Wills, Probate, Trusts, Tax and Lasting Powers of Attorney

Every man and woman should have a Will. Why? Because a Will leaves directions as to what is to happen to your money and personal effects after your death. If you don’t leave directions, the law sets out what is to happen to your estate. It is treated as an “intestate” estate (i.e. one where there is no Will disposing of it) and the Intestacy Rules, which were originally written in 1925, will apply. You can imagine that if the Rules were made so long ago, they will not be at the cutting edge of today’s social scene.

A carefully drawn Will can save inheritance tax. At present, when a man dies the first £325,000 of his estate is free of Inheritance Tax; the remainder is subject to tax at 40%. There are a number of hints and wrinkles that can reduce the tax that would otherwise be paid.

If you have children, you may want to appoint guardians for them. The Will is the ideal place. It does not commit you to anything but can appoint a good friend or a relative to look after your children if, when you die, there would be no-one to look after them.

An experienced Will writer will advise you in ways that will prevent family disputes.

If you leave money or property, whether you have a Will or not, you will want it to be dealt with under the law, for the benefit of family, friends or those you have designated. Your executor (if you have a Will) or the administrator of your estate (if you don’t) will be under a duty to realise your assets, turn them into cash (subject to the wishes of the beneficiaries) and pay them to those entitled to them.

A family Trust can protect your hard-earned savings after your death, for the benefit of loved ones. There can be numerous uses of these flexible friends, and if the Trust draftsman so arranges the disposal of your estate in a way that protects your family or other beneficiaries, he will become your closest ally.

In special circumstances (e.g. where a member of a family has special needs) there can be special help if a property is placed in a trust rather than the outright ownership of the beneficiary. There are financial advantages, but only if particular arrangements are set in place.

Our team are experts in advising on and setting up all types of trusts. Unlike some advisors, we are entirely comfortable dealing with foreign trusts and trusts with foreign property or foreign beneficiaries. We also administer existing trusts, some that have been running for many years, and offshore trusts, sometimes in conjunction with international lawyers or offshore-situated trust administrators.

HMRC want to recover as much money in taxes as possible. One weapon in your arsenal can be a team of experienced advisers to prepare your income tax or capital gains tax return, to make sure you pay as little as possible.

We can also advise on the capital taxes with which some advisers are less familiar – for example, inheritance tax and capital gains tax. A wealth of experience has led to many satisfied clients.

We are registered with the Inland Revenue to submit returns online and act as an agent to do so for others. This gives considerable assistance for those last-minute cases where speed is essential.

HMRC is introducing a system many call “Making Tax Difficult”. For businesses, trusts, property investors and others, quarterly returns must be filed, all online, together with adjustments at the end of the year. This will make more work for those who must file tax returns. The threat is that in due course, everyone will have to use the new system. We can use the new system to prevent loss and unnecessary expense.