Many people put off writing a Will for different reasons, with the most common reason being an uncertainty as to who they should leave their money or property to and a fear of causing upset within the family circle. Our aim is to ensure that once you have signed your Will you are able to continue with your everyday life with peace of mind.
We have been helping our clients for many years to make provision for their family, friends or favourite charities upon their death. Wills are an essential element in estate planning as without one, the law will determine how your assets are distributed under the rules of intestacy.
We offer the following services:
- Initial consultation to discuss your wishes
- Professional drafting of your Will
- Meeting with you to explain the draft Will
- Arranging the signature and witnessing of your Will
- Retaining your original Will in our safe
- Advice on Inheritance Tax
- Enduring Powers of Attorney
- Living Wills
- Trust drafting
ADMINISTRATION OF ESTATES
The process of dealing with the administration of an estate can be complex and time consuming. Executors appointed by the deceased person’s Will, or next of kin upon intestacy, find themselves with added responsibility, at what is already a difficult time following the death of a loved one. In order to alleviate some of this stress, you may wish to instruct a solicitor to deal with the administration process on your behalf.
We offer the following services:
- Preparation of theHMRC inheritance tax return
- Application for the Grant of Probate or Letters of Administration
- Gathering in assets and repaying liabilities
- Preparation of the Administration and Distribution Account
- Distributing the estate
- Deeds of Variation/Deeds of Family Arrangement
- Contested Probate actions
What happens in the administration of an Estate?
Administering an estate involves dealing with all the property, investments and other assets of the person who has died, aswell as settling any debts they may have incurred, such as Income Tax liabilities.
Once all the assets have been called in and the debts settled, the estate will be distributed between the beneficiaries listed in the deceased’s Will or in accordance with the intestacy rules if a Will was not made.
If the estate exceeds the Nil Rate band, there may also be inheritance tax payable on the assets held by the deceased. We will assist you in ascertaining the value of the deceased’s estate and advise you on how much inheritance tax is payable, and if there are any reliefs available.
Assets that will be taken into consideration for inheritance tax purposes include any property owed by the deceased, stock/shares, savings, pensions and Trusts from which the deceased benefited. Furthermore, we will ask you about any gifts made by the deceased prior to their death.
A person may leave their entire estate to their spouse without incurring any inheritance tax liability. Other common inheritance tax reliefs include business property relief and agricultural property relief. Charitable gifts are also exempt from inheritance tax.
Once the HMRC inheritance tax return has been submitted, we will proceed to obtain a Grant of Probate. If the deceased did not leave a Will, we obtain Letters of Administration. These documents give the Personal Representatives (the person named as Executor in the Will, or the next of kin if no Will was made) the ability to deal with the assets held by the deceased, i.e., calling in any monies held or being able to sell a property owned by the deceased.
Insolvent estates are becoming increasingly common. This is where the debts owed by the deceased outweigh the assets they own. If an estate is incorrectly administered or if the money is distributed before all the debts have been discovered and settled, the Executors are held to be personally liable. If you believe an estate to be insolvent we can advise you on how the possible risks may be avoided.
Please contact our team to arrange a convenient time for you to attend with us.
Telephone: 028 9024 3658