Wills, Trusts and Estate Planning
Succession is the process by which wealth and ownership of assets are passed from one generation to the next by way of a gift. This is a particularly complicated area due to the strict regulations involved, particularly when it comes to the tax liabilities of those receiving the gift.
With the expert assistance of our specialist will writing, trusts and estate planning team, we can carefully arrange and manage the succession of your wealth and assets to minimise your tax liability and protect your legacy for future generations.
How our probate solicitors can help
Fiona Ormonde can help you with any of our probate services with years of experience in the field.
We advise individuals and their families on all aspects of succession, will writing and estate planning, paying particular attention to structuring their affairs in the most tax efficient manner.
The expertise of our probate solicitors includes:
- Will writing and estate planning
- Trust formation – including the use of trusts in tax planning
- Family Partnerships
- Power of attorney – including enduring power of attorney
- Capital tax planning
- Reorganisation and transfer of a family business
- Administration of estates
- Administration of trusts
- Contentious trust and probate issues
- Advising beneficiaries of their rights in relation to estates and trusts
Clear, cost effective advice
If you’re worried about managing your finances or making important decisions in later life, our experienced probate solicitors can help. We provide the honest and straightforward advice you need, while working sensitively and discreetly at difficult times. There are no hidden costs, and our initial consultation is free.
FAQs for Wills, Trusts and Estate Planning
Consider how you wish to distribute your assets, appoint an executor, make provisions for dependents, and possibly set up trusts. It’s also important to consider the legal requirements to ensure the will is valid.
Trusts can be used to manage how your assets are distributed, potentially reduce inheritance tax liabilities, and provide for minors or dependents with special needs. They can be an effective tool in estate and tax planning.
A Power of Attorney allows someone to act on your behalf in financial or legal matters. An Enduring Power of Attorney is activated if you become mentally incapacitated and cannot manage your affairs.
What is involved in capital tax planning in t
Capital tax planning involves strategies to minimise the tax burden on your estate, such as inheritance tax and capital gains tax, ensuring more of your assets are passed on to your beneficiaries.
Reorganising and transferring a family business can involve restructuring the business, creating succession plans, and using legal instruments like trusts to ensure a smooth transition.
The administration of estates involves collecting and managing the deceased’s assets, paying debts and taxes, and distributing the remaining assets to the beneficiaries as per the will or intestacy rules.
Administration of trusts involves managing the trust assets according to the trust deed, distributing income or assets to beneficiaries, and ensuring compliance with legal and tax obligations.
Contentious issues, such as disputes over the validity of a will or the management of a trust, are typically resolved through negotiation, mediation, or, if necessary, legal proceedings.
Beneficiaries have the right to be informed about their interest, to receive what they are entitled to under the will or trust, and to challenge the administration if they believe it’s being mismanaged.
If you need advice on managing your finances or making important decisions in later life, our experienced probate solicitors can help. Contact Frank Halley, Liz Dowling or Fiona Ormond today to book a consultation to discuss any aspect of will writing, trusts or succession law or email us at email@example.com.