Chartered Accountants and Professional Business Advisers

Wills, probate and estate administration

Everyone wants to choose their heirs and many want to save inheritance tax (IHT). But only about half make a valid will and about £5 billion of IHT is paid each year.

We help our clients understand their options and how these affect the IHT payable on their estate. The IHT work 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.

This leads to us preparing an up to date Will that reflects your assets and wishes. With soaring house prices, and increasing complicated families, 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 results in a higher IHT bill.

Powers of attorneys over Property and financial affairs, or your Health and welfare, may also be sensible, and again we can prepare these for you.

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.

Need more help? Please contact us at advice@shipleys.com or +44 (0)20 7312 0000