Wills, Probate, Inheritance Planning &Trusts
Our services
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Handling the estate (the property and assets) of another person after death |
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It has never been more important for each of us to get things in order to protect our loved ones and assets. We offer a complete, uncomplicated and fairly priced service.
For further information or to make an appointment, complete the online enquiry form or contact us by phone or email
Making a will
Making or changing a will is normally straightforward and inexpensive.
Many people are under the basic assumption that their spouse or partner will inherit everything when they die, but this is often incorrect. This misunderstanding can cause a great deal of anguish. To many people, the thought of making a Will at a young age is just being pessimistic, as the concept of death, and the responsibilities it entails are not urgent issues, but this is a very important matter that should be addressed as soon as possible.
Whilst will writers and other non lawyers can and will write a will for you – or you can obtain a write your own will kit from your local supermarket – many people’s circumstances are more complex than they may appear and you need to know that all the implications and circumstances have been assessed and addressed. Failure by your adviser to do so may result in your wishes not being followed and expense and distress to your loved ones.
That doesn’t mean to say that having a solicitor assess all your circumstances and prepare your will is expensive or difficult. We usually charge a fixed fee to prepare or amend a will and our charges for simple wills are often comparable to those offered by non lawyer will writing services but with the benefit of our wider legal expertise and the reassurance of professional indemnity insurance in the unlikely event anything should go wrong.
We also store your will free of charge(or other important documents) at a nominal charge and act as (co) executor.
For further information or to make an appointment, complete the online enquiry form or contact us by phone or email
The benefits of making a will. Making a Will is about providing for your loved ones in the event of your death, minimising distress to them by arranging for executors, (people whom you trust to ensure that the terms of your will are carried out after the date of your death) to identify and value all of your assets and debts, make an application, if required, for a grant of the probate, to settle your income tax affairs and pay any debts, pay any inheritance tax due on your death, and to carry out your instructions as set out in your will. If you die without having made a will then you are said to have died "intestate". If this happens then the laws of intestacy govern who is to inherit your estate and this can lead to unexpected and undesired results. For example, if you do not leave a will then-
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If you are married your spouse will not automatically inherit all of your estate. |
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If you are not married or in a registered Civil Partnership your partner will not inherit your estate. |
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You will not have made any provision for who should be appointed as guardians for your young children. |
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You have not appointed anyone to act as your executor. |
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The administration of your estate is likely to take significantly longer to complete than if you had left a will. |
Probate
Probate is the term used for the court-supervised process for establishing and distributing a deceased person’s assets, including the payment of outstanding obligations e.g tax. In England and Wales the court’s Probate Service holds information for those obtaing a ‘grant of probate’ without using a solicitor. However, they cannot give you legal advice, advise you on any tax payable or help you find out whether you have been left anything in a will. Also many people simply don’t want to deal with this legal process at such a difficult time. We take on this responsibility. Peace of mind is available at a reasonable cost, usually a fixed fee based on the size of the estate. Complete the online enquiry form or contact us by phone or email
Obtaining the grant. Executors appointed under a will would usually have to obtain a grant of probate before they have authority to deal with the assets in an estate. The procedure for obtaining a grant of probate will vary depending upon the nature of the assets and their value.
If an estate is "excepted" (i.e. the value of the assets and relevant lifetime gifts is under a certain figure) then executors should only have to sign an oath before forwarding the will and the oath to the Probate Registry. A fee will be payable to the Probate Registry (currently £40) and a grant of probate should follow within three to four weeks. Once a grant of probate is received then the executors have authority to deal with assets within the estate and can proceed with the administration.
If the estate is not "excepted", then in addition to the above, executors will need to complete a detailed Inland Revenue account and pay any tax that may be payable on the death. There are stringent penalties imposed upon executors by the Inland Revenue if the executors fail to include in the Inland Revenue account full details of all assets.
Complete the online enquiry form or contact us by phone or email
Inheritance Tax Planning
With the rising value of homes, a will is also one of the most important ways of minimising the tax that may have to paid from your estate and we are able to advise on inheritance tax planning generally. Some of the best ways of avoiding Inheritance Tax (IHT) are the easiest and one of these is to make sure you have an appropriately worded will. It is very surprising, therefore, that so many adults (nearly two in three) fail to make a will, especially as the inheritance rules for people who die intestate can be very complex indeed. Here at Wright McMillan Bennett we are skilled at advising on IHT planning. Complete the online enquiry form or contact us by phone or email
Some simple ideas for IHT planning. Needless to say, the first point is to actually make a will and to keep it up to date by reviewing it every few years or if your financial circumstances change significantly. If you do not have a will, especially if you have net assets in six figures, contact us now!
The main tactics to adopt in IHT planning are to make sure the estate which is subject to IHT is minimised and to make sure that the number of times any wealth falls into the IHT pot is also minimised. In the recent budget, the Chancellor of the Exchequer announced that the IHT threshold is being raised in stages from the current £275,000 to £300,000 over three years. This will remove the burden of IHT for some families whose estates became taxable as a result of rising house prices. The limits will be: 2005/6 - £275,000; 2006/7 - £285,000; and 2007/8 - £300,000.
One simple IHT planning technique is to write life insurance policies in trust, so that they are not included in your estate. The proceeds of the policy will not then be subject to IHT. This can also be done for pension policies, which normally pay the whole of the fund as a lump sum if you die before you take the pension. The lump sum will be added to your taxable estate unless it is written in trust for your next of kin.
One easy way to make the payment of unavoidable IHT less painful is to take out a life insurance policy to cover the expected payment – but don’t forget to make the policy payable to a family member. A policy which is written on ‘own life’ terms will be included in your estate.
Many people are surprised how easy it is to mitigate IHT by doing some straightforward financial and will planning. The steps outlined above are simple and easy to effect. Much more can be accomplished with a more sophisticated approach. However, the cardinal rule is to think through the issues and to design a solution that is practical and works for your family.
Contact us if you would like assistance with your IHT planning. Complete the online enquiry form or contact us by phone or email
Trusts
A Trust is a vehicle into which assets are passed to trustees who have a responsibility to hold and apply the assets for the benefit of specified persons (‘beneficiaries’) . For example, because of their age or mental incapacity, a beneficiary may not be able properly to look after assets themselves. A trust would therefore be created circumstances in order to protect their interests. Trusts can also be created for tax-planning reasons. Contact us if you would like advice on new or existing trusts. Complete the online enquiry form or contact us by phone or email
Why create a trust? The most usual reasons to create trusts are:
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As an alternative to passing assets by Will which could save a great deal of time and give greater flexibility as to the timing and terms under which assets are distributed (Inheritance Planning); |
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To avoid or reduce tax (Tax Planning); |
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To safeguard assets for the benefit of children, including the provision of education, ensuring protection for their benefit and distribution at the appropriate time (Family Protection); |
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To protect assets against the claims of others (Asset Protection); |
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To preserve the family fortune (Asset Preservation); |
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To ensure the continuation of family businesses (Business Preservation); |
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For charitable benefits (Charitable Giving) |
Trusts come in a variety of forms. They are generally, but not exclusively, relevant to high net worth individuals. Here at Wright McMillan Bennett we can advise you on creating and administering trusts. Complete the online enquiry form or contact us by phone or email
What to do next
For further information or to make an appointment, complete the online enquiry form or contact us by phone or email
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