you to arrange for the day-to-day administration of your finances being dealt with by a trusted Attorney, in the event of your health failing or mental faculty waning. 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.
You may need to take over the affairs of an elderly relative or friend whose mental faculties are already failing. We can assist you with the necessary application to the Court of Protection which will give legal authority to your position in a situation whereby families’ views may vary. These procedures are dealt with on paper and the cost is borne by the person you are assisting.
Probate and administration of estates on death
Our team of Probate specialists provides advice with understanding and sensitivity when winding up and administrating estates. They can establish whether it is necessary to obtain a Grant of Probate or Letters of Administration to allow assets to be collected and distributed in accordance with the wishes of the deceased or the intestacy rules.
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.
Inheritance Claims
You may feel aggrieved that you are not due to benefit from a deceased person’s estate. This may have occurred because you were not included in that person’s will or because there was no will and the intestacy rules exclude you. Alternatively, you may have a minor child who was dependant upon the deceased but does not stand to benefit. These situations demonstrate the need for a professionally drawn will which reflects such legitimate claims.
We specialise in assisting with such claims in which it is vital to take early advice as there are strict time limits in bringing a claim. Public Funding (Legal Aid) may be available and will almost always be available to fund a claim on behalf of a child. So far we have a 100% record in avoiding a costly final court hearing and have achieved a satisfactory settlement in every case.
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