Wills, probates and trusts
Many adults put off making a Will, but did you know that
if you die without one, your assets might be distributed according to the law
rather than your wishes? For example, if
you are not married or in a civil partnership, your partner does not
automatically inherit your estate. By
making a Will,
you can ensure that your dependants are provided for after your death in the
most tax efficient manner, as well as ensuring pastoral issues such as
guardianship, are in line with your wishes.
A Living
Will gives instructions
with regard to your future medical care, should you become incapable of
communicating your wishes, and is also known as an Advance Directive.
Probate
is the legal process to effectively deal with the distribution of someone’s
estate once they have passed away and can seem an overwhelming task to most
people. We offer a comprehensive service
in Probate at what is often a distressing time for families.
Lasting Powers of Attorney (LPAs) replaced Enduring Powers of Attorney (EPA)
at the end of September 2007. If you
created an EPA
before the 1st of October 2007, then the document is still valid and
deals only with giving your Attorney the right to handle your financial
affairs. LPAs come in
two forms, namely Property
& Financial Affairs and
Personal Welfare and
you can make either or both of these documents.
If you do not have an LPA
and you become mentally incapable of dealing with your own affairs, then
someone, usually a member of your family, will need to apply to the Court of Protection for a Deputyship Order appointing
that person to be your Deputy to enable them to deal with your financial
affairs, under the supervision of the Court.
Trusts can be used to
mitigate and eliminate Inheritance
Tax and control the way funds are passed on to your family either
during your lifetime or after your death.
We offer a comprehensive service to
include the creation, administration and winding up of Trustsand the completion and
submission of the Trust & Estate Tax Returns to H M Revenue &
Customs.
Post death Deeds of Variation of Wills
and Intestacy (dying without a Will) are an excellent way of Inheritance Tax Planning by a
beneficiary wishing to re-direct their inheritance from an estate and thus
reduce their own estate and the Inheritance
Tax payable at the date of their death.