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.