Wills, Trusts, Probate and Estate Planning

It can be difficult to think about estate planning and particularly to think about a time when you will not be around to help and protect your loved ones. It’s easy to put it off to another day. By ensuring that your affairs are in order, you can reduce the risk of additional stress on those closest to you at an already difficult time. You will receive expert and professional advice and perhaps peace of mind

Wills

A Will is a legal document which sets out who you want to inherit your estate and in what proportion. It also allows you to name who you want to be responsible for managing the administration of your estate.  If you do not make a Will then the distribution of your estate is set out in law by what is known as the ‘Intestacy Rules’. These rules are rarely suitable to fully meet a person’s needs.

Trusts

Trusts can be created during your lifetime or when you pass away by your Will. There are various reasons why people place assets in Trust and this may involve asset protection. However, Trusts are often used to look after family members in what can be increasingly complex modern family dynamics.

Inheritance Tax Planning

Inheritance Tax can become due when you make gifts in your lifetime or when you make gifts on death or through the application of the Intestacy Rules.

This is an ever changing area and we can offer you detailed Inheritance Tax advice.

Probate

It can be very difficult to deal with the practicalities of finalising a person’s estate whilst trying to come to terms with the loss of a loved one. We can guide you through this process.

We can help you with all or some of the following, subject to your requirements:

• Meeting with you to take full instructions on the assets/liabilities in the estate.
• Advising on the steps required before we can apply for grant of probate/letters of administration, including the valuation of the estate.
• Considering Inheritance tax, whether a full tax return needs to be submitted to HMRC and any reliefs/exemptions that apply.
• Providing initial advice on the terms of the Will or the distribution of the intestacy rules and any inheritance tax planning issues including the potential use of a deed of variation/disclaimers.
• Drafting the IHT account if necessary and preparing the probate/letters of administration application.
• On receipt of probate/letters of administration, collecting in the assets of the estate and settling liabilities.
• Preparing estate accounts.
• Dealing with the distribution of the assets in accordance with the law. If a property is to be sold, conveyancing charges will apply.
• Timescales can vary and there are many factors that will impact on this including; any claim made against the estate; the number of bank accounts and investments; properties to sell; the number of beneficiaries; HMRC and Probate Registry timescales. We would expect to complete the administration of an estate within six to twelve months.
• We can offer fixed fees, where you would just like us to deal with certain aspects of the administration of the estate (for example, just applying for grant of probate only). This is explained further under the ‘Costs’ heading.

We find that, in these difficult times, the best way to provide you with details of our services, costs and disbursements is for you to have a chat with a member of our team. We can then talk to you about what it is you want us to do and what matters you feel able to deal with yourself, if any. Once we have understood your needs we can then provide you with a fixed or detailed quotation of your likely fees and disbursements. We are able to offer a free half hour consultation to help you reach a decision.