Wills, Probate and Tax Planning
Making a Will
Have you considered making a will? In most cases it is a fairly straightforward and inexpensive procedure which will immediately give you greater peace of mind.
It's especially important if you have a family because it will ensure that your assets are divided in accordance with your wishes - rather than the way in which the law determines. So, the welfare of your family could depend on taking the right action now. We will discuss your requirements and using our specialist knowledge of property, trusts and tax law, prepare a will which caters for a number of different possibilities.
A will can:
- Prevent disputes between members of the family about the way in which assets are divided.
- Make sure a surviving unmarried partner is properly provided for after your death.
- If you have married twice, allow you to make special provisions for your first and second families.
- Enable you to appoint an executor to handle your affairs and name a legal guardian to safeguard your children’s interests.
- Reduce tax liability.
Changing your will
Circumstances change in many different ways - domestically, financially and through the arrival of children and grandchildren. Does your existing will reflect these changes? If it was prepared some years ago, perhaps it is time to review the contents to ensure that it is in accordance with your current wishes and circumstances.
Enduring Power of Attorney
We are all living longer, but sometimes our mental capacity deteriorates with the passing of the years. It may give you peace of mind to consider how your affairs should be handled in these circumstances and appoint someone you trust as an attorney to manage your financial affairs in exactly the way that you have determined.
Taxing Planning & Discretionary Trusts
How can you ensure that your family and other beneficiaries gain the maximum benefit from their inheritance?
It is often a good idea to consider tax planning during your lifetime and have an awareness of the possibility of making gifts or setting up trusts to reduce the tax burden.
The benefits of tax planning will depend on your incomes and assets. However, many people exceed the current Inheritance Tax threshold when the value of their homes, possessions and savings are taken into consideration.
As tax law is complex and forever changing, we can advise on the best way to plan ahead and minimise the amount eventually payable. By discussing these matters with one of our specialist lawyers, you will gain a greater understanding of the options and be able to plan for the future with confidence.
Ilett & Clark have decades of experience in the creation and administration of discretionary trusts, an effective tax saving vehicle which can be created during your life time or upon your death.
Help for Personal Representatives
At a time of bereavement, it can be particularly hard to have the added responsibility of dealing with financial matters. We can offer sympathetic advice as to obtaining Grant of Probate or Letters of Administration and help to ensure that wishes are followed. You may prefer to make provision for these circumstances in your own lifetime, enabling Ilett & Clark to handle the complete administration of your estate.
Long term residential care
Many people are apprehensive about the financial implications of entering long term residential care, especially if they feel that their assets and life time savings could eventually be exhausted.
It is true that your capital or home may be used to pay for this care. Simply transferring the ownership to your children, however, is no guarantee that your house is protected from being used to pay for fees. We provide sympathetic advice and practical help in dealing with this sort of situation.