WILLS, INHERITANCE TAX & TRUSTS
A Will is one of the most important documents a person ever makes. If a person dies without making a Will, the statutory rules of intestacy apply which can lead to unexpected and undesired results. Your loved ones might not benefit from your Estate as you had hoped.
A Will allows you to state who you would like to wind up your affairs following your death as well as allowing you to state exactly how and to whom your Estate should pass following your death. You can include provisions which protect assets until your desired beneficiaries reach a certain age. You can also nominate individuals to act as guardians of your children if they are still minors at the date of your death.
A Will is also important starting point if you are concerned to mitigate your Inheritance Tax liability.
It is important to review an existing Will regularly to ensure that your wishes are adequately covered as your circumstance change. In particular, marriage usually automatically cancels a Will
Inheritance Tax Planning
We offer advice on Inheritance Tax Planning.
We look at the size of your Estate and the types of assets comprised in it. We advise on the exemptions and reliefs which may be applicable to you.
We can advise on Inheritance Tax Planning through lifetime giving (whether it be making outright gifts to Beneficiaries or by utilising a Trust arrangement). It is also important to have a Will in place to ensure that your Estate passes efficiently in terms of Inheritance Tax following your death.
We can work with Accountants and Financial Advisers where necessary to ensure that your Estate as a whole is managed effectively in terms of tax.
Inheritance Tax Planning is often long term and it is important to review existing arrangements regularly to take account of your changing circumstances and changes in taxation laws.
Trusts are used for a variety of reasons including tax planning, the desire to protect assets for future generations and to provide for a disabled beneficiary. They can be established during a person’s lifetime or by their Will upon their death.
Trusts have complex legal and tax implications. We offer advice upon their use and can draft the relevant documents (including the relevant tax returns) for you.
We can act as Trustees where necessary.
Although most clients like to come to our office, we are happy to offer visits to clients, who would otherwise struggle to attend, at home, residential nursing homes and hospitals.