Probate and Estate Planning
Estate Planning
Why do we use Trusts?
There are many reasons for using a trust - they are not just for the rich. Here are some examples of why you might seek legal advice to set up a trust:
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To mitigate tax. This includes inheritance tax, capital gains tax and income tax. For example, If you set up a trust and an asset increases in value then it is no longer owned by the settlor and therefore this means that they will not have to pay capital gains tax upon sale. If you did not set up a trust and sold an item (which is not capital gains tax-exempt) then you would have to pay capital gains tax. A Trust would also take out the assets from the individual's estate for inheritance tax purposes. The income tax will also be removed as income is no longer part of the settler's estate.
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For asset protection. You are benefiting individuals without giving them a fixed interest and this could protect the assets from creditors, divorcing spouses and care home fees.
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The trust could assist the incapacitated which would include disabled people and minors.
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You may consider a secret Trust in a Will. This ensures confidentiality and allows you to leave your assets to the people you want to leave them to without any additional questions.
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For estate planning. In order to ensure the future security of your family and to secure against spendthrifts.
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To Secure investments. This would protect pensions and be advantageous for tax purposes. You could consider Unit Trusts or something offshore.
If you are considering a trust then please contact us. We can give you expert advice which would allow you to understand all the options that are available to you.
Probate
Protect your assets and your family
Probate refers to the practical process of dealing with someone’s estate when they die.
It is generally completed through a Solicitor, as it can be a long and complex process.
Using an experienced legal professional allows you to focus on dealing with the emotional sadness of your
loss, without being burdened by complicated tax forms and other personal liabilities.
The process follows particular stages and we can get involved to provide the legal support you need
in just the initial stages or act until the estate is fully disposed of.
Do you need to:
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apply for the grant of probate?
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complete the IHT205, IHT217, IHT400?
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prepare a Statement of Truth?
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draft estate accounts?
Experienced in both the legal and financial aspects of probate, we can gather in assets, liaise with
third parties, draft estate accounts, make interim distributions, complete bankruptcy searches, assist
with house sales and share transfers, complete tax forms, place advertisements to protect against
unexpected claims from unknown creditors and any other aspect of dealing with an estate to ensure
it is processed as quickly and sensitively as possible.
“Debra dealt with my matter extremely efficiently and professionally. She explained everything clearly to me and took all the worry out of the process.
It was a quick and overall a very positive experience.
I have already recommended her to friends and family due to fantastic value for money and brilliant customer service.
Thank you so much.”
Miss H (Windsor)
Don’t put yourself at risk
Some people think that they don’t need a solicitor when it comes to administering the estate of a loved one.
However, probate can be a complicated and lengthy process that takes months or even years.
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Do you know exactly what assets the deceased has?
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Are you aware of what lifetime gifts the person made and what tax may be due?
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How do you feel about being personally liable for penalties and the tax owed if you don’t submit a self-assessment tax return on time?
