If you do not leave a Will, the law can decide who inherits your estate under the Law of Intestacy. This means your assets may not pass to your intended beneficiaries, and your dependants may not be fully protected. Let us help you prepare a legally binding document to ensure your wishes are carried out after you are gone.
Probate and Estate Administration
Before your estate can be distributed, the executor must obtain a grant of probate. We can support your executor in this process, organising formalities such as getting details of the estate’s assets and liabilities, getting formal valuations on any property or other particular valuables involved, and calculating the value of any shares.
Severance of Tenancy
If two people own a property together as ‘joint tenants’ and one of them dies, the deceased owner’s half automatically transfers to the surviving owner. If you would prefer your portion of a jointly owned property to pass into your estate instead, to be distributed according to the instructions in your Will, you will need to sever your tenancy. We can help you do this by contacting the lender (if there is one) and the land registry on your behalf.
Inheritance tax planning
If your estate is worth more than £325,000, anything in excess of that amount will be taxed at a rate of 40%. So if you leave £500,000 worth of assets, your liable estate will be £175,000, meaning a tax bill of £70,000. But we can show you a way to legally avoid paying it!
Lasting Powers of Attorney
If there comes a time when you are no longer capable of making legal and financial decisions for yourself, it is important that you have nominated a trusted friend or relative to do so for you, and formalised the arrangement with a Lasting Power of Attorney. Our experts will help you set up the appropriate arrangements to give you peace of mind for the future.
A trust fund enables you to leave money or property to one or more trustees, who then manage the fund for the benefit of an individual or group of individuals known as ‘beneficiaries’. Beneficiaries are often children, grandchildren or dependant/disabled relatives. We can help you set up trust funds so that your loved ones are protected until they come of age, or for their entire lifetime, as appropriate.