WILLS, TRUSTS & PROBATE

Most people assume that their estate will not be subject to inheritance tax and that their nearest and dearest will inherit their worldly goods. Even with the recent property price falls, the total value of your possessions may still breach the £325,000 (2010-2011) inheritance tax threshold.

Unless you take advice and draw up a Will, there is a possibility that the taxman might become your greatest beneficiary. Fortunately there are several perfectly legal steps to reduce the taxman’s claim on your estate. These may involve setting up trusts, or making allowable gifts within your lifetime, but you need to take advice to protect your own interests as well as plan for your dependants and loved ones.

In all cases, we know from daily experience of handling these matters that it is better to make a Will sooner rather than later to ensure your estate goes to the people you care for. Otherwise, under the intestacy laws, your estate could go to family members that don’t need the extra cash, while your partner is left high and dry. We will help you leave a Will that doesn’t make a difficult time worse for your dependants and advise on selecting Executors.
We can also advise if you need to seek Powers of Attorney or Court Orders to enable relatives, friends, or professional advisors to administer the affairs of someone close to you, who, for whatever reason, is unwilling or unable to manage their own affairs.