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 Will Drafting
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| A will is a legal document that ensures
that when you die, what you leave (after paying tax and debts) is distributed
in accordance with your wishes. Even though you may feel that you do
not have a great deal to leave, a will ensures that your personal belongings
go to the individuals you choose. A will can also minimise tax liabilities
for your estate. Preparing a will can also ensure you address any special
circumstances, such as a disabled child, step-children, cohabitees and
same sex partners, for example. Making a will with a solicitor means
that you are in charge and you will be able to arrange your affairs
as you would like. If you do not have a will in place then upon your
death the intestacy rules will apply instead. These are specific legal
rules relating to the distribution of your estate. They can result in
your assets being passed on to individuals who you would not wish to
benefit. |
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| Meet the team: Lesley Rushton | Robin Browne | Lorraine Smith | Chris Vernon Danielle Turner | Mark Siddons |
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| Inheritance Tax Planning
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| Inheritance tax planning is a way of
arranging your financial affairs so as to minimise the amount of inheritance
tax (IHT) that may become payable upon your death. IHT is paid on an
individual's estate over a set threshold. If the value of the assets
in your estate exceeds this threshold, then there could be a tax liability
on your estate at a rate of 40%. Forward thinking and inheritance tax planning will enable an individual to reduce the potential bill by using to maximum effect all the relevant allowances, reliefs and exemptions. Structuring how you own your assets could also have an impact on this potential tax liability. Understanding the tax implications of gifts that are made within seven years before death and what gifts are automatically exempt is essential in order to make full use of the tax planning available. There are also sometimes circumstances when IHT can be avoided or reduced by legitimate variations of dispositions, known as deeds of variation or deeds of family arrangement. |
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| Meet the team: Lesley Rushton | Robin Browne | Lorraine Smith | Chris Vernon Danielle Turner | Mark Siddons | |||||||||
| Trusts & Taxation Advice
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| Trusts can be created during lifetime
or on death. In either situation, they can be an effective way to provide
for your family, now or in the future, whilst ensuring that maximum
use is made of the tax planning available. A trust is created when one
or more people ('trustees') hold property for another person or group
of people ('the beneficiaries'). The trustees are the legal owners of
the assets contained within the trust. They control how the assets are
to be used for the benefit of the beneficiaries. Trusts can be straightforward
or very complex and can take many different forms. They can be the best
way to protect succession of assets and sort out your financial affairs,
whilst at the same time minimizing your tax liability. Trusts can be created for the benefit of mentally or physically handicapped beneficiaries, providing them with a secure future. They can be used to protect assets in the event that residential or nursing care is required and to reduce an estate's inheritance tax liability. Used correctly, they can safeguard a family's inheritance and protect your estate for future generations. |
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| Meet the team: Lesley Rushton | Robin Browne | Lorraine Smith | Chris Vernon Danielle Turner | Mark Siddons |
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