Trusts and Probate
Our trusts and probate team can give you friendly, professional and efficient legal advice on all kinds of trust and probate issues, such as:
- Wills and will making
- Trusts
- Investments
- Administration of estates
- Powers of attorney
- Court of protection applications
- Tax and estate planning
Inheritance Tax
Inheritance Tax (IHT) is calculated on the value of your estate when you die. If you have made gifts in the seven years prior to your death they could also be included in the value of your estate.
There are certain exemptions and reliefs available and it is important to take advantage of these. Transfers between husband and wife are usually exempt.
IHT is often referred to as a voluntary tax because, with planning, the IHT liability can usually be significantly reduced or avoided.
Inheritance Tax Planning
There is a wide range of IHT planning options both during your lifetime and by using your Wills. These involve both legal and financial planning.
Askews have specialists to enable us to provide expert IHT planning advice.
Planning During Your Lifetime
Married Couples - Wills
IHT planning starts with appropriately drafted wills. Married couples frequently arrange their wills so that on the first death their assets pass entirely to the survivor. Whilst this is simple, it can mean that do not take advantage of the "nil rate band" on the first death. Suitable division of assets and investments and appropriate wills can enable them both to take advantage of the "nil rate band" without losing control of their assets. This can result in a significant saving of IHT.
Gifts
If you have surplus assets or income, making gifts is one of the most effective ways of reducing a potential IHT liability, particularly where the gifts fall within the IHT exemptions or where you expect to live for seven years after making the gifts.
Life Assurance
A Life Assurance policy can be arranged under trust for the benefit of your children, grandchildren and other beneficiaries. This can provide them with the funds to meet the IHT liability on your death and enable your assets to be released.
Trusts - Retain Assets and Control
The use of trusts can enable you to retain control and access to your capital, whilst potentially saving significant amounts of IHT.
Investments can be arranged to enable you to receive income from them whilst achieving a significant immediate reduction in your IHT liability. After seven years the value of the investments will not be taken in to account when calculating the value of your estate for IHT purposes.
Long Term Care Planning
Many people would like to make gifts to their children or grandchildren, but feel that they need to keep their capital in case they become unable to care for themselves and have to pay for their care. A solution is to arrange a Long Term Care Insurance Plan that will pay for your care if needed. You can then make gifts secure in the knowledge that you have made appropriate provision for your future care costs.
The above are examples of planning solutions that are available. The most appropriate solutions depend on your individual circumstances and Askews can advise you on what these are.
Your Personal Consultation
The above shows the necessity of having expert legal and financial planning advice. Askews are experts in the former and can refer you to experts in the latter to ensure that you have a fully integrated package.
Why Should I Choose Askews?
Trusts and Probate is a very specialised area, where the difference between average and excellent advice could save you (or your family and beneficiaries) many thousands of pounds. We make sure that our Trusts and Probate team has the expertise and experience that you need, and then continue to invest in their training and development to make sure that the advice you receive is always be up-to-date.
We know that many people’s experience of dealing with solicitors is one of frustration, lack of communication and worry. However, at Askews, we are committed to delivering a personal, friendly service to all our clients and we will keep you regularly informed about what’s going on.
If you would like to take steps to reduce your IHT liability or wish to calculate what your current liability could be, please contact Mr Derek Clements, Mrs Lynda Monks or Mr Richard Crowther.
For more information or to speak to someone please contact us or use our enquiry form.
Partners:
D.F. Askew, D. Clements, M.D.J. Robinson, C.J. Buckland, S.H. Askew, K. Doran
