Wills, Trusts and Probate

Making a Will

Only a third of the population have made a Will, yet if the worst should happen and you die without making a Will, your assets will go to your nearest relatives even if this is not what you would want. Without a Will there could be claims on your estate and the people you care for may not be provided for once you have gone. A solicitor can advise you on working out what assets you have and who you would lie to benefit as well as making sure that your dependants are looked after.

Probate

Probate deals with the making of Wills and Settlements, the Administration of Estates of deceased persons, Inheritance Tax Planning and issues relating to retirement and the management of the affairs of elderly people.

Probate and Administration of Estates

When a person dies leaving assets, no matter how small these may be, there is an ‘Estate’ to be administered. If the Estate includes a house, shares or other investments, or savings of more than a few thousand pounds, a Grant of Probate gives the Executors authority to administer the Estate of the deceased. This allows them to pay any debts and distribute any assets according to the terms of the Will.

Contentious Probate

A death in the family is a traumatic and distressing experience. Occasionally it can be made worse by disagreements between family members over the contents of the will. A solicitor can advise you on how to protect your inheritance.

Court of Protection

When someone becomes mentally incapable of handling their own affairs, another person can be appointed under the Mental Health Act.

Inheritance Tax

Inheritance Tax is payable on Estates over a designated limit, subject to certain exemptions and reliefs. A solicitor can best advise on how this tax liability can be reduced.

Trusts

Trusts are set up by individuals usually to come into effect on their death. The main purposes of Trusts are to administer the assets for young family members, usually under the age of 18, as well as protecting other family members against claims in the event of bankruptcy or divorce.
They can also be used as a way of tax planning and to reduce Inheritance Tax. They can be made alongside a Will and a solicitor will be able to advise you on how best to protect your family and assets.

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