Wills, Trusts and Tax Planning
27 million adults in the UK do not have a current will - so said the National Consumer Council in September 2007.
It is also estimated that a staggering £1.1billion is wasted through failure to consider sensible inheritance tax planning.
We’d like to help prevent you and your family from becoming part of these sad statistics by making sure that you don’t unnecessarily pay tax either during your lifetime or on your death.
Why make a will?
Quite simply, a will lets you say how your estate will be dealt with on your death. Without a will, rigid and unsatisfactory rules come into play which control where your money goes and it may well not be where you want it!
This is particularly the case in relation to unmarried couples where, generally speaking, the survivor has no right to receive anything from the estate of their former partner no matter how long they may have been together.
For married couples, the position is slightly better but under the intestacy rules your surviving spouse does not automatically inherit all your estate. If that is what you want, you’ll need a will in place to make sure of it.
What is ‘probate’?
Probate is the process of administering the estate of someone who has died.
It can be complex and distressing, especially if the person involved is a close relative. We have the expertise to look after this on your behalf and you can be confident that we’ll handle it with sensitivity, care and compassion.
Trusts
Many people shy away from trusts, in the mistaken belief that they are the exclusive preserve of the very wealthy.
Trusts can be a very effective way to control your assets, either during your lifetime or after your death. They should also play a key part in your tax planning strategy.
They are, however, one of the more difficult areas of law and we will use our knowledge and years of experience to simplify the process for you.
For further information please contact Hugh Welch, call 0191 211 7903 or alternatively email us at advice@muckle-llp.com.
Related Resources
in the Muckle LLP Resource Centre
- How far in advance should I start planning to pass the business on?
- I'm married and just want to leave everything to my spouse. We have no children. Surely I don't need to make a will to do that?
- What are the main areas I need to plan?
- I'm married with children - what happens to my estate if I don't make a will?
