Our will-writing and estate administration specialists can help you create a will which truly reflects your wishes and assets.
Everyone wants to choose their beneficiaries and many want to save inheritance tax (IHT), but only about half make a valid will. But with soaring house prices, and increasingly complex family units, people are more likely to really need a will than ever before.
Without a valid Will, on your death your estate is generally divided up in accordance with the survivorship and intestacy rules. This is likely to mean your actual beneficiaries are not those you intended, and in many cases it can result in a higher IHT bill.
Read this article for more financial and non-financial benefits of making a will
Arranging Powers of Attorney
Just as a will enables you to control what happens to your assets after death, a Lasting Power of Attorney (LPA) is a legal document that enables you to control who can make decisions on your behalf if you can’t make them for yourself. LPAs are only valid in England and Wales.
You must be over 18 and have mental capacity, ie the ability to make your own decisions, when you make your LPA. There are two different types of LPA: one covers property and financial decisions, while the other focuses on medical and welfare decisions.
The former can be split to deal with personal finances, and to appoint people to deal with your business separately.
Many people believe LPAs are only for the elderly, however, a period of incapacity can affect anyone at any time. An LPA ensures that your financial affairs and business can continue if a situation arises where you cannot make decisions. Like wills, we can prepare an LPA for you.
Helping clients reduce their estate’s Inheritance Tax Bill
Each year about £5 billion is paid in IHT. We help our clients understand their options and how these affect the IHT payable on their estate.
Our IHT work for clients varies from simplify calculating how much will be payable, and by whom, to putting together a longer term plan identifying what can be done to reduce the potential bill. This can include tax efficient investments, gifts, maximising exemptions or setting up a trust, for example.
Our detailed knowledge of our clients' circumstances and their finances means that we are ideally placed to point out options worth considering.
In due course we can help your executors with the probate application for your estate, dealing with HMRC over all the tax returns and IHT forms, and then administering your estate. This includes transferring assets or making payments to your beneficiaries. Our subsidiary, Shipleys Probate Services Ltd, are highly experienced in probate and specialists in high value estates . We can provide as much or as little support as you need to get things done.
How we can also help
In addition to providing the probate and estate administration service, we can also help you and your family in the following related areas:
- Financial planning and wealth management
- Retirement planning
- Trusts planning and administration
- Probate Services
- International tax advice